BitFuFu (NASDAQ: FUFU) has teamed up with wealth technology platform Finloop to launch HASH, a tokenized product that pays returns denominated in Bitcoin and tied to the output of Bitcoin mining. The launch opens the Singapore-based company's cloud-mining business to investors who never have to touch a mining rig.

BitFuFu spent the first half of 2026 absorbing heavy losses as Bitcoin's price fell, but that trend reversed over the summer as the market recovered. HASH gives the miner a fresh way to raise capital from a wider pool of investors, built on the same hashrate it already manages and sitting alongside the cloud-mining contracts that make up most of its sales.

How HASH pays out in Bitcoin, not dollars

According to BitFuFu's statement, HASH is a tokenized investment product that gives eligible investors exposure to returns linked to Bitcoin mining, with the economic output of that mining forming the basis of what holders earn.

The hashrate is supplied as a service, so buyers do not own or run the hardware themselves. Returns are generated from mining activity and newly produced coins. Interest paid by borrowers is not part of the return stream, a distinction that sets HASH apart from lending-based yield products.

The token is deployed on Ethereum and Solana, and issuance, holdings and profit distributions are all recorded onchain, where they can be checked against the public ledgers of both networks. HASH carries a 12-month term, with returns calculated against each investor's actual holding period. The product is sold only through designated channels to investors meet eligibility and regulatory requirements.

A quarter BitFuFu would rather forget

The launch follows one of the worst stretches in the company's history. Its second-quarter 2026 results, filed with the US Securities and Exchange Commission (SEC), show revenue of $42.8 million, down almost 63% from $115.4 million a year earlier. The company swung to a net loss of $20.5 million from net income of $47.1 million in the same period of 2025.

Bitcoin's weakness compounded the damage. A 27.5% year-over-year drop in the cryptocurrency's price caused a $16.9 million fair-value loss on BitFuFu's books and gutted demand for the cloud-mining contracts that make up most of its sales.

As of June 30, total hashrate under management had fallen 57.7% to 15.3 exahashes per second (EH/s) — the standard unit for measuring the computing power directed at Bitcoin mining — which the company attributed to a deliberate decision to trim lower-quality capacity.

Hashrate back above 20 EH/s

Fortunes have since shifted, according to BitFuFu's August production update. The company said its total hashrate under management climbed to 20.6 EH/s, a 45.1% jump from July, as capacity secured earlier in the year came online, reversing the decline disclosed at the end of June.

Bitcoin production rose 55.4% month over month to 174 BTC, and fleet efficiency improved to 16.7 joules per terahash, a measure of the energy consumed per unit of mining power.

Bitcoin itself is performing better than it did for most of the year. The cryptocurrency traded around $83,479 in late September and trades around $83,229 at the time of writing, per CoinMarketCap data. With Bitcoin holding above $80,000, most pools and operations had been producing coins above cost and out of the distress zone for two months, even as mining stocks slid from their summer highs and FUFU changed hands at $1.37.

Not the first to tokenize hashrate

BitFuFu is entering a lane that others have already tested. In March 2026, financial technology firm Omnes and Apex Group said they would issue the Omnes Mining Note, an institutional structured note backed by Bitcoin hashrate, on Base, Coinbase's Ethereum layer-2 network.

HASH differs from the Omnes Mining Note in important ways. The latter wraps hashrate in a traditional debt instrument aimed at institutional buyers, while HASH is tied directly to Bitcoin mining output, is denominated in BTC and is distributed through designated channels. Both products are part of a broader push to turn computing power into an onchain financial product.

For BitFuFu, the success of HASH will depend heavily on the cost of producing Bitcoin and on how well the world's largest cryptocurrency by market capitalization performs. The company's monthly production updates, which track hashrate, output and fleet efficiency, will provide a running read on the mining side of that equation.

Source: Cryptopolitan