BitFuFu (NASDAQ: FUFU) has teamed with wealth technology platform Finloop to launch HASH, a tokenized product that pays BTC-denominated returns tied to Bitcoin mining. This opens BitFuFu’s cloud-mining business to investors who never have to touch a rig.
BitFuFu spent the first half of 2026 absorbing heavy losses as Bitcoin’s price fell, but that trend reversed over the summer as it recovered. 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.
How HASH pays out in Bitcoin, not dollars
According to BitFuFu’s statement, HASH is a tokenized investment product that gives eligible investors exposure to returns linked to Bitcoin mining, with the economic output of that mining forming the basis of what holders earn.
The hashrate is supplied as a service, so buyers do not own or run the hardware themselves.
The returns come from mining and newly produced coins. Interest paid by borrowers is not part of the returns, and this helps to distinguish HASH from lending-based yield products.
The token is deployed on Ethereum and Solana. Issuance, holdings, and profit distributions are recorded on-chain as well.
It has a 12-month term, and the returns are calculated against each investor’s actual holding period. It is only sold via designated channels to investors who meet eligibility and regulatory requirements.
A quarter BitFuFu would rather forget
BitFuFu is coming off one of the worst stretches in its history. Its second-quarter 2026 results, filed with the US Securities and Exchange Commission (SEC), show revenue of $42.8 million, down almost 63% from $115.4 million a year earlier. The company swung to a net loss of $20.5 million from net income of $47.1 million in the same period of 2025.
Bitcoin’s woes also contributed to the damage. A 27.5% year-over-year drop in Bitcoin’s price caused a $16.9 million fair-value loss on the books, and it also gutted demand for the cloud-mining contracts that make up most of BitFuFu’s sales.
As of June 30, the total hashrate under management fell 57.7% to 15.3 exahashes per second, as the company said it deliberately trimmed lower-quality capacity.
Hashrate back above 20 EH/s
While Bitcoin’s decline lingered and caused some damage to its balance sheet, it seems fortunes have now changed, as BitFuFu’s numbers from August show.
The company said its total hashrate under management climbed to 20.6 EH/s, a 45.1% jump from July, as capacity secured earlier in the year came online.
Bitcoin production went up by 55.4% month over month to 174 BTC, and fleet efficiency improved to 16.7 joules per terahash.
Bitcoin is now performing better than it did for most of the year. It traded around $83,479 in late September and currently trades around $83,229 per CoinMarketCap data.
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, even as mining stocks slid from their summer highs and FUFU changed hands at $1.37.
Not the first to tokenize hashrate
BitFuFu is entering a lane that others have already tested. In March 2026, financial technology firm Omnes and Apex Group said they would issue the Omnes Mining Note, an institutional structured note backed by Bitcoin hashrate, on Base, Coinbase’s Ethereum layer-2 network.
However, HASH is quite different from the Omnes Mining Note, as the latter wraps a rate in a traditional debt instrument, while the former is tied directly to Bitcoin mining output. HASH is also denominated in BTC.
Both products are part of the push to turn computing power into an on-chain financial product.
For BitFuFu, the success of HASH will also be largely dependent on the cost of producing Bitcoin and how well the world’s largest cryptocurrency by market cap performs.
If you're reading this, you’re already ahead. Stay there with our newsletter.