BitFuFu Acquires Data Center in Oklahoma

Crypto mining firm BitFuFu has acquired a data center in Oklahoma for $20 million. The NASDAQ-listed company revealed it signed a definitive agreement, becoming a majority owner of the operational Bitcoin mining facility.

The deal is priced at $400,000 per megawatt, totaling $20.4 million for the 51 MW mining center. This transaction was funded through cash from its balance sheet and common stock. The Oklahoma facility has been operational since 2022, utilizing an air-cooled container-based infrastructure.

In a statement, BitFuFu mentioned that the data center features a functional operations center that can also serve as a hardware repair center. Although the acquisition was initially announced in January, details regarding the location and seller were not disclosed until now.

Location and Future Expansion

BitFuFu’s data center site still has space for expansion, contingent upon the completion of a transmission upgrade study by the utility company and Southwest Power Pool later this year. CEO and chairman Leo Lu stated that the acquisition aligns with the company’s 1 GW global expansion plans.

> “This acquired data center in Oklahoma has built a highly efficient mining operation, and we are excited to welcome them into the BitFuFu family. It allows us to expand our self-mining operations, enhance hosting services, and strengthen our cloud mining platform,” Lu said.

Currently, BitFuFu offers 556 MW of Bitcoin mining hosting capacity at various locations across the United States, as well as centers in Ethiopia and Paraguay. The company has also attracted investments over the years, with Bitmain, a cryptocurrency mining hardware firm, among its investors.

Strategic Importance

Founded in 2020, BitFuFu went public in 2024 after a SPAC merger with Arisz Acquisition Corp. The company aims to achieve 1 GW capacity within the next two years by transitioning from an asset-light strategy to owning a diverse portfolio of Bitcoin mining infrastructure.

Last year, BitFuFu signed a 10-year exclusive lease for two Bitcoin mining facilities in the U.S., providing a combined 33 MW capacity. The lease agreement opened the possibility of acquiring a major stake in both facilities, pushing BitFuFu’s total capacity to 110 MW, with the remainder hosted by third parties.

The timing of this acquisition coincides with U.S. President Donald Trump’s push to create a favorable climate for the crypto industry. While the previous administration was predominantly anti-crypto, the current leadership may benefit firms like BitFuFu as they navigate changes in policy. Additionally, Bitcoin’s prominence is growing, with discussions about a federal reserve and various states considering their own crypto reserves, all amidst evolving expectations of regulatory impacts from the Trump administration.