BitFuFu increased its Bitcoin holdings by 66 BTC in October, lifting its total reserves to 1,454 BTC as of October 31 — a 4.8% increase from the 1,388 BTC the company held at the end of September.

The Singapore-based miner kept accumulating during a month in which mining itself became harder. The Nasdaq-listed company, which trades under the ticker FUFU, disclosed the figures on November 6, 2026, in regulatory filings covering its October operations. Monthly operational disclosures like this give public-market investors a running view of treasury movements between quarterly earnings reports.

Output Fell While the Treasury Still Grew

BitFuFu mined 137 BTC in October, down from 167 BTC in September, an 18% decline month over month. Production was split nearly evenly across the company's two channels: self-mining contributed 67 BTC, while cloud mining accounted for 70 BTC.

The company attributed the slowdown to an 11.8% rise in Bitcoin network difficulty during October. Difficulty functions as the network's built-in thermostat: when more computing power joins the race to validate blocks, the puzzle becomes harder, and each machine earns a smaller share of the rewards. The Bitcoin protocol recalibrates difficulty at fixed intervals — roughly every two weeks — to keep block production steady regardless of how much total computing power is connected to the network.

The effect was clearly visible in the daily numbers. Average daily production dropped to 4.4 BTC in October, down from 5.6 BTC in September. BitFuFu's hashrate under management held steady at 19.5 EH/s, of which 3.7 EH/s is self-owned. Hashrate, measured in exahashes per second (EH/s), reflects the total computing power dedicated to mining operations.

One detail stands out: the company added 66 BTC to its holdings in a month when it mined 137 BTC. In other words, less than half of October's production ended up as net growth in the treasury.

CEO Leo Lu addressed this kind of gap directly. He noted that holdings move around based on production tempo, occasional sales, and purchases of capacity, while emphasizing that the company is focused on sustainable growth and a stronger asset base.

A Bumpy Year on the Balance Sheet

BitFuFu's treasury has not moved in a straight line in 2026. Holdings stood at 1,388 BTC in September, and the company had reached a prior peak of 1,855 BTC in May. October's gain is therefore a recovery step rather than a new high, with the stack remaining several hundred BTC below where it sat in late spring.

The company itself is relatively young. Leo Lu founded BitFuFu in 2020, and it went public on Nasdaq in March 2024 through a SPAC merger. Based in Singapore, BitFuFu runs cloud-mining services, mines Bitcoin on its own account, and sells mining equipment, all while holding Bitcoin as a long-term treasury asset.

Accumulation Conviction Meets Production Pressure

The October report sends two signals that pull in different directions.

The first concerns conviction. Growing the treasury by 4.8% in a month when output dropped 18% indicates that management is prioritizing Bitcoin accumulation. The second concerns pressure. An 11.8% difficulty jump in a single month is a reminder that miners do not control their own production curve, and BitFuFu's flat 19.5 EH/s hashrate meant it absorbed the full impact.

This is where the cloud-mining side of the business matters. Under that model, customers purchase computing power from the operator's data centers and receive the Bitcoin that capacity produces, which helps explain why BitFuFu manages 19.5 EH/s of hashrate while only 3.7 EH/s is self-owned. In October, cloud mining produced slightly more Bitcoin than self-mining, at 70 BTC versus 67 BTC.

The gap between production and net treasury growth is also worth watching from month to month. When less than half of mined Bitcoin sticks around, the natural questions are how much goes toward operating costs, how much to sales, and how much to buying new capacity.

Then there is the May benchmark. Climbing back toward 1,855 BTC would signal that accumulation is outrunning the drag from difficulty and expenses. The same regulatory filings that carried the September and October numbers will show how that climb progresses.

For now, the takeaway from October is modest but clear: BitFuFu mined less, kept stacking anyway, and ended the month with 1,454 BTC on its books.

Source: CryptoBriefing. Original reporting edited by Vivian Nguyen.