Crypto firm BitFuFu acquires data center in Oklahoma for $20M

Crypto mining firm BitFuFu has acquired a data center in Oklahoma for $20 million. According to reports, the NASDAQ-listed firm revealed that it has signed a definitive agreement, making it one of the majority owners of the operational Bitcoin mining data center.

According to the report, BitFuFu priced the deal at $400,000 per megawatt, putting the total value of the 51 MW mining center at $20.4 million. The company noted that the transaction was funded from the cash in its balance sheet and common stock. The Oklahoma mining data center has been in operation since 2022, operating through an air-cooled container-based infrastructure.

In its statement, BitFuFu mentioned that the facility also has a functional operations center that can be used as a hardware repair center. The company initially announced plans to acquire the facility in January but failed to disclose details surrounding the location and the seller.

BitFuFu acquires data center in Oklahoma

According to the company, the data center site still has available space for further expansion. However, it is still subject to the completion of a transmission upgrade study by the utility company and Southwest Power Pool later this year. According to the CEO and chairman of BitFuFu Leo Lu, the move is in line 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,” he said.

According to the statement on its platform, BitFuFu says it offers 556 MW of Bitcoin mining hosting capacity, with its centers spread across different locations in the United States. The company also noted that it has one center in Ethiopia and another one in Paraguay. The company has also enjoyed investments over the years, with crypto mining hardware company Bitmain as one of its investors.

Trump factor comes into play amid global expansion plans

The company, founded in 2020, went public in 2024 after a SPAC merger with Arisz Acquisition Corp. BitFuFu has mentioned that as part of its goal to achieve a 1 GW capacity in the next two years, it intends to move from an asset-light strategy to owning its diverse and robust portfolio of Bitcoin mining infrastructure.

Last year, the company announced that it had signed a 10-year exclusive lease for two of its Bitcoin mining facilities in the United States. The facilities provide a combined 33 MW capacity, with the lease agreement also opening the company up to the option of acquiring a major stake in both facilities. At the time of the deal, the company mentioned that the deal pushed it to 110 MW between sites it owned or operated. It added that the rest were hosted by third parties.

The acquisition is coming at a perfect time when United States President Donald Trump is looking to give the crypto industry a fair fight. While the last administration was filled with majorly anti-crypto personalities, this new administration has birthed a new dawn in the sector in America. Most companies are eyeing a move to the country as the industry continues to anticipate the effects of Trump’s policies for the sector to come to reality.

In addition, Bitcoin has also taken center stage, with news about a federal reserve being in the works. Aside from the federal Bitcoin reserve, states have been pushing for their crypto reserve, with Bitcoin enjoying all the attention. It remains to be seen the positive effects that the Trump factor could have on the activities of firms like BitFuFu that are right in the middle of the Bitcoin situation.