BitFuFu (NASDAQ:FUFU) stock is rocketing higher on Monday alongside heavy trading of the company’s shares this morning.
During pre-market trading hours on Monday, more than 1 million shares of the company’s stock had changed hands. That’s quite the surge compared to its daily average trading volume of about 204,000 shares.
Investors will note that this activity comes after BitFuFu completed its special purpose acquisition company (SPAC) merger with Arisz Acquisition last week. That saw the combined company’s shares switch over to the FUFU stock ticker on Friday.
This helps explain why FUFU stock is up today with heavy trading. Companies that go public through SPAC mergers can often experience volatility shortly after their public debuts.
What to Know About FUFU Stock
BitFuFu was established in 2020 and has experienced massive revenue growth since then. The company notes that its 2020 revenue was slightly more than $100,000, as compared to its 2022 revenue of $198.2 million.
It also bears mentioning that BitFuFu secured additional private investment in public equity (PIPE) financing from its SPAC merger. It got $74 million from existing shareholders and strategic partners.
BitFuFu is a crypto mining company. It provides cloud-mining services to both institutional customers and digital asset enthusiasts.
FUFU stock was up 108.5% as of Monday morning.
Investors looking for more stock market news this morning are in the right place!
InvestorPlace is home to all of the hottest stock market news worth reading about on Monday! That includes the biggest pre-market stock movers this morning, the latest news concerning Rumble (NASDAQ:RUM) stock and more. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
