Why BitFuFu Stock Crept Higher Today
Key Points
The crypto mining specialist unveiled its latest operational update.
One key metric rose in September month over month, while another slipped.
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BitFuFu (NASDAQ: FUFU), a provider of cloud mining services for clients wanting to mine Bitcoin (CRYPTO: BTC) and a miner of the crypto itself, was doing as well as its associated coin on Monday. Bitcoin's rise wasn't the only reason for BitFuFu's stock price improvement (it closed up nearly 3% in price that day), as the company released an operational update that was welcomed by the market.
Up and down in September
Before market open that day, BitFuFu published its latest monthly Bitcoin production and mining operations update for September.
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Image source: Getty Images.
During the month, the company's proprietary holdings of the No. 1 crypto increased by 60 Bitcoin to a total of 1,959 as of Sept. 30.
Investors were more cheered by that than discouraged by its Bitcoin production figure, which accounts for its own production plus that generated by its clients. This amounted to 329 Bitcoin for September, down from the August number of 408.
Two-track strategy maintained
In the press release detailing BitFuFu's September operational performance, the company quoted CEO Leo Lu as saying that it is "executing our treasury strategy to accumulate Bitcoin through two levers: efficient self-mining, driven by low-cost power and next-generation miners, and disciplined, opportunistic Bitcoin purchases."
"Together, these actions position us to continue compounding Bitcoin holdings over time," Lu added.
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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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