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🇺🇸 SECBitfufu Inc.Doubao · 实盘不做把握 6/10不做原因:风险收益比不佳
北京时间·🕒 发布 05:00:01·⟳ 抓取 05:00:41 +40s·⚡ 决策 10-14 05:02:25 +1m44s·13.6 天前

BitFuFu披露9月BTC产量环比降4%,并提示埃塞俄比亚80MW矿场收购面临电力纠纷、可能无法交割

新增的埃塞俄比亚纠纷细节虽为负面,但金额小(约584万美元、约市值2.6%)、属自2026年4月以来持续披露的电力问题延续、管理层主动安抚并称增量影响极小;月度产量本身平淡(-4% MoM、日均持平),盘后市场以上涨回应,做空缺乏强度,做多缺乏催化,风险收益不足。

📄 原文Bitfufu Inc.↗ 原文
----- ea0308426-6k_bitfufu.htm ----- 6-K 1 ea0308426-6k_bitfufu.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECU…
不做 BitFuFu Inc.(FUFU.US)
埃塞俄比亚纠纷为自4月起持续披露事项的进展,涉险现金410万美元+矿机净值174万美元合计仅约市值2.6%,公司称增量影响极小;9月产量环比仅降4%、日均持平,盘后股价反涨约4.5%,做空不满足强催化门槛,做多亦无预期差,风险收益不足。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

BitFuFu 9月产量环比小降4%但日均持平,埃塞俄比亚矿场电力纠纷升级为收购可能落空;然而涉险现金加矿机净值仅约584万美元(约市值2.6%),问题自4月起已持续影响并逐月披露,公司称增量影响有限,盘后股价反涨约4.5%,无明确交易edge。

🔎 新鲜度:最早出现 2026-10-13 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2026-10-13 17:00 EDT首发SEC EDGAR 6-K / GlobeNewswire原文 ↗
    公司盘后发布9月运营数据及埃塞俄比亚收购纠纷更新,强调敞口小、增量影响有限。
    市场反应:盘后FUFU报1.40美元,较收盘1.34美元上涨约4.5%,盘后成交约1.19万股,未呈现利空抛售。

关键理由

  • 涉险敞口仅410万美元现金+174万美元矿机净值(合计约584万、约2.23亿美元市值的2.6%),管理层明确预期增量影响极小并可通过资源再配置化解。
  • 埃塞俄比亚限电自2026年4月起已冲击产量并被媒体逐月报道,本次主要为程序性风险更新;9月日均产量维持5.6 BTC,盘后不跌反涨约4.5%。

主要风险

  • 若供应商实际接管1.37万台矿机且仲裁追讨失败,损失可能超过当前账面口径并影响1.57 EH/s算力安排。
  • 若收购正式终止引发市场对公司海外扩张执行力的担忧,小盘股(市值约2.2亿美元)可能放大波动。

反向证据

  • 做空前查反向 · 来源 filing · 日期 2026-10-13 · 影响 weakens
    公司明确限电影响已在前期月度经营结果中体现、预计后续增量影响有限,且有能力通过再配置资源应对;涉险资产仅占总资产很小比例。
    检索:BitFuFu Ethiopia impact already reflected monthly production minimal incremental impact 原文 ↗
  • 做多前查反向 · 来源 filing · 日期 2026-10-13 · 影响 weakens
    总产量、总算力和电力容量均环比下降,收购可能失败,不具备正向surprise;自挖产量回升仅是结构性切换。
    检索:BitFuFu September 2026 production decline hashrate power capacity drop 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例与自家历史均支持不将月度运营更新作为交易标的,本次维持AVOID。

方向:未构建外部先例面板:本事件为小盘矿企月度运营更新+小型海外项目纠纷,月度6-K本身历史价格反应弱,且本次决策主要由materiality(约市值2.6%)与持续披露(自4月起)决定,先例不足以且无需改变AVOID结论。

涨幅量级:高相似对齐先例不足;盘后+4.5%的实时反应直接表明本次披露未被市场当作重大利空。

形态:自家案例显示2026年7月、8月两次月度产量6-K均判不做,月度运营数据型催化缺乏持续edge。

工具执行结果 · 成功 4 · 降级 0 · 失败 0 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 12 ms
    {"result": "search_processed_events:agent query=`bitfufu ethiopia acquisition power supplier dispute equipment seizure | bitfufu fufu september 2026 bitcoin production update | finfront ethiopia 80mw mining facility s19 machines`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent
  2. stock_quote 成功 stock_tools HTTP · 1,259 ms
    {
  3. web_search 成功 doubao_search · 950 ms
    豆包搜索结果(原始查询:BitFuFu Ethiopia mining facility power dispute seizure S19 miners FUFU;API SearchType:web)
  4. search_case_library 成功 stock_tools HTTP · 24 ms
    {"result": "search_case_library「FUFU.US」—— 与这些标的相关的自家决策案例(本页 3 条,该标的全历史相关记录共 3 条;ENTER 只按该标的自己的腿统计):\n◆ FUFU.US:相关历史决策 3 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 3 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-09-03 UTC 不做 · 事件:BitFuFu披露2026年8月未经审计运

原文全文

展开原文 · 10,055 字
----- ea0308426-6k_bitfufu.htm -----
6-K
1
ea0308426-6k_bitfufu.htm
REPORT OF FOREIGN PRIVATE ISSUER
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2026
Commission file number: 001-41972
BitFuFu Inc.
(Exact Name of Registrant as Specified in Its Charter)
7 Temasek Boulevard
Suntec Tower 1, #11-01
Singapore 038987
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
INCORPORATION BY REFERENCE
This current report on Form 6-K is hereby incorporated
by reference in the registration statements of BitFuFu Inc. on Form F-3 (No.
333-278207
,
No.
333-286356
, No.
333-288554
,
and No.
333-291353
) and Form
S-8 (No.
333-282033
and No.
333-287741
),
to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
Exhibit No.
Description
99.1
BitFuFu Announces September 2026 Bitcoin Production and Operational Updates
1
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
BitFuFu Inc.
Date: October 13, 2026
By:
/s/ Leo Lu
Name:
Leo Lu
Title:
Chairman of Board of Directors and
Chief Executive Officer
2

----- ea030842601ex99-1.htm -----
EX-99.1
2
ea030842601ex99-1.htm
BITFUFU ANNOUNCES SEPTEMBER 2026 BITCOIN PRODUCTION AND OPERATIONAL UPDATES
Exhibit 99.1
BitFuFu Announces September 2026 Bitcoin Production
and Operational Updates
SINGAPORE, October 13, 2026 (GLOBE NEWSWIRE) — BitFuFu Inc. (“BitFuFu”
or the “Company”) (NASDAQ: FUFU), a world-leading Bitcoin miner and mining services innovator, today announced its unaudited
Bitcoin production and operational metrics for September 2026.
“September reflected the stability of our operating platform
and our continued focus on operational efficiency. Daily Bitcoin production remained steady at 5.6 BTC, while self-mining production increased
to 98 BTC from 88 BTC in August.” said Leo Lu, Chairman and CEO of BitFuFu. “Regarding the matters relating to the previous
agreement in Ethiopia, the investment represents a limited portion of our overall asset base. The facility has been subject to local power
curtailment, the effects of which have been reflected in our previously reported monthly operating results, with limited further impact
on our Bitcoin production expected going forward. We believe this event’s incremental impact on the Company will be minimal, and
we are well positioned to manage any necessary adjustments to further mitigate its effects.”
September 2026 Highlights (as of September 30, 2026)
September 2026
August 2026
Bitcoin Held
1,388 BTC
1,373 BTC
Bitcoin Production
167 BTC
174 BTC
Daily Bitcoin Production
5.6 BTC
5.6 BTC
Self-Mining Production
98 BTC
88 BTC
Cloud Mining Production
69 BTC
86 BTC
Hashrate
19.4 EH/s
20.6 EH/s
Self-Owned Hashrate
3.8 EH/s
3.8 EH/s
Hashrate from Third-Party Suppliers and Hosting Customers
15.6 EH/s
16.8 EH/s
Average Fleet Efficiency
16.7 J/TH
16.7 J/TH
Power Capacity
324 MW
344 MW
Bitcoin Holdings and Production:
·
Bitcoin Held:
1,388 BTC, an increase of 15 BTC from August.
·
Bitcoin Production:
167 BTC (including 69 BTC from cloud mining and
98 BTC from self-mining), representing a 4.0% month-over-month decrease from 174 BTC in August. Daily Bitcoin production averaged 5.6
BTC in September, unchanged from August.
BitFuFu Announces September 2026 Bitcoin Production and Operational
Updates
Hashrate Overview:
·
Total Hashrate Under Management:
19.4 EH/s.
o
Self-Owned Hashrate
1
: 3.8 EH/s, unchanged from August.
o
Hashrate from Third-Party Suppliers and Hosting Customers
1
: 15.6 EH/s.
·
Average Fleet Efficiency:
16.7 J/TH, maintaining the same level as in August.
Power and Infrastructure:
·
Total Power Capacity Under Management:
324 MW.
Update on Proposed Acquisition of Bitcoin Mining Facility in Ethiopia:
As previously disclosed on October 22, 2024, the Company, through its
wholly-owned subsidiary, Finfront Holding Company, entered into an acquisition agreement (as amended and supplemented from time to time,
the “Agreement”) with certain shareholders (the “Sellers”) of an Ethiopian company which owns and operates an
80-megawatt (MW) Bitcoin mining facility in Ethiopia (the “Target Company”), pursuant to which the Company agreed to acquire
a majority stake in the Target Company (the “Proposed Acquisition”). The closing of the Proposed Acquisition is subject to
a number of conditions precedent designated to protect the Company’s interests, including but not limited to the Target Company’s
completion of certain asset consolidation, the Sellers’ completion of the required government filings in Ethiopia within the applicable
timeframes, and the absence of any material adverse change in or undisclosed liability of the Target Company (the “Conditions Precedent”).
As of the date hereof, the Conditions Precedent have not all been satisfied
or waived by the Company, and the Proposed Acquisition has not been consummated. In connection with the Proposed Acquisition, the Company
has made cash payments in the aggregate amount of US$4,100,000 to the Sellers and has deployed approximately 13,700 units of BITMAIN ANTMINER
S19 series mining machines (the “Deployed Machines”) to the mining facility related to the Target Company. The Deployed Machines
collectively generate an aggregate hashrate of approximately 1.57 EH/s and carry a total net book value of US$1.74 million as of September
30, 2026, representing a small proportion of the Company’s total assets.
The Company has recently become aware that the Target Company is involved
in a contractual dispute with its electric power supplier in Ethiopia (the “Supplier”). The Company is not a direct party
to the underlying contract or dispute. On September 28, 2026, the Supplier notified the Target Company that, if the Target Company did
not make certain payment to the Supplier within a ten (10)-day notice period, the Supplier intended to exercise certain security rights
and take possession of the Target Company’s collateralized equipment and assets upon the expiration of such ten (10)-day notice
period. To the best of the Company’s knowledge, as of the date hereof, the Target Company has not remitted the disputed amounts
to the Supplier. Considering this, the Company promptly initiated an assessment of its response.
Based on this assessment, the Company believes there is a material
risk that the Target Company may be unable to satisfy the relevant Conditions Precedent. Such failure could prevent the closing of the
Proposed Acquisition on the currently contemplated terms, within the anticipated timeframe, or at all. In addition, if the dispute results
in a change to the operating environment of the Deployed Machines, part of the Company’s mining operation arrangements may need
to be adjusted accordingly; however, the Company believes it has the ability to address such changes through the reallocation of its existing
resources.
To safeguard the security of its existing investments, the Company
is currently evaluating its contractual rights and available remedies under the Agreement, including potential termination of the Agreement,
commencement of arbitration against the Sellers, recovery of amounts paid and return of the Deployed Machines. The Company has full confidence
in its ability to protect its legal and financial interests, as well as those of its shareholders. However, the final outcome of these
matters remains uncertain, and the Company will continue to monitor the situation and provide further disclosures as necessary and appropriate
under applicable obligations.
1
Hashrate may be used for both self-mining and cloud mining.
2
BitFuFu Announces September 2026 Bitcoin Production and Operational
Updates
About BitFuFu Inc.
BitFuFu Inc. is a world-leading Bitcoin miner and mining services innovator.
BitFuFu is committed to empowering the global Bitcoin network through its industry-leading cloud mining platform, rapidly scaling infrastructure,
and innovative mining services.
For more information, visit ir.bitfufu.com or follow BitFuFu on X @BitFuFuOfficial.
Forward-Looking Statements
This press release includes “forward-looking statements”
within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,”
“forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,”
“seek,” “target” or other similar expressions that predict or indicate future events or trends. Statements that
are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These
statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu’s
management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause
BitFuFu’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied
by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained
in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known
and projections of the future, which are inherently uncertain. All information provided in this press release is as of the date of this
press release and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Contact:
BitFuFu Investor Relations
ir@bitfufu.com
Media Contact:
BitFuFu Media Relations
pr@bitfufu.com
3

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  1. 7e7d873457 · 2026-10-14 05:02 · doubao / doubao-seed-evolving-latest-version · 策略包 2226518bfdee当前