BitFuFu's HASH token sells a year of mining output to investors who never touch a rig
BitFuFu and Finloop have launched HASH, a 12-month token that pays holders in BTC from mining output. It runs on hashrate BitFuFu already manages, so the likelier effect is a wider buyer pool for existing capacity.
The Investor · Invest desk
Key figures: bitcoin trades around $83,229 per CoinMarketCap. With bitcoin holding above $80,000, most pools and operations were producing coins above cost, out of the distress zone for two months. Bitcoin's price fell 27.5% year over year.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Bitcoin price, around, per CoinMarketCap | US$83,229 | 10 | |
| Bitcoin level, most operations above cost | US$80,000 above | out of distress zone for two months | 14 |
| Bitcoin price drop, y/y | 27.5% | 6 |
What happened
- HASH is deployed on Ethereum and Solana, with issuance, holdings and profit distributions recorded on-chain.
- Returns are calculated against each investor's actual holding period, and the token is sold only through designated channels to investors who meet eligibility and regulatory requirements.
- BitFuFu's second-quarter revenue was $42.8 million, down almost 63% from $115.4 million, and it posted a $20.5 million net loss against $47.1 million of net income a year earlier.
- Total hashrate under management reached 20.6 EH/s in August, up 45.1% from July, as capacity secured earlier in the year came online.
- Monthly Bitcoin production rose 55.4% to 174 BTC, and fleet efficiency improved to 16.7 joules per terahash.
Why it matters
- constraint HASH pays from mined coins, so it works only while bitcoin stays above production cost. The source puts $80,000 as the level above which most operations were profitable, and a 3.9% fall from $83,229 reaches it.
- exposure Holders are paid in BTC from mining output with no borrower interest in the return, so no lending income cushions them against a price fall like the 27.5% year-on-year drop behind BitFuFu's Q2 fair-value loss.
- precedent Omnes and Apex wrapped hashrate in a debt note on Base in March, and HASH ties holders directly to output in BTC. Miners with spare capacity now have two templates on public chains, and buyers will compare their terms.
Most of the loss behind the funding story is an accounting entry. The $16.9 million fair-value loss [6] is 82% of the $20.5 million net loss [5] [20], which leaves about $3.6 million for every other line combined [23]. A fair-value loss is a change in carrying value and does not by itself draw down cash. Revenue is the real problem: the same price decline cut demand for the cloud-mining contracts that make up most of BitFuFu's sales [18].
Cryptopolitan calls HASH a fresh way for BitFuFu to raise money from a wider pool of investors [13]. That holds in one sense. The same report says HASH opens the cloud-mining business to investors who never touch a rig [17], and the partner, Finloop, is a wealth technology platform [1], so the new element is the buyer. If Finloop's eligible investors bring cash that cloud-mining customers never would, the funding label stands without qualification.
The rebound is smaller than the monthly percentage suggests, or rather it starts from a lower base than the last reported level. August's gain over July implies a July hashrate of about 14.2 EH/s [21], below the 15.3 EH/s reported for June 30 [7]. Measured from June 30, August is 34.6% higher [22]. The June 30 figure followed a deliberate trim of lower-quality capacity, the company said [7].
A month of production is worth about $14.5 million at today's $83,229 a coin [24] [10]. The Cryptopolitan report does not include the price per token, an issuance cap, the hashrate allocated to HASH, the fee split with Finloop or how much of the monthly production is BitFuFu's own [19]. Those terms set the cost. Holders earn from mined coins [4], so if they pay up front, as a funding channel implies, BitFuFu is selling twelve months [16] of coins for cash today, and the gap between the price paid and the coins delivered is its cost of capital. The alternative to compare is a share sale at $1.37 [15]. A token avoids issuing stock at that price, though nothing in the report says BitFuFu weighed one.
If BitFuFu breaks HASH out, third-quarter results would test the view. Cloud-mining sales that fall as HASH grows would mean the buyers are the same ones. Sales that hold steady while HASH grows would mean the money is new.
What to watch
- Whether BitFuFu's third-quarter results break out HASH proceeds, issuance size or allocated EH/s, and whether cloud-mining sales hold as HASH grows.
- Bitcoin's distance from $80,000, the level the source ties to most operations producing above cost.
- Whether September hashrate and production hold above August's 20.6 EH/s and 174 BTC.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence45
- Adoption
- Insufficient
- Hype gap+15
- Incentives55
- Confidence50
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
BitFuFu (NASDAQ: FUFU) teamed with wealth technology platform Finloop to launch HASH, a tokenized product that pays BTC-denominated returns tied to Bitcoin mining.
- [2]
HASH is deployed on Ethereum and Solana, and issuance, holdings and profit distributions are recorded on-chain.
- [3]
HASH returns are calculated against each investor's actual holding period, and the token is sold only via designated channels to investors who meet eligibility and regulatory requirements.
- [4]
HASH returns come from mining and newly produced coins; interest paid by borrowers is not part of the returns, which distinguishes HASH from lending-based yield products.
- [5]
BitFuFu's second-quarter 2026 results show revenue of $42.8 million, down almost 63% from $115.4 million a year earlier, and a net loss of $20.5 million against net income of $47.1 million in the same period of 2025.
- [6]
A 27.5% year-over-year drop in Bitcoin's price caused a $16.9 million fair-value loss on BitFuFu's books.
- [7]
As of June 30, BitFuFu's total hashrate under management fell 57.7% to 15.3 EH/s, as the company said it deliberately trimmed lower-quality capacity.
- [8]
BitFuFu said its total hashrate under management climbed to 20.6 EH/s in August, a 45.1% jump from July, as capacity secured earlier in the year came online.
- [9]
BitFuFu's Bitcoin production rose 55.4% month over month to 174 BTC in August, and fleet efficiency improved to 16.7 joules per terahash.
- [10]
Bitcoin currently trades around $83,229 per CoinMarketCap data.
- [11]
In March 2026 Omnes and Apex Group said they would issue the Omnes Mining Note, an institutional structured note backed by Bitcoin hashrate, on Base; it wraps hashrate in a traditional debt instrument, while HASH is tied directly to Bitcoin mining output and denominated in BTC.
- [12]
The success of HASH will be largely dependent on the cost of producing Bitcoin and on how Bitcoin performs.
- [13]
HASH gives the Singapore-based miner a fresh way to raise money from a wider pool of investors, built on the same hashrate it already manages.
- [14]
With Bitcoin holding above $80,000, most pools and operations were producing coins above cost and had been out of the distress zone for two months.
- [15]
FUFU changed hands at $1.37.
- [16]
HASH has a 12-month term.
- [17]
HASH opens BitFuFu's cloud-mining business to investors who never have to touch a rig.
- [18]
The Bitcoin price decline also cut demand for the cloud-mining contracts that make up most of BitFuFu's sales.
- [19]
The Cryptopolitan report on HASH does not state a price per token, an issuance cap, the hashrate allocated to HASH, the fee split with Finloop, or how much of the monthly production is BitFuFu's own.
- [20]
The $16.9 million fair-value loss is about 82% of the $20.5 million net loss.
- [21]
A 45.1% jump to 20.6 EH/s implies a July hashrate of about 14.2 EH/s, below the 15.3 EH/s at June 30.
- [22]
August hashrate of 20.6 EH/s is about 34.6% above the 15.3 EH/s reported for June 30.
- [23]
Net loss excluding the fair-value loss is about $3.6 million.
- [24]
174 BTC at about $83,229 is roughly $14.5 million a month.
- [25]
Bitcoin at $83,229 is about 3.9% above the $80,000 level the source ties to operating above cost.
Sources
1 independent publisher whose own reporting we read for this story.
- cryptopolitan.comBitFuFu takes Bitcoin mining onchain with BTC-denominated HASH token
1 article · October 13, 2026
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