Arisz Acquisition Corp. (ARIZ) Increases PIPE for BitFuFu Deal

Arisz Acquisition Corp. (ARIZ) Increases PIPE for BitFuFu Deal

Arisz (NASDAQ:ARIZ) announced in an 8-K this morning that it has increased its PIPE commitments to $74 million from $70 million for its merger with digital asset mining service BitFuFu.

The parties previously secured $70 million in funding at deal announcement for a purchase price of $10 per share which will be issued to stockholders at closing. Bitmain Technologies Holding Company, and Bitcoin mining pool Antpool Technologies Holding Company led the fully committed PIPE.

Like the original PIPE, the additional funding was struck at $10 per share for shares that are identical to ordinary class A shares, except that the shares will not be entitled to redemption rights.

Arisz originally announced its $1.5 billion deal with BitFuFu in January 2021. Singapore-based BitFuFu offers a crypto mining solutions for both individual and institutional-scale miners by hosting machines in data centers run by third parties.

This fresh round of funding for BitFuFu’s combination comes just a day after the SEC gave the green light to approve bitcoin ETFs, allowing investors to trade bitcoin like stocks.

Previously, only bitcoin futures ETFs had received SEC approval. This approval of ETFs has resulted in a modest uptick in bitcoin prices, briefly surpassing $49,000, a level not witnessed since December 2021.