BitFuFu has launched HASH, a tokenized Bitcoin mining product, with wealth technology platform Finloop. The product gives eligible investors BTC-denominated returns tied directly to Bitcoin mining output, without requiring them to own or operate mining hardware.
HASH is deployed on Ethereum and Solana, with issuance, holdings and profit distributions recorded onchain. It has a 12-month term and its returns are based on each investor's actual holding period. BitFuFu said interest paid by borrowers is not part of returns, distinguishing HASH from lending-based yield products.
The launch follows a difficult first half of 2026 for BitFuFu. Second-quarter revenue fell almost 63% year over year to $42.8 million, while the company swung to a net loss of $20.5 million from net income of $47.1 million a year earlier. A 27.5% drop in Bitcoin's price caused a $16.9 million fair-value loss. Total hashrate under management fell 57.7% to 15.3 exahashes per second as of June 30.
By August, BitFuFu said total hashrate under management climbed to 20.6 EH/s, a 45.1% jump from July, while Bitcoin production rose 55.4% month over month to 174 BTC. Bitcoin traded around $83,229, and the company said most operations were producing coins above cost.
Separately, BitFuFu disclosed in a Form 6-K filed October 13 that it may abandon its planned acquisition of an 80-megawatt Bitcoin mining site in Ethiopia. The target company's payment dispute with its power supplier has put $4.1 million already paid by BitFuFu at risk. Around 13,700 Bitmain Antminer S19 machines, producing about 1.57 EH/s with a net book value of $1.74 million as of Sept. 30, are installed at the facility. A supplier warning on Sept. 28 gave the target company 10 days to pay before it could seize collateralized equipment.
CEO Leo Lu said the Ethiopian investment is "a limited portion of our overall asset base" and that the event's incremental impact on the company is expected to be minimal. September production was 167 BTC, down 4% from August, while cloud mining output fell about 20% to 69 BTC. Managed hashrate declined to 19.4 EH/s and power capacity to 324 megawatts.
BitFuFu is not the first to tokenize hashrate. In March 2026, Omnes and Apex Group said they would issue the Omnes Mining Note on Base, though BitFuFu says HASH is tied directly to mining output rather than wrapped in a traditional debt instrument.
