New York, May 30, 2026, 12:04 EDT
BitFuFu Inc. shares slumped Friday, losing 7% to close at $1.86. The Bitcoin miner from Singapore posted a bigger first-quarter loss and revenue slipped. Shares finished the short trading week off 8.8% from the May 22 close. Friday’s volume was 631,470 shares.
Nasdaq being closed Monday for Memorial Day throws off the schedule. The market’s next regular session lands on Monday, June 1. That means investors only get one trading day to adjust to the earnings before the weekend. Bitcoin doesn’t stop. The token traded near $73,806 Saturday, giving miners and their revenue a live risk signal, since their balances are anchored to bitcoin.
BitFuFu’s first-quarter revenue dropped 6.8% to $72.7 million, down from $78.0 million last year. The company posted a bigger net loss too — $35.0 million compared with $16.9 million a year ago. Adjusted EBITDA came in at negative $34.4 million.
Bitcoin price swings drove the pressure. The company posted a $35.6 million fair-value loss, reflecting how accounting rules force digital assets to be marked to market. Lower and choppier Bitcoin prices hit holdings and receivables. Self-mining revenue dropped to $11.4 million from $17.6 million, as tougher network difficulty made it harder to mine Bitcoin blocks.
Cloud mining helped limit the losses, but couldn’t stop the slide. BitFuFu said Cloud Mining Solutions revenue grew 7.1% to $57.5 million, accounting for 79.1% of total revenue. The company reported hashrate under management hit 25.9 exahashes per second, up 25.7% from last year.
Chief Executive Leo Lu said the company “continued to execute our dual-engine model” and closed the quarter holding $141.5 million in cash, cash equivalents and digital assets, with 1,794 Bitcoin included. That position, he said, gave the company “preserving the flexibility to navigate volatility.”
BitFuFu is focusing on cost controls and pulling back from self-mining, execs said on the earnings call. CEO Leo Lu said BitFuFu is “moving from defense to offense with discipline.” CFO Calla Zhao said the company cut its borrowings under the revolving credit line to $5 million after the quarter, down from $50 million as of March 31. Investing
The decline contrasted with U.S. indexes that moved higher. The S&P 500 added 0.2% on Friday, matching a 0.2% rise in the Nasdaq composite. The S&P 500 stretched its weekly win streak to nine, according to AP market data.
Peers traded unevenly. MARA Holdings closed at $14.38, CleanSpark finished at $18.29, and Riot Platforms at $27.11. MARA and CleanSpark were up, Riot was down. BitFuFu’s drop looked more about its own results than a broad Bitcoin miner move.
Risks are clear here. If Bitcoin drops again or mining difficulty climbs higher, self-mining margins could stay squeezed, pushing BitFuFu to juggle its treasury even more. The company’s cash and digital assets slipped from $177.1 million at the end of last year to $141.5 million as of March 31, mostly driven by Bitcoin’s fair value drop.
BitFuFu’s investor calendar has nothing on deck for the week ahead, so traders are watching for the next move when markets open after the weekend. Bulls could point to cloud-mining gains and a lighter revolver, but bears may stay focused on balance-sheet Bitcoin risk. Shares are trading near the bottom of their 52-week band at $1.56 to $5.38.
