Wilson Sonsini, Harneys and Loeb & Loeb has assisted on BitFuFu’s merger with the special purpose acquisition company (SPAC), Arisz Acquisition, to list on the Nasdaq.
BitFuFu is valued at USD1.5 billion after the transaction, which is now complete. Leading cryptocurrency mining machine manufacturer Bitmain, along with its subsidiary AntPool, led a USD74 million PIPE financing.
Wilson Sonsini advised BitFuFu on domestic law, with partner Ouyang Dan and China partner Li Ke consulting on corporate law, while partner Myra Sutanto Shen advised on tax law.
Partner Raymond Ng led the Harneys team, advising BitFuFu on Cayman Islands law.
Loeb & Loeb acted as Arisz Acquisition’s counsel.
BitFuFu announced its merger with Arisz Acquisition early in January 2022, but the transaction was repeatedly delayed due to the volatility of the cryptocurrency market.
BitFuFu has close ties with Bitmain, having received strategic investment from the latter in 2021. BitFuFu founder Leo Lu previously was the business director at Bitmain and worked on the latter’s original cloud computing platform.
In April 2023, the cryptocurrency mining platform Bitdeer, which was spun off from Bitmain, listed on the Nasdaq through a de-SPAC listing.
A de-SPAC deal is a merger allowing a specialised shell company, called a SPAC, to put its money into a private operating company that will then trade in the public market. Once the merger is complete, the operating company becomes the surviving entity and the SPAC dissolves.
