BitFuFu (NASDAQ:FUFU) shares surged on Monday, while the company’s shares are trading heavily this morning.
More than 1 million shares of the company had changed hands during premarket trading on Monday. This is a significant increase compared to the daily average trading volume of around 204,000 shares.
Investors will note that this activity comes after BitFuFu completes the merger of its Special Purpose Acquisition Company (SPAC). with Arisz Acquisition last week. This means that the shares of the combined company changed to the FUFU stock ticker on Friday.
This helps explain why FUFU stock is up today on strong trading. Companies that go public through SPAC mergers can often experience volatility shortly after their IPO.
What you should know about FUFU stock
BitFuFu was founded in 2020 and has seen tremendous revenue growth since then. The company notes that its revenue was just over $100,000 in 2020, compared to revenue of $198.2 million in 2022.
It is also worth noting that BitFuFu secured additional private investments in public equity financing (PIPE) through its SPAC merger. It received $74 million from existing shareholders and strategic partners.
BitFuFu is a crypto mining company. It offers cloud mining services to both institutional clients and digital asset enthusiasts.
FUFU stock was up 108.5% on Monday morning.
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At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.