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Bitmain-Backed BitFuFu (Finfront Holding Company), a World-Leading Digital Assets Cloud Mining Service Provider, Entered into a Definitive Merger Agreement with Arisz Acquisition Corp.

- The Transaction includes a $70 million fully committed PIPE financing at $10.00/share, led by Bitmain Technologies Holding Company (“Bitmain”), a world-leading cryptocurrency mining hardware manufacturer, and Antpool Technologies Holding Company (“Antpool”), a world-leading Bitcoin mining pool.

- BitFuFu was founded in 2020 with early investment from Bitmain and core founding team members from Bitmain.

- BitFuFu forecasts FY 2022 revenue of approximately $330 million1, representing a 230% YoY growth over its anticipated FY 2021 revenue of approximately $100 million2. The Company forecasts its non-GAAP adjusted FY 2022 EBITDA to be approximately $100 million1.

- BitFuFu expects to increase its cloud platform’s managed hashrate to a total of 10.0 EH/s by the end of 2022 (4.5 EH/s self-owned and 5.5 EH/s from third parties). Its total managed hashrate was 3.0 EH/s at the end of 2021 (100% from third parties).

- BitFuFu has been the only cloud-mining strategic partner of Bitmain to date and is an S-level client of Bitmain. BitFuFu has executed a strategic partnership agreement with Bitmain and entered into a 10-year mining hosting agreement with Bitmain globally including the United States.

- The merger between BitFuFu and Arisz Acquisition represents a pro forma enterprise value of approximately $1.5 billion3, or 4.6x 2022 projected revenue and 3.3x projected December 2022 annualized recurring revenue2. The combined company is expected to be renamed BitFuFu Inc. and become publicly listed in 3Q 2022 on Nasdaq under the ticker FUFU.

New York and Singapore , Jan. 25, 2022 (GLOBE NEWSWIRE) -- Finfront Holding Company, a fast-growing digital asset mining service and world-leading cloud-mining service provider (“BitFuFu” or the “Company”), and Arisz Acquisition Corp. (Nasdaq: ARIZ), a publicly-traded special purpose acquisition company(“ARIZ”), today announced that they have entered into a definitive business combination agreement that will result in BitFuFu becoming a publicly listed company on NASDAQ under an anticipated ticker symbol “FUFU”.  The transaction values the Company at a pro forma enterprise value of approximately $1.5 billion.

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Bitmain-Backed BitFuFu (Finfront Holding Company), a World-Leading Digital Assets Cloud Mining Service Provider, Entered into a Definitive Merger Agreement with Arisz Acquisition Corp. - The Transaction includes a $70 million fully committed PIPE financing at $10.00/share, led by Bitmain Technologies Holding Company (“Bitmain”), a world-leading cryptocurrency mining hardware manufacturer, and Antpool Technologies Holding Company …

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