| RELATED PARTY TRANSACTIONS |
| 19. |
RELATED PARTY TRANSACTIONS |
| Name of related parties | | Relationship with the Company | | Bitmain Technologies Holding Company and its affiliates (“Bitmain”) | | Related parties of one of the Company’s shareholders | | Jinyun Enterprises Limited (“Jinyun”or “BitFuFu Pool”） | | Joint venture of the Company | | Mr. Liang Lu | | Ultimate voting control of the Company | | | (b) | Other than being disclosed elsewhere, the Company had the following significant related party transactions for the years ended December 31, 2025, 2024 and 2023: |
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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| Services provided by: |
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| -
Bitmain (i) |
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193,518 |
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177,162 |
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166,541 |
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| Cost of sales for mining equipment purchased from: |
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| -
Bitmain (ii) |
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30,522 |
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- |
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- |
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| Services provided to: |
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| -
BitFuFu Pool (iii) |
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22,905 |
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4,126 |
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- |
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| (i) | The Company purchased infrastructure hosting services
and hash rate services from Bitmain for the years ended December 31, 2025, 2024 and 2023
which were recognized in cost of revenues. |
| (ii) | For the year ended December 31, 2025, the Company also purchased mining equipment from Bitmain directly, which was recognized in cost of revenues when the mining equipment was sold to customers (2024 and 2023: Nil). |
| (iii) | For the year ended December 31, 2025, the Company
provided hash rate to BitFuFu Pool for Bitcoin mining, which was recognized in self-mining
revenue of the Company. The payout method of BitFuFu Pool is FPPS, as defined in Note 2 “Summary
of significant accounting policies – Revenue recognition”. |
| (c) | The Company had the following related party balances as of December 31, 2025 and 2024: |
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As of December 31, | |
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2025 | | |
2024 | |
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| Amount due from/ (due to) related parties: | |
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| -
Mr. Liang Lu (i) | |
| 28 | | |
| 25 | |
| - Bitmain,
net (i) (ii) | |
| 68,188 | | |
| 31,512 | |
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| Pledged Bitcoins- current | |
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| -Bitmain (Note 5) | |
| 1,932 | | |
| 12,569 | |
| (i) | The
amount due from/(to) related parties as of December 31, 2025 and 2024 was interest free without
a stated maturity. |
| (ii) | The
amounts due from Bitmain as of December 31, 2025 and 2024 presented the net balance
of hosting services fees payable, prepaid hash rate fees and mining equipment purchase price payable. |
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