Hello everybody participating in today's conference, and thank you all for joining us during the Lytham Partners Spring 2025 Investor Conference. My name is Roger Weiss, and I'm a Vice President here at Lytham Partners. With us today is Charley Brady, VP of Investor Relations of BitFuFu, who will be taking us through their slide presentation. The company shares trade under the symbol FUFU on the Nasdaq Exchange. With that being said, let's get started. Charley, welcome. I turn the floor over to you for your presentation. Thank you very much, and thanks for having us today. Good morning to everybody. Here is our title slide, obviously. I'll skip that. This is our disclaimer page. I'm not going to run through this, obviously, but the typical safe harbor disclaimers. You know who we are, what is BitFuFu? We are a cloud mining and self-mining Bitcoin mining company. One of the things that makes us unique is that cloud mining piece of our business. This just tells you the founding, kind of why we were founded four years ago, really to make Bitcoin mining accessible to everybody. Obviously, Bitcoin mining can involve a lot of complexities, a lot of cost upfront. For someone who does not know the technology and is not familiar with it, it can be a little bit daunting and very cumbersome. What we have is a cloud mining platform that allows essentially anybody to mine Bitcoin relatively easy, relatively quickly, without the upfront cost. I'll get into that more in just a few minutes. We are the number one cloud mining service provider in the world. We have over 600,000 registered users on our cloud mining platform. As of April 30th, which is our latest monthly statistics that we released, we currently have a 28.3 exahash of computing power, total capacity of 164 megawatts that we control and own, and 566 megawatts total globally for our power capacity. Our policy is to hold as much Bitcoin as possible. As of end of April, we had 1,908 Bitcoin on the balance sheet. This is, again, as I talked about the two businesses here, self-mining and mining services. I'll just talk about the self-mining piece first. It is a typical mining business you would find from most of the public miners out there. We have this hash rate, that 28.3 exahash. We allocate some of that to mine Bitcoin for ourselves. We allocate a portion of that to our cloud mining business. What is unique about BitFuFu is that we have the ability, we have an internal proprietary IP technology that allows us to slide our hash rate between self-mining and cloud mining almost on a real-time basis, essentially. Depending on what the market environment is doing, the demand for cloud mining, the price of Bitcoin, and a number of other factors, we will look at that exahash pool and we will say we are going to allocate this much to cloud and we are going to allow this much into the self-mining business. It's generally the cloud mining business. If you look at 2023, the first nine months of 2024, it was about 60% of our total revenues. We did have some mining rig sales in Q4, so that mix was a little bit different. It was still over 50%, however. It's a meaningful part of our business. What the cloud mining allows us to do is really manage the volatility that's inherent with Bitcoin and Bitcoin pricing. Because what we are doing on the cloud mining side is we're taking this hash rate and we are effectively leasing it out to customers, both retail customers and institutional customers. We sell this hash rate that the customer chooses how much they want to buy, a minimum in one terahash chunks. They pay a cost per terahash per day and there's a service fee per day on that as well. We sell it in essentially chunks of 30, 60, 90, 180, 360 days. The customer goes on, does the KYC, know your customer background. Once they clear that, they then can go in and select how much Bitcoin they want to mine with, how much terahash, I should say, they want to mine with and for what time period. They get a contract. We get paid for that terahash cost upfront. We are effectively locking in that price at the time of the contract. That doesn't change over the life of the contract. A good portion of our revenues really are locked in place and are really not driven by the price of Bitcoin. Obviously, when those contracts expire and they get renewed or new customers come in, it gets repriced if necessary based on where Bitcoin price is and difficulty and some other factors. A good portion of our revenues are generally locked up. We see that reduced volatility. I'll get to this in a minute, but the company's been profitable every single year it's been in existence, which I think is unique for a lot of Bitcoin mining companies. One of the other services we've added recently has become a really full-service Bitcoin mining service provider. We've had hosting where we will host other people's, if you have a mining rig and you want to put it in one of our hosting facilities, we will do that for you and charge you a hosting fee. That's a relatively small piece of the business. It's been maybe 1% or 2% of the business. What we recently added is our own mining pool. When you're mining Bitcoin, mining it by yourself, your odds are much lower than if you're with a pool where you're pooling your resources and you're getting a percentage based on your contribution to that pool. It's a much higher success rate to get the Bitcoin reward. We've created our own pool with the lowest pool fees in the industry. We also recently came out a few months ago with our own operating system for mining rigs, which allows the user to overclock and underclock their mining rigs and really optimize the performance of those mining rigs depending on electricity costs, which is obviously the biggest input to Bitcoin mining, time of day, other factors, and the type of rig they have. We obviously deploy this on all of our rigs globally. It allows us to really optimize our fleet. I think that's one thing that we do really, really well is fleet optimization. That's key to managing those mining rigs and really being profitable. We don't just put the mining rig on a rack and turn it on. We're flipping the switch. We're managing that in real time. We have the ability to monitor our entire fleet in real time. That's going to be key to us. One thing on the cloud mining I should mention is that what makes it unique too is the transparency of the cloud mining business. You can see what you're mining as a customer in real time. I mean, it is attached to a specific mining machine or machines, depending on how much terahash you're acquiring. You can view that in real time either on the app that we have or on the website. There is full transparency. You're seeing what you're mining. We do guarantee a 95% uptime, which for the industry, that's a very, very high uptime. We actually run closer to 98%, but we guarantee 95%. The reason we can do that is because our fleet, as you'll see in a slide here in a moment, we're on five continents, U.S. and a number of other countries. We have this fleet that we can manage and allocate the hash rate. Even if we had an entire data center go down, we could slide hash rate from one area from self-mining side into the cloud side seamlessly. The customer would effectively never even know that that happened. There would not really be a blip in their production. That is why we guarantee that kind of high uptime for the customers. I think that when you are mining Bitcoin, one of the concerns is, how long am I going to be up and what is my cost going to be? Because obviously, if the machine is down or it is down for maintenance, you are not mining Bitcoin, you are not making money, and your return on investment is obviously not going to be as great. The fact that we have this ability to move our hash rate around at any given time dynamically in real time gives us that advantage to make sure the customer is mining Bitcoin essentially all the time, 24/7. This is just kind of a track record here of our growth. You'll see the company was founded in late 2020. It's been profitable every single year, which I think is unique for some of the Bitcoin mining companies out there. We've grown revenues every single year. We've grown EBITDA every year. You can see for the past four years, our revenue growth on a CAGR basis, compound annual growth basis, has grown 65% a year on average. Our EBITDA has grown 173% on average over that period, that CAGR. On the right side of that chart, you see kind of a comparison of where we sit relative to some other mining companies that are out there, our peer group. We are one of the largest Bitcoin miners out there. I think a lot of people haven't heard the name BitFuFu. We came public a little over a year ago in March of 2024. We haven't been out as a public company that long. I like to joke and say we're probably the biggest Bitcoin miner you never heard of. I think if you compare us to the peer groups that are out there that everyone's familiar with, we stack up pretty well. Again, certainly on the profitability standpoint, you see from the lower right side of that graph, from a profitability standpoint, we're making money every single year in existence, which I think is unique as well for the miners. I talked about our fleet and our global data centers here. We are in a number of countries. You can see we're in the U.S. We have about over 200 megawatts, 230 megawatts in the United States. We are in South America, in Brazil, in Paraguay. We're in Indonesia. We have a site in Finland. We are in Ethiopia. We are in Oman as well. This, again, gives us the ability to manage the entire network and keep that uptime in real time. One of the things we've done more recently in the past six to eight months or so is to acquire our own data centers. The company was originally founded on an asset-light strategy where all of this hashing hosting capacity here, this 566 gigawatts, was leased capacity. We did not own any of that. In October of last year, we started to pivot to moving away from a 100% pure asset-light strategy to acquiring data centers. That is what we are continuing to do. In October, we acquired an 80-megawatt facility in Ethiopia. It is a joint venture facility where we have the majority ownership there. Later in the year, we acquired two sites in the U.S. on long-term leases with options to buy for 33 megawatts. A couple of months ago, we acquired a site in Oklahoma, a 51-megawatt site there, a joint venture partnership where we have a majority ownership of that partnership. We currently have, out of that 566 megawatts of global capacity, we control 164 megawatts directly. The rest of it is still leased capacity. We have said we want to add an additional 1 gigawatt of capacity by the end of 2026. More near term, we said by the end of 2025, we want that 566-megawatt number to be in the neighborhood of 650-800 megawatts and our hash rate to move up to 33 exahash per second. We are at 28.3 exahash as of end of April. We're getting close to that goal. Our current pipeline is about 700-800 megawatts of capacity that we are evaluating and looking at in various stages of due diligence. Acquiring some of that is greenfield. We would build our own site. A lot of it is brownfield where we are going to acquire existing data centers out there. We've got the ability to do both. It really depends on the economics and how the ROI is going to work out on that. We are actively doing that. I think as we go through 2025 and into 2026, we fully expect to hit these goals and add at least that 1 gigawatt of capacity by the end of 2026. Obviously, with that, the exahash is going to continue to go up as well. We have been continuing to lower our cost. That was another reason for going into this pivot to own data centers. When we were leasing capacity, our all-in cost for that, because we're leasing it and we're paying hosting fees to the owner of those data centers, was somewhere in the neighborhood of $0.07-$0.075 a kilowatt hour. That included the machine, obviously the machine hosting capacity, the profit for the operator, maintenance, DNA, all those. It was a fully loaded number. What we've done by owning some of our own sites and reallocating some of where these sites are, we've moved some out of the U.S. into Ethiopia. We've moved other sites around into low-cost areas. We've effectively brought that $0.07-$0.075 down in a couple of different steps to closer to $0.07, slightly below $0.07, down to $0.065 a kilowatt hour, down just over to $0.06 a kilowatt hour. At the sites we own right now, we have very, very competitive electricity rates. For instance, that site in Ethiopia, that 80-megawatt site, our electricity cost there is $0.032 a kilowatt hour. That is all hydropower. In Oklahoma, our cost is $0.03 a kilowatt hour. Our cost to mine Bitcoin in Oklahoma, for instance, is $18,000 before DNA. Obviously, with Bitcoin trading now over $100,000 and our cost to mine Bitcoin at that Oklahoma facility at $18,000, that is a pretty good return there. The 33 megawatts that we have on long-term leases with option to buy in the U.S., that cost there is just over $0.04 a kilowatt hour. Very, very competitive rates. I think as we go out and acquire more data centers in the U.S., you'll see us bring that all-in total rate down again over the next couple of years. As we do that, obviously, our margins improve. That's also helpful from a cash flow perspective as well. We are really turned into a really one-stop mining service platform. Again, we started out just doing cloud mining. We had some miner sales and a little bit of hosting. We've since expanded that out. We do actually do now, we do some miner sales. In Q4, we had about $30 million of mining rig sales to customers. I think you'll see us continue to do that through 2026. We'll have some additional mining sales to customers because the demand is there. We really provide that as a service to our customers. We obviously have a very strong relationship with BITMAIN, which is the largest manufacturer of ASIC mining rigs in the world. They are a strategic partner in the company. As part of that agreement, we've got a 300-megawatt 10-year hosting agreement with them. A lot of our hosting capacity is locked up for a long time at a very competitive rate. Because of that relationship, we have very good access to machines. In fact, we did sign a two-year framework agreement with them several months ago to acquire 80,000 ASIC mining rigs over a two-year period at our option, at our timing when we want to do that. That was on very favorable financing terms for us. What we're doing for customers, we have some customers that want to acquire rigs. Maybe they're cloud mining customers, maybe they're a hosting customer. Obviously, they're not first in the line when the demand is picked up for mining rigs. We can help facilitate those sales to our customers. Obviously, we're making a little bit of profit on that, but we're also securing that customer. It's really a full-service customer service model for Bitcoin mining because, again, with the miner sales, we do lease miners to customers as well. Again, I mentioned that we have that mining pool now. We have our operating system. It's really full circle, soup to nuts, one-stop shopping for whatever a customer wants to do from a Bitcoin mining perspective. Again, it's all transparent. It's in real time on the app or on the website. This is monitored by a team of folks that are just looking at this and making sure we're optimizing the entire fleet. I think that makes us unique in the space. Just on our cloud mining users, I mentioned earlier, we had over 600,000. It's actually over 612,000 users as of end of April. You can see the growth that we've seen in these registered users of cloud mining services. If you look at Q4 of 2023, we had a little over 300,000 registered users. You go to Q1, 2025, but that's really April, as of April, actually. It's a little more current, 612,000 is where we're at now. We've seen tremendous growth in that registered users base. I should add that we've done all of this growth without really penetrating the U.S. market. We currently do not sell the cloud mining service into the U.S. market. There have been some regulatory hurdles, obviously, doing that. We are a publicly listed company, so we want to make sure we are doing everything correctly. We are actively pursuing that and looking at that. I think you will see us offer that service into the U.S. The point is there is a lot more growth still to come because we have a very large untapped market that we think in the U.S. that is yet to, that we are to sell into. We think that is a real opportunity for the company as we move forward over the next few years. Again, this just highlights that mining framework agreement we have with BITMAIN, 80,000 miners. These are S21 Antminers. These are the latest series of ASIC mining rigs, very, very efficient rigs. What we're going to do is we'll be adding to our existing fleet, upgrading some of those fleets. We've been running S19 miners, majority. We've now added S21s into the fleet. As we go out on our acquisition strategy and our vertical integration strategy to acquire more data centers, a lot of these data centers, if obviously they're going to be in operation, they may not have the latest miners. This gives us the opportunity to go in and upgrade those data centers as we acquire them as well. It's a pretty good opportunity for us to do that. Again, the financing terms that we have on here, and we have disclosed this publicly, we have the opportunity to delay payment for up to one year for 20% of purchase price. Essentially an interest-free loan for a year. If we choose to, we could pay for some of those 20% of that miners in BitFuFu shares. I'm not sure we can do that, but we have that option. It is very favorable terms with the largest manufacturer of mining rigs in the world. I get the question a lot, how does Bitcoin, how does cloud mining really benefit a user? Why wouldn't you just buy it off an exchange? The short answer is we've looked at this over time in a number of different scenarios, and it really obviously varies over time of where we are in the cycle. We found that a user cloud mining can wind up owning anywhere from 2%-20% more Bitcoin by cloud mining than they could just buying straight off an exchange. Obviously, that's a variable number of where we are in the cycle and difficulty rate and price of Bitcoin. It really, over time, allows users to actually acquire more Bitcoin and acquire it very, very easily. It also allows, if you're a long-term investor, you believe that the price of Bitcoin is going to be much higher, which, of course, we obviously do from a retail strategy customer base. We have a lot of customers that are dollar cost averaging down, right? They're layering in the contracts, they're laddering it out, different durations of those contracts. That allows them to mitigate a lot of the fluctuations you do see in the price of Bitcoin and capturing the upside of that as well. Self-mining, I won't spend much time on this. Really, it's pretty standard. We have ASIC miners in all these sites. We allocate a portion of that to self-mining. We're mining Bitcoin every day. That is just for our own account. Our HODL strategy really has been to hold as much as possible. We do sell a little bit to cover our hosting operating costs on a generally, it has been a daily basis, but we do fluctuate that a little bit depending on where the price of Bitcoin is going, where we think it is going to go. We essentially like to HODL as much Bitcoin as possible because we're pretty bullish on the long-term value of where Bitcoin is going to go. This is just the Aladdin system, what I mentioned earlier about our proprietary IP system. It does a number of things. It allows us to slide that hash rate between self and cloud mining. Within the cloud mining business, it allows us to take that hash rate and slice it up into chunks that customers want to buy, as small as one terahash. It allows us to also monitor the entire fleet of mining rigs. Again, five continents, 30 data centers. We are monitoring this in real time and optimizing every one of those machines so that we are running the most efficiency that we possibly can. This Aladdin system really allows us to do that. It is proprietary. It is IP protected. We do have a team that is dedicated to just doing this. It also provides security for the entire network in the system. If we have a machine go down in real time, we know immediately exactly which mining rig it is that may have a problem, may have to go offline and have some maintenance to it. Any kind of issue is being seen in real time, which I think is a little bit unique as well. Just so, I'll run just quickly. I won't go through all these numbers here, but this just gives, I think, a good flavor for kind of our 2024 results. Our Q1 results haven't come out yet. I think you'll probably see those come out shortly. You see the growth and kind of the business, what we've done here on a mining capacity where we were versus the end of last year. I think we've seen a significant amount of growth in the overall business. Obviously, that gets impacted by the halving that happened in April of last year, which affected obviously all miners. Despite the halving, we continue to be profitable irregardless. That is kind of the one takeaway message I think I would leave with folks is that BitFuFu, regardless of where we are in the cycle, Bitcoin is up, Bitcoin is down, the fluctuations, the company is profitable and has grown revenues and EBITDA across the board for the past four years, regardless of what the price of Bitcoin has done. Obviously, there is some volatility in between there, but on the whole, the company makes money year in and year out, regardless of the volatility of Bitcoin. This is just our reconciliation of EBITDA. You can see in 2024, almost $118 million of EBITDA that was up significantly from 2023 of, I think it was $42 million or so there. I think it is a pretty interesting story. It is a story a lot of people really are not aware of. We're just excited to get out there and talk to people and talk about it. Thanks very much for having us here. Charley, thank you again. Thank you to everybody watching. If you have any questions or would like to schedule a meeting with BitFuFu, please send me an email at weiss@lythampartners.com. If you'd like to learn about Lytham Partners, you can visit our website at lythampartners.com or follow us on LinkedIn to stay connected about future events. We hope you all enjoy the rest of the conference and have a great day.