{ "ticker": "FUFU", "reference_close": "2026-10-16", "analysis_path": "data/analyses-data/FUFU.json", "analysis_sha256": "365bce8b76d90990c897fb3011f48b4b9b481f2ce21f5eca5c7576283007279f", "claims": [ { "path": "meta.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.date" }, { "path": "meta.dateDisplay", "value": "19 octobre 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.dateDisplay" }, { "path": "meta.version", "value": 3, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/meta/version" }, { "path": "meta.levelsCloseDate", "value": "2026-10-16", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.levelsCloseDate" }, { "path": "meta.description", "value": "BitFuFu, mineur de bitcoin de Singapour, a vu son chiffre d’affaires chuter de 62,9 % au deuxième trimestre et perdu 31,3 % le 16 octobre, à 0,90 $. Le président contrôle 95,5 % des votes, un programme d’émission de 150 M$ reste ouvert : surveiller, sans entrée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.description" }, { "path": "meta.ogDescription", "value": "BitFuFu (FUFU) à 0,90 $ après −31,3 % le 16 octobre : revenus en chute, dette fournisseur de 93,4 M$, litige en Éthiopie. Pas d’entrée avant une clôture à 1,29 $ ou plus.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.ogDescription" }, { "path": "meta.lastMcpRefresh", "value": "2026-10-19T16:38:32.624182659Z", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.lastMcpRefresh" }, { "path": "meta.levelsVerifiedAt", "value": "2026-10-19T16:38:32.624182659Z", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.levelsVerifiedAt" }, { "path": "meta.statusHistory.0.at", "value": "2026-10-19T16:38:32.624182659Z", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.statusHistory.0.at" }, { "path": "meta.statusHistory.0.note", "value": "première fiche, sur la clôture du 16 octobre 2026 : plan de surveillance, activation sur une clôture à 1,29 $ ou plus, aucune entrée", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/meta.statusHistory.0.note" }, { "path": "meta.statusHistory.0.close", "value": 0.9001, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/meta/statusHistory/0/close" }, { "path": "header.price", "value": 0.9001, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/header/price" }, { "path": "header.changePct", "value": -31.29007633587787, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/header/changePct" }, { "path": "header.badges.0.text", "value": "SURVEILLER — CLÔTURE À 1,29 $ OU PLUS", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/header.badges.0.text" }, { "path": "header.badges.1.text", "value": "Clôture du 16 oct. sous 1 $", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/header.badges.1.text" }, { "path": "header.badges.2.text", "value": "Président à 95,5 % des votes", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/header.badges.2.text" }, { "path": "header.metrics.marketCap", "value": "150,0 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/header.metrics.marketCap" }, { "path": "header.metrics.volume", "value": "877 k", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/header.metrics.volume" }, { "path": "header.metrics.evRevenue", "value": "0,32×", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/header.metrics.evRevenue" }, { "path": "verdict.score", "value": 28, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/verdict/score" }, { "path": "verdict.confidence", "value": "Note D (score additif de 28 sur 100) : la grille crédite un bilan qui porte encore 119,5 M$ de trésorerie et d’actifs numériques, mais retranche lourdement la technique, le capital, la dilution et le calendrier. Score éditorial non prédictif. Chiffres d’entreprise lus dans le 20-F et les 6-K ; niveaux lus sur la clôture certifiée du 16 octobre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.confidence" }, { "path": "verdict.summary", "value": "BitFuFu vend surtout du minage de bitcoin en nuage : des clients louent de la puissance de calcul et reçoivent les bitcoins produits, BitFuFu achetant cette puissance à des fournisseurs, Bitmain en tête en 2025, qui est aussi actionnaire. Un seul client a fait 45 % des ventes du premier semestre 2026. Le modèle s’est grippé. Au deuxième trimestre 2026, le chiffre d’affaires a chuté de 62,9 % à 42,8 M$ et la perte nette a atteint 20,5 M$ ; sur douze mois, la marge brute ne fait que 2,3 %. Le 16 octobre, le titre a perdu 31,3 % à 0,90 $, trois fois plus que les mineurs cotés, sans dépôt de la société ce jour-là : la cause reste inconnue. Le président détient 95,5 % des votes, un programme d’émission d’actions de 150 M$ reste ouvert, la société doit 93,4 M$ à un fournisseur et une acquisition en Éthiopie tourne au litige. Aucune entrée avant une clôture à 1,29 $ ou plus.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.summary" }, { "path": "verdict.whyBuy.0", "value": "Trésorerie et actifs numériques de 119,5 M$ au 30 juin 2026, soit 0,72 $ par action, 80 % du cours ; 1 388 bitcoins détenus au 30 septembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyBuy.0" }, { "path": "verdict.whyBuy.1", "value": "La production pour compte propre progresse : 98 bitcoins en septembre contre 88 en août, avec 3,8 EH/s de machines en propre ; elle ne dépend pas de la demande des clients du minage en nuage.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyBuy.1" }, { "path": "verdict.whyBuy.2", "value": "Valeur d’entreprise de 0,32 fois le chiffre d’affaires de douze mois, contre 6,3 fois pour MARA et 4,4 fois pour Bitdeer ; 1,59 fois les capitaux propres, contre 1,74 pour MARA.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyBuy.2" }, { "path": "verdict.whyBuy.3", "value": "Le bitcoin a pris 6,6 % en vingt et une séances (fonds IBIT) pendant que les mineurs cotés perdaient 32,3 % (fonds WGMI) : la baisse des titres vient du marché des actions, pas du prix du bitcoin.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyBuy.3" }, { "path": "verdict.whyBuy.4", "value": "Dette fournisseur de 93,4 M$ à 3 % seulement depuis janvier 2026, échéance repoussée à juin 2028 : pas de remboursement important attendu dans l’horizon du plan.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyBuy.4" }, { "path": "verdict.whyBuy.5", "value": "Rachat d’actions de 5 M$ autorisé le 22 juin 2026 pour vingt-quatre mois, soit 5,55 millions d’actions à 0,90 $, 17,5 % de la classe A ; aucun achat publié à ce jour : l’autorisation ne vaut pas exécution.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyBuy.5" }, { "path": "verdict.whyAvoid.0", "value": "Chiffre d’affaires du deuxième trimestre 2026 à 42,8 M$, −62,9 % sur un an ; perte opérationnelle de 119,6 M$ sur douze mois, et le minage en nuage, 73,8 % des ventes de 2025, recule le plus.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.0" }, { "path": "verdict.whyAvoid.1", "value": "Le président contrôle 95,5 % des votes par 135 millions d’actions de classe B à cinq voix ; les actionnaires de classe A n’ont aucun poids sur les décisions de capital.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.1" }, { "path": "verdict.whyAvoid.2", "value": "Programme d’émission au fil de l’eau ouvert : environ 143,6 M$ de capacité nominale, cinq fois la valeur des actions de classe A cotées (28,5 M$) ; sous 75 M$ de flottant, la règle du formulaire F-3 limite probablement les ventes à environ 9,1 M$ par an. Bitmain a aussi reçu 1 590 940 actions contre des dettes en 2025, enregistrées pour la revente.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.2" }, { "path": "verdict.whyAvoid.3", "value": "Acquisition en Éthiopie en échec possible : 4,1 M$ versés et 13 700 machines déployées sur un site dont le fournisseur d’électricité menace de saisir les équipements nantis de la cible (6-K du 13 octobre).", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.3" }, { "path": "verdict.whyAvoid.4", "value": "Clôture du 16 octobre à 0,90 $, sous 1 $, après un plus bas de séance à 0,6412 $ ; médiane de 82 000 $ échangés par séance sur vingt séances. Le 19 octobre, en séance (12 h 38 à New York), le titre cotait 1,239 $ sur 43,5 millions d’actions échangées : prix et liquidité peuvent changer d’un jour à l’autre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.4" }, { "path": "verdict.controlChecklist.0.evidence", "value": "Série quotidienne certifiée à la clôture du 16 octobre, servie par une source de cours de secours, la source principale étant incomplète ce jour-là.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.0.evidence" }, { "path": "verdict.controlChecklist.1.statusLabel", "value": "Programme de 150 M$ ouvert, classe B à 95,5 % des votes", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.1.statusLabel" }, { "path": "verdict.controlChecklist.1.evidence", "value": "166 696 634 actions au 30 juin 2026, dont 135 000 000 de classe B ; 1 692 428 actions vendues par le programme depuis juin 2025 ; 1 590 940 actions remises à Bitmain contre des dettes en 2025, revendables ; rachat de 5 M$ autorisé le 22 juin 2026, sans exécution publiée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.1.evidence" }, { "path": "verdict.controlChecklist.1.action", "value": "Tout 6-K ou 424B annonçant une vente d’actions annule le plan ; suivre le formulaire 20-F et les 6-K de résultats.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.1.action" }, { "path": "verdict.controlChecklist.2.statusLabel", "value": "Non efficace au 31 décembre 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.2.statusLabel" }, { "path": "verdict.controlChecklist.2.evidence", "value": "Le 20-F juge le contrôle interne sur l’information financière et les contrôles de communication non efficaces : faiblesse importante pas entièrement corrigée, faute de personnel comptable formé aux normes US GAAP ; pas d’attestation de l’auditeur sur ce contrôle. Trésorerie jugée suffisante pour douze mois ; aucun doute sur la continuité d’exploitation exprimé.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.2.evidence" }, { "path": "verdict.controlChecklist.2.action", "value": "Lire les chiffres semestriels de 2026, non audités, avec prudence ; vérifier la correction de la faiblesse dans le prochain 20-F.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.2.action" }, { "path": "verdict.controlChecklist.3.statusLabel", "value": "Chute de 31,3 %, sous toutes les moyennes", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.3.statusLabel" }, { "path": "verdict.controlChecklist.3.evidence", "value": "Clôture du 16 octobre à 0,90 $, RSI à 31, sous les moyennes à vingt, cinquante et deux cents séances ; résultats du troisième trimestre attendus vers la mi-novembre, date non confirmée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.3.evidence" }, { "path": "verdict.controlChecklist.3.action", "value": "Aucune entrée avant une clôture à 1,29 $ ou plus ; dernière clôture d’activation le 30 octobre, position soldée au plus tard à la clôture du 6 novembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.3.action" }, { "path": "business.overview", "value": "

BitFuFu, société des îles Caïmans dirigée depuis Singapour, cotée au Nasdaq depuis sa fusion avec la SPAC Arisz en 2024, vit du minage de bitcoin de trois façons. Le minage en nuage d’abord : un client paie d’avance pour louer une puissance de calcul pendant une durée donnée et reçoit les bitcoins qu’elle produit ; BitFuFu achète cette puissance à des fournisseurs, d’abord Bitmain, fabricant de machines de minage, par un contrat de trois ans signé en septembre 2024. Le minage pour compte propre ensuite, avec ses propres machines. Enfin la vente et l’hébergement de machines pour des tiers.

En 2025, le chiffre d’affaires a atteint 477,5 M$, dont 352,6 M$ de minage en nuage (73,8 %), 63,1 M$ de minage pour compte propre et 53,7 M$ de ventes de machines. Mais l’activité rapporte très peu : sur douze mois au 30 juin 2026, la marge brute est de 2,3 %, parce que l’essentiel du prix payé par le client repart chez le fournisseur de puissance. La concentration s’est aggravée en 2026 : au premier semestre, un seul client a fait 45 % du chiffre d’affaires, environ 51,9 M$, et les trois premiers 72 %, contre 58 % un an plus tôt (33 % et 60 % sur l’année 2025), sans être nommés ; 58 % des ventes hors minage propre viennent de clients établis en Afrique. Côté achats, le premier fournisseur, non nommé dans les comptes semestriels, pèse 34 % du coût des ventes contre 51 % un an plus tôt ; en 2025, Bitmain en représentait la moitié. Bitmain détient environ 7,9 % du capital, soit 41 % des actions de classe A cotées.

2026 a cassé la croissance. Au deuxième trimestre, le minage en nuage est tombé à 24,9 M$ contre 94,3 M$ un an plus tôt, et la puissance gérée à 15,3 EH/s contre 36,2 EH/s. La direction invoque la baisse du bitcoin, une demande plus faible et un tri volontaire des capacités. Depuis, la puissance gérée est remontée à 19,4 EH/s fin septembre, contre 15,3 EH/s fin juin, et la puissance affectée au minage pour compte propre a augmenté de 47 % sur un an au deuxième trimestre. Trois dossiers pèsent sur la suite : l’acquisition d’un site de 80 MW en Éthiopie, en échec possible après un litige entre la cible et son fournisseur d’électricité ; le site de 51 MW de l’Oklahoma, soumis depuis le 28 septembre à un accord de sécurité nationale qui en limite l’usage au minage ; et le jeton HASH lancé le 15 octobre avec Finloop, un produit de rendement en bitcoin réservé aux investisseurs qualifiés, sans effet chiffré à ce jour.

", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.overview" }, { "path": "business.moat", "value": "BitFuFu n’a pas de technologie propre : sa position repose sur son accès privilégié à la puissance de calcul et aux machines de Bitmain, son premier fournisseur et actionnaire. Cet accès est aussi sa faiblesse, puisque la marge brute de douze mois ne fait que 2,3 % et que la moitié du coût des ventes de 2025 venait de Bitmain ; au premier semestre 2026, le premier fournisseur pèse encore 34 % du coût des ventes, et le premier client 45 % du chiffre d’affaires. Un concurrent qui achète la même puissance au même fournisseur peut proposer le même produit.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.moat" }, { "path": "business.segments.0.revenue", "value": "352,6 M$ en 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.0.revenue" }, { "path": "business.segments.0.pct", "value": "73,8 % des ventes de 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.0.pct" }, { "path": "business.segments.0.description", "value": "Location de puissance de calcul payée d’avance ; 24,9 M$ au deuxième trimestre 2026 contre 94,3 M$ un an plus tôt.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.0.description" }, { "path": "business.segments.1.revenue", "value": "63,1 M$ en 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.1.revenue" }, { "path": "business.segments.1.pct", "value": "13,2 % des ventes de 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.1.pct" }, { "path": "business.segments.1.description", "value": "Bitcoins produits par les machines de la société ; 14,0 M$ au deuxième trimestre 2026, 98 bitcoins en septembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.1.description" }, { "path": "business.segments.2.revenue", "value": "61,9 M$ en 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.2.revenue" }, { "path": "business.segments.2.pct", "value": "13,0 % des ventes de 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.2.pct" }, { "path": "business.segments.2.description", "value": "Revente de machines et hébergement pour des tiers ; aucune vente de machines au deuxième trimestre 2026.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.segments.2.description" }, { "path": "business.sourceRefs.0.name", "value": "BitFuFu 20-F", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.0.name" }, { "path": "business.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026048533/ea0286816-20f_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.0.url" }, { "path": "business.sourceRefs.0.date", "value": "2026-04-28", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.0.date" }, { "path": "business.sourceRefs.1.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.1.name" }, { "path": "business.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026090474/ea030213301ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.1.url" }, { "path": "business.sourceRefs.1.date", "value": "2026-08-17", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.1.date" }, { "path": "business.sourceRefs.2.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.2.name" }, { "path": "business.sourceRefs.2.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026109072/ea030842601ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.2.url" }, { "path": "business.sourceRefs.2.date", "value": "2026-10-13", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.2.date" }, { "path": "business.sourceRefs.3.name", "value": "BitFuFu 6-K", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.3.name" }, { "path": "business.sourceRefs.3.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026104649/ea0306535-6k_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.3.url" }, { "path": "business.sourceRefs.3.date", "value": "2026-09-29", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.3.date" }, { "path": "business.sourceRefs.4.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.4.name" }, { "path": "business.sourceRefs.4.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026109550/ea030832401ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.4.url" }, { "path": "business.sourceRefs.4.date", "value": "2026-10-15", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.sourceRefs.4.date" }, { "path": "business.coverageMatrix.0.decision", "value": "Trois cents séances continues, clôture certifiée du 16 octobre, base des niveaux ; source de cours de secours, la principale étant incomplète.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.coverageMatrix.0.decision" }, { "path": "business.coverageMatrix.1.decision", "value": "Communiqué du deuxième trimestre, états semestriels et 20-F ; aucune prévision chiffrée publiée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.coverageMatrix.1.decision" }, { "path": "business.coverageMatrix.2.decision", "value": "Douze mois glissants reconstitués du 20-F et du 6-K semestriel, comptes us-gaap en dollars.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/business.coverageMatrix.2.decision" }, { "path": "news.0.date", "value": "2026-10-15", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.0.date" }, { "path": "news.0.detail", "value": "Titre de créance inscrit sur une chaîne de blocs, rendement en bitcoin tiré de la production de puissance de calcul, réservé aux investisseurs qualifiés ; aucun montant levé ni effet chiffré. Le titre a perdu 31,3 % le lendemain.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.0.detail" }, { "path": "news.0.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026109550/ea030832401ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.0.sourceUrl" }, { "path": "news.1.date", "value": "2026-10-13", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.1.date" }, { "path": "news.1.title", "value": "Septembre : 167 bitcoins produits, litige en Éthiopie", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.1.title" }, { "path": "news.1.detail", "value": "Production en baisse de 4,0 % sur août, 1 388 bitcoins détenus ; la société juge important le risque que l’acquisition du site éthiopien échoue après 4,1 M$ versés et 13 700 machines déployées.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.1.detail" }, { "path": "news.1.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026109072/ea030842601ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.1.sourceUrl" }, { "path": "news.2.date", "value": "2026-09-29", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.2.date" }, { "path": "news.2.detail", "value": "Le site de 51 MW ne peut servir qu’au minage ; le matériel de calcul avancé y est restreint, ce qui ferme la porte d’une reconversion vers l’intelligence artificielle sur ce site sans accord des autorités.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.2.detail" }, { "path": "news.2.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026104649/ea0306535-6k_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.2.sourceUrl" }, { "path": "news.3.date", "value": "2026-08-17", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.3.date" }, { "path": "news.3.title", "value": "Deuxième trimestre : chiffre d’affaires −62,9 %", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.3.title" }, { "path": "news.3.detail", "value": "Chiffre d’affaires de 42,8 M$, perte nette de 20,5 M$, puissance gérée ramenée à 15,3 EH/s ; le titre a clôturé à 1,29 $ le 17 août, contre 1,45 $ le 14 août.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.3.detail" }, { "path": "news.3.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026090474/ea030213301ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/news.3.sourceUrl" }, { "path": "fundamentals.rows.0.metric", "value": "Chiffre d’affaires du 2e trimestre 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.metric" }, { "path": "fundamentals.rows.0.value", "value": "42,8 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.value" }, { "path": "fundamentals.rows.0.signal", "value": "−62,9 % sur un an ; minage en nuage à 24,9 M$ contre 94,3 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.signal" }, { "path": "fundamentals.rows.1.metric", "value": "Perte nette du 2e trimestre 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.metric" }, { "path": "fundamentals.rows.1.value", "value": "−20,5 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.value" }, { "path": "fundamentals.rows.1.signal", "value": "Contre un bénéfice de 47,1 M$ un an plus tôt ; perte de juste valeur de 16,9 M$ sur le bitcoin", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.signal" }, { "path": "fundamentals.rows.2.metric", "value": "Bitcoins détenus au 30 septembre", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.2.metric" }, { "path": "fundamentals.rows.2.value", "value": "1 388 BTC", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.2.value" }, { "path": "fundamentals.rows.2.signal", "value": "+15 sur août ; 1 671 au 30 juin", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.2.signal" }, { "path": "fundamentals.rows.3.metric", "value": "Production de septembre 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.metric" }, { "path": "fundamentals.rows.3.value", "value": "167 BTC", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.value" }, { "path": "fundamentals.rows.3.signal", "value": "98 pour compte propre, 69 pour les clients du minage en nuage ; −4,0 % sur août", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.signal" }, { "path": "fundamentals.rows.4.metric", "value": "Puissance de calcul gérée au 30 septembre", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.4.metric" }, { "path": "fundamentals.rows.4.value", "value": "19,4 EH/s", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.4.value" }, { "path": "fundamentals.rows.4.signal", "value": "Dont 3,8 EH/s en propre ; 36,2 EH/s au 30 juin 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.4.signal" }, { "path": "fundamentals.rows.5.metric", "value": "Poids du premier client au premier semestre 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.5.metric" }, { "path": "fundamentals.rows.5.value", "value": "45 %", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.5.value" }, { "path": "fundamentals.rows.5.signal", "value": "Trois premiers clients : 72 % (58 % un an plus tôt, 60 % sur 2025), non nommés ; Afrique : 58 % des ventes hors minage propre", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.5.signal" }, { "path": "fundamentals.rows.6.value", "value": "399,5 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.6.value" }, { "path": "fundamentals.rows.6.signal", "value": "Douze mois au 30 juin 2026 : exercice 2025 + premier semestre 2026 − premier semestre 2025", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.6.signal" }, { "path": "fundamentals.rows.7.value", "value": "2,3 %", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.7.value" }, { "path": "fundamentals.rows.7.signal", "value": "Marge brute de 9,0 M$ sur douze mois au 30 juin 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.7.signal" }, { "path": "fundamentals.rows.8.value", "value": "−119,6 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.8.value" }, { "path": "fundamentals.rows.8.signal", "value": "Douze mois au 30 juin 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.8.signal" }, { "path": "fundamentals.rows.9.value", "value": "−99,2 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.9.value" }, { "path": "fundamentals.rows.9.signal", "value": "Résultat opérationnel + amortissements, douze mois au 30 juin 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.9.signal" }, { "path": "fundamentals.rows.10.value", "value": "−117,0 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.10.value" }, { "path": "fundamentals.rows.10.signal", "value": "Douze mois au 30 juin 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.10.signal" }, { "path": "fundamentals.rows.11.value", "value": "−89,4 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.11.value" }, { "path": "fundamentals.rows.11.signal", "value": "Douze mois au 30 juin 2026 ; les bitcoins reçus et vendus passent par l’investissement, ce flux exagère donc la consommation de trésorerie", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.11.signal" }, { "path": "fundamentals.rows.12.metric", "value": "Trésorerie et actifs numériques au 30 juin", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.12.metric" }, { "path": "fundamentals.rows.12.value", "value": "119,5 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.12.value" }, { "path": "fundamentals.rows.12.signal", "value": "Trésorerie de 22,2 M$ et actifs numériques de 97,3 M$ au 30 juin 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.12.signal" }, { "path": "fundamentals.rows.13.metric", "value": "Dette au 30 juin", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.13.metric" }, { "path": "fundamentals.rows.13.value", "value": "98,8 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.13.value" }, { "path": "fundamentals.rows.13.signal", "value": "Dont 93,4 M$ dus à un fournisseur de machines, à 3 % jusqu’en juin 2028", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.13.signal" }, { "path": "fundamentals.rows.14.value", "value": "31,0 M$", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.14.value" }, { "path": "fundamentals.rows.14.signal", "value": "Au 30 juin 2026 : puissance déjà payée par les clients et à livrer", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.14.signal" }, { "path": "fundamentals.rows.15.value", "value": "0,32×", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.15.value" }, { "path": "fundamentals.rows.15.signal", "value": "Valeur d’entreprise à la clôture du 16 octobre 2026 sur le chiffre d’affaires GAAP de douze mois au 30 juin 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.15.signal" }, { "path": "fundamentals.rows.15.comparison", "value": "Valeur d’entreprise = 150,0 M$ de capitalisation + 98,8 M$ de dette − 119,5 M$ de trésorerie et d’actifs numériques. BitFuFu à 0,32× vs ses pairs, statistiques courantes relevées en instantané : MARA 6,28×, Bitdeer 4,42×, HIVE 2,15×, Canaan 0,40×. L’écart tient surtout à la marge : BitFuFu revend une puissance achetée à des fournisseurs, Bitmain en tête en 2025.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.15.comparison" }, { "path": "fundamentals.rows.16.value", "value": "1,59×", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.16.value" }, { "path": "fundamentals.rows.16.signal", "value": "Capitaux propres de 94,4 M$ au 30 juin 2026, soit 0,57 $ par action", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.16.signal" }, { "path": "fundamentals.rows.16.comparison", "value": "MARA à 1,74×, Bitdeer à 1,98×, HIVE à 1,30×, Bit Digital à 0,86× et Canaan à 0,61× (statistiques courantes, relevées en instantané). Les capitaux propres ont fondu de 149,6 M$ à 94,4 M$ au premier semestre 2026.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.16.comparison" }, { "path": "fundamentals.rows.17.value", "value": "0,84 $ par action", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.17.value" }, { "path": "fundamentals.rows.17.signal", "value": "Scénario : trois dixièmes du chiffre d’affaires de douze mois au 30 juin 2026, soit 6 % sous la clôture du 16 octobre 2026", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.17.signal" }, { "path": "fundamentals.rows.17.comparison", "value": "Payée comme un négociant à faible marge, entre Canaan (0,40×) et Galaxy (0,13×), BitFuFu vaudrait 0,84 $ par action, près du cours actuel : le marché ne paie presque rien au-delà du bilan. Ce n’est ni un objectif ni le scénario central.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.rows.17.comparison" }, { "path": "fundamentals.sourceRefs.0.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.0.name" }, { "path": "fundamentals.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026090474/ea030213301ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.0.url" }, { "path": "fundamentals.sourceRefs.0.date", "value": "2026-08-17", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.0.date" }, { "path": "fundamentals.sourceRefs.1.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.1.name" }, { "path": "fundamentals.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026098773/ea030480801ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.1.url" }, { "path": "fundamentals.sourceRefs.1.date", "value": "2026-09-10", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.1.date" }, { "path": "fundamentals.sourceRefs.2.name", "value": "BitFuFu 20-F", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.2.name" }, { "path": "fundamentals.sourceRefs.2.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026048533/ea0286816-20f_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.2.url" }, { "path": "fundamentals.sourceRefs.2.date", "value": "2026-04-28", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.2.date" }, { "path": "fundamentals.sourceRefs.3.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.3.date" }, { "path": "earnings.beatNote", "value": "Deuxième trimestre 2026, publié le 17 août : chiffre d’affaires de 42,8 M$, −62,9 % sur un an, perte nette de 20,5 M$, EBITDA ajusté négatif de 18,4 M$, dont 16,9 M$ de perte de juste valeur sur le bitcoin. La direction attribue la baisse au recul de 27,5 % du prix du bitcoin sur un an, à une demande plus faible pour le minage en nuage et à un tri volontaire des capacités. Aucune guidance chiffrée n’est publiée. La date du troisième trimestre reste non confirmée : l’an dernier, il était sorti le 12 novembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.beatNote" }, { "path": "earnings.nextEarnings", "value": "Publication du troisième trimestre 2026 attendue vers la mi-novembre, date non confirmée par l’émetteur ; le plan est soldé à la clôture du 6 novembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.nextEarnings" }, { "path": "earnings.sourceRefs.0.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.0.name" }, { "path": "earnings.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026090474/ea030213301ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.0.url" }, { "path": "earnings.sourceRefs.0.date", "value": "2026-08-17", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.0.date" }, { "path": "earnings.sourceRefs.1.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.1.name" }, { "path": "earnings.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026098773/ea030480801ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.1.url" }, { "path": "earnings.sourceRefs.1.date", "value": "2026-09-10", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.1.date" }, { "path": "earnings.sourceRefs.2.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.2.name" }, { "path": "earnings.sourceRefs.2.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025108472/ea026476001ex99-1_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.2.url" }, { "path": "earnings.sourceRefs.2.date", "value": "2025-11-12", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.2.date" }, { "path": "capitalStructure.sharesOutstanding", "value": "166 696 634 (30 juin 2026), dont 31 696 634 de classe A", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sharesOutstanding" }, { "path": "capitalStructure.sharesAuthorized", "value": "500 000 000 (300 millions de classe A, 200 millions de classe B)", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sharesAuthorized" }, { "path": "capitalStructure.shareHistory", "value": "Risque de dilution élevé. Le capital compte 166 696 634 actions au 30 juin 2026 : 31 696 634 de classe A, cotées, et 135 000 000 de classe B à cinq voix, toutes détenues par la société du président. Un programme d’émission au fil de l’eau de 150 M$ est ouvert depuis juin 2025 sur une étagère F-3 de 300 M$ ; il n’a servi qu’à 1 692 428 actions (6,4 M$ bruts) et garde environ 143,6 M$ de capacité nominale, cinq fois la valeur des actions de classe A cotées. En pratique, le volume et, tant que le flottant reste sous 75 M$, la règle du formulaire F-3 (un tiers du flottant par période de douze mois) limitent les ventes : au plus environ 9,1 M$ au plus haut des soixante derniers jours. En 2025, la société a aussi remis 1 590 940 actions à Bitmain pour éteindre 5,14 M$ de dettes d’achat de machines (582 940 au premier semestre, 1 008 000 en octobre, déclarées par le formulaire D), toutes enregistrées pour la revente au nom de Bitmain Technologies Delaware, et 306 651 actions aux vendeurs d’Uni-Titan. Bitmain détient 13 090 940 actions de classe A, 41 % des actions cotées. En sens inverse, le conseil a autorisé le 22 juin 2026 un rachat de 5 M$ sur vingt-quatre mois ; aucun rachat n’apparaît au 30 juin et aucune exécution n’a été publiée depuis. Pleinement dilué, avec les 7 002 633 bons Arisz (3/4 d’action chacun à 11,50 $, loin du cours), le capital monterait à 171 948 609 actions.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.shareHistory" }, { "path": "capitalStructure.warrants.0.strike", "value": 11.5, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/capitalStructure/warrants/0/strike" }, { "path": "capitalStructure.warrants.0.shares", "value": "5 251 975 actions", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.warrants.0.shares" }, { "path": "capitalStructure.warrants.0.issued", "value": "2024", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.warrants.0.issued" }, { "path": "capitalStructure.warrants.0.dilutionPct", "value": "3,2 % du capital", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.warrants.0.dilutionPct" }, { "path": "capitalStructure.warrants.0.note", "value": "7 002 633 bons, chacun pour 3/4 d’action à 11,50 $", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.warrants.0.note" }, { "path": "capitalStructure.atm.authorized", "value": "Programme d’émission au fil de l’eau de 150 M$ (424B5 du 10 juin 2025), agents B. Riley, Cantor Fitzgerald, Northland et Roth", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.atm.authorized" }, { "path": "capitalStructure.atm.used", "value": "1 692 428 actions vendues de juin 2025 au 30 juin 2026, pour 6,4 M$ bruts (6,16 M$ en 2025, 0,2 M$ au premier semestre 2026) et 5,8 M$ nets", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.atm.used" }, { "path": "capitalStructure.atm.remaining", "value": "Environ 143,6 M$ de capacité nominale (150 − 6,16 − 0,2 M$), sur l’étagère F-3 n° 333-286356 de 300 M$. Capacité utilisable bien plus faible : sous 75 M$ de flottant hors affiliés, l’instruction I.B.5 du formulaire F-3 limite les ventes à un tiers de ce flottant par période de douze mois. Avec les 14 547 440 actions de classe A que le 20-F attribue aux dirigeants, administrateurs et Bitmain, le flottant valait environ 46,5 M$ au dépôt du 20-F (2,72 $, plus haute clôture des soixante jours précédents) ; sans Bitmain parmi les affiliés, il aurait dépassé 75 M$. La limite s’applique donc probablement : au plus environ 9,1 M$ sur douze mois au plus haut des soixante derniers jours (1,59 $), 5,1 M$ à 0,90 $, avant déduction des ventes déjà faites.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.atm.remaining" }, { "path": "capitalStructure.sourceRefs.0.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.0.name" }, { "path": "capitalStructure.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026098773/ea030480801ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.0.url" }, { "path": "capitalStructure.sourceRefs.0.date", "value": "2026-09-10", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.0.date" }, { "path": "capitalStructure.sourceRefs.1.name", "value": "BitFuFu 20-F", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.1.name" }, { "path": "capitalStructure.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026048533/ea0286816-20f_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.1.url" }, { "path": "capitalStructure.sourceRefs.1.date", "value": "2026-04-28", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.1.date" }, { "path": "capitalStructure.sourceRefs.2.name", "value": "BitFuFu 424B5", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.2.name" }, { "path": "capitalStructure.sourceRefs.2.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025053161/ea0244994-424b5_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.2.url" }, { "path": "capitalStructure.sourceRefs.2.date", "value": "2025-06-10", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.2.date" }, { "path": "capitalStructure.sourceRefs.3.name", "value": "BitFuFu F-3", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.3.name" }, { "path": "capitalStructure.sourceRefs.3.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025107483/ea0262761-f3_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.3.url" }, { "path": "capitalStructure.sourceRefs.3.date", "value": "2025-11-07", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.3.date" }, { "path": "capitalStructure.sourceRefs.4.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025097585/primary_doc.xml", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.4.url" }, { "path": "capitalStructure.sourceRefs.4.date", "value": "2025-10-09", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.4.date" }, { "path": "capitalStructure.sourceRefs.5.name", "value": "BitFuFu 6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.5.name" }, { "path": "capitalStructure.sourceRefs.5.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026070388/ea029509001ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.5.url" }, { "path": "capitalStructure.sourceRefs.5.date", "value": "2026-06-22", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.5.date" }, { "path": "filingsReview.summary", "value": "Douze pièces ouvertes et hachées : dix parmi les 26 formulaires de la fenêtre (hors déclarations d’initiés), plus le 424B5 du programme d’émission et la déclaration de revente de juillet 2025, hors fenêtre. Le 20-F et les états semestriels chiffrent la chute, le bilan et un contrôle interne jugé non efficace ; les 6-K de septembre et d’octobre décrivent trois dossiers en cours (Éthiopie, Oklahoma, jeton HASH) ; le 424B5, les deux déclarations de revente et le formulaire D montrent une société qui vend des actions pour se financer et paie Bitmain en actions, tandis que le 6-K du 22 juin autorise un rachat de 5 M$ encore sans exécution publiée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.summary" }, { "path": "filingsReview.filings.0.date", "value": "2026-04-28", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.date" }, { "path": "filingsReview.filings.0.form", "value": "20-F", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.form" }, { "path": "filingsReview.filings.0.accession", "value": "0001213900-26-048533", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.accession" }, { "path": "filingsReview.filings.0.finding", "value": "Rapport annuel de l’exercice 2025 : chiffre d’affaires de 477,5 M$, dont 352,6 M$ de minage en nuage, 63,1 M$ de minage pour compte propre, 53,7 M$ de ventes de machines et 8,1 M$ d’hébergement ; perte nette de 31,3 M$ ; premier client à 33 % des ventes et trois premiers à 60 % ; Bitmain, premier fournisseur, pèse 50 % du coût des ventes et détient environ 7,9 % du capital (13 090 940 actions de classe A, 41 % des actions cotées, dont 1 590 940 reçues en 2025 pour éteindre 5,14 M$ de dettes) ; 166 653 598 actions au 31 mars 2026, dont 135 000 000 de classe B à cinq voix détenues par la société du président, Leo Lu (81,0 % du capital, 95,5 % des votes) ; 7 002 633 bons de souscription donnant chacun 3/4 d’action à 11,50 $ ; opinion sans réserve de l’auditeur sur les comptes, mais la direction juge le contrôle interne sur l’information financière et les contrôles de communication non efficaces au 31 décembre 2025, à cause d’une faiblesse importante déjà relevée et pas entièrement corrigée : un personnel comptable insuffisant pour traiter les questions complexes en US GAAP ; l’auditeur n’atteste pas le contrôle interne (société émergente) ; la direction juge sa trésorerie et ses flux suffisants pour les douze mois suivant le rapport, et le dépôt n’exprime aucun doute sur la continuité d’exploitation.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.finding" }, { "path": "filingsReview.filings.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026048533/ea0286816-20f_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.url" }, { "path": "filingsReview.filings.1.date", "value": "2026-09-10", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.date" }, { "path": "filingsReview.filings.1.form", "value": "6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.form" }, { "path": "filingsReview.filings.1.accession", "value": "0001213900-26-098773", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.accession" }, { "path": "filingsReview.filings.1.finding", "value": "États financiers semestriels non audités au 30 juin 2026 : chiffre d’affaires de 115,4 M$ contre 193,4 M$, perte opérationnelle de 59,9 M$, perte nette de 55,5 M$ ; trésorerie de 22,2 M$ et actifs numériques de 97,3 M$ ; dette fournisseur de 93,4 M$ à 3 % jusqu’en juin 2028, prêts de 5,4 M$ ; contrats de minage payés d’avance de 31,0 M$ ; 166 696 634 actions, dont 82 686 vendues par le programme au fil de l’eau au premier semestre (0,2 M$ bruts, 76 000 $ nets), sans aucun rachat ; premier client à 45 % du chiffre d’affaires du semestre et trois premiers à 72 % (58 % un an plus tôt), premier fournisseur à 34 % du coût des ventes (51 % un an plus tôt), Afrique à 58 % des ventes hors minage propre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.finding" }, { "path": "filingsReview.filings.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026098773/ea030480801ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.url" }, { "path": "filingsReview.filings.2.date", "value": "2026-08-17", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.date" }, { "path": "filingsReview.filings.2.form", "value": "6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.form" }, { "path": "filingsReview.filings.2.accession", "value": "0001213900-26-090474", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.accession" }, { "path": "filingsReview.filings.2.finding", "value": "Communiqué du deuxième trimestre 2026 : chiffre d’affaires de 42,8 M$, −62,9 % sur un an, dont 24,9 M$ de minage en nuage contre 94,3 M$ ; perte nette de 20,5 M$ ; EBITDA ajusté négatif de 18,4 M$, dont 16,9 M$ de perte de juste valeur sur le bitcoin ; puissance de calcul gérée ramenée à 15,3 EH/s contre 36,2 EH/s ; 1 671 bitcoins détenus ; aucune prévision chiffrée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.finding" }, { "path": "filingsReview.filings.2.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026090474/ea030213301ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.url" }, { "path": "filingsReview.filings.3.date", "value": "2026-10-13", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.date" }, { "path": "filingsReview.filings.3.form", "value": "6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.form" }, { "path": "filingsReview.filings.3.accession", "value": "0001213900-26-109072", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.accession" }, { "path": "filingsReview.filings.3.finding", "value": "Point mensuel de septembre 2026 : 167 bitcoins produits (98 pour compte propre, 69 pour les clients du minage en nuage), 1 388 bitcoins détenus, 19,4 EH/s gérés dont 3,8 EH/s en propre, 324 MW de capacité électrique ; en Éthiopie, l’acquisition d’un site de 80 MW n’est pas conclue : 4,1 M$ versés, environ 13 700 machines S19 déployées (1,57 EH/s, valeur nette de 1,74 M$), et le fournisseur d’électricité du site menace de saisir les équipements nantis de la cible ; la société dit un risque important que l’opération échoue.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.finding" }, { "path": "filingsReview.filings.3.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026109072/ea030842601ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.url" }, { "path": "filingsReview.filings.4.date", "value": "2026-10-15", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.date" }, { "path": "filingsReview.filings.4.form", "value": "6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.form" }, { "path": "filingsReview.filings.4.accession", "value": "0001213900-26-109550", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.accession" }, { "path": "filingsReview.filings.4.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026109550/ea030832401ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.url" }, { "path": "filingsReview.filings.5.date", "value": "2026-09-29", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.date" }, { "path": "filingsReview.filings.5.form", "value": "6-K", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.form" }, { "path": "filingsReview.filings.5.accession", "value": "0001213900-26-104649", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.accession" }, { "path": "filingsReview.filings.5.finding", "value": "Accord de sécurité nationale signé le 28 septembre 2026 avec les autorités américaines après l’examen du rachat de 51 % d’Uni-Titan (site de minage de 51 MW en Oklahoma) : le site ne peut servir qu’au minage de cryptomonnaies, l’installation de certains matériels de calcul avancé y est restreinte, et toute amélioration du site est soumise à leur non-objection préalable.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": 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"analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.6.form" }, { "path": "filingsReview.filings.6.accession", "value": "0001213900-25-053161", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.6.accession" }, { "path": "filingsReview.filings.6.finding", "value": "Supplément de prospectus du programme d’émission d’actions au fil de l’eau : jusqu’à 150 M$ d’actions de classe A vendues par B. Riley, Cantor Fitzgerald, Northland et Roth, sur l’étagère F-3 n° 333-286356 de 300 M$, efficace depuis le 25 avril 2025 ; selon les comptes, 1 609 742 actions vendues en 2025 pour 6,16 M$ bruts et 82 686 au premier semestre 2026 pour 0,2 M$ bruts, soit environ 143,6 M$ de capacité nominale restante.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.6.finding" }, { "path": "filingsReview.filings.6.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025053161/ea0244994-424b5_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.6.url" }, { "path": "filingsReview.filings.7.date", "value": "2025-11-07", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.7.date" }, { "path": "filingsReview.filings.7.form", "value": "F-3", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.7.form" }, { "path": "filingsReview.filings.7.accession", "value": "0001213900-25-107483", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.7.accession" }, { "path": "filingsReview.filings.7.finding", "value": "Déclaration de revente d’au plus 1 008 000 actions de classe A par Bitmain Technologies Delaware, filiale de Bitmain, actions reçues de la société dans des opérations dispensées d’enregistrement : ce sont les actions remises à Bitmain en octobre 2025 contre des dettes. La société ne vend rien et ne touche aucun produit ; avis d’efficacité du 26 novembre 2025.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.7.finding" }, { "path": "filingsReview.filings.7.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025107483/ea0262761-f3_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.7.url" }, { "path": "filingsReview.filings.8.date", "value": "2025-10-09", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.8.date" }, { "path": "filingsReview.filings.8.accession", "value": "0001213900-25-097585", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.8.accession" }, { "path": "filingsReview.filings.8.finding", "value": "Formulaire D du 9 octobre 2025 : 2 721 600 $ d’actions de classe A émises sans enregistrement à un seul souscripteur, en paiement d’obligations d’une filiale (Ethereal Tech US) au titre d’un accord-cadre d’achat et de vente. Le montant égale la part de 2025 de l’extinction de dettes envers Bitmain non passée au premier semestre (5 141 k$ − 2 419 k$) : ce sont les 1 008 000 actions remises à Bitmain au second semestre, 2,70 $ par action, celles de la F-3 de revente du 7 novembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.8.finding" }, { "path": "filingsReview.filings.8.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025097585/primary_doc.xml", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.8.url" }, { "path": "filingsReview.filings.9.date", "value": "2025-11-12", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.9.date" }, { "path": "filingsReview.filings.9.form", "value": "6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.9.form" }, { "path": "filingsReview.filings.9.accession", "value": "0001213900-25-108472", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.9.accession" }, { "path": "filingsReview.filings.9.finding", "value": "Communiqué du troisième trimestre 2025, publié le 12 novembre 2025 : chiffre d’affaires de 180,7 M$, +100,1 % sur un an, porté par le minage en nuage et la vente de machines ; c’est le repère de calendrier pour la publication du troisième trimestre 2026, dont la date n’est pas annoncée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.9.finding" }, { "path": "filingsReview.filings.9.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025108472/ea026476001ex99-1_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.9.url" }, { "path": "filingsReview.filings.10.date", "value": "2025-07-08", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.10.date" }, { "path": "filingsReview.filings.10.form", "value": "F-3", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.10.form" }, { "path": "filingsReview.filings.10.accession", "value": "0001213900-25-061902", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.10.accession" }, { "path": "filingsReview.filings.10.finding", "value": "Déclaration de revente d’au plus 889 591 actions de classe A : 582 940 détenues par Bitmain Technologies Delaware (actions reçues contre des dettes au premier semestre 2025), 156 332 par Morningstar Universe et 150 319 par Alpha Alliance, soit au total les 306 651 actions remises aux vendeurs d’Uni-Titan. La société ne vend rien elle-même ; avis d’efficacité du 18 juillet 2025.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.10.finding" }, { "path": "filingsReview.filings.10.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390025061902/ea0246185-f3_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.10.url" }, { "path": "filingsReview.filings.11.date", "value": "2026-06-22", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.11.date" }, { "path": "filingsReview.filings.11.form", "value": "6-K / Exhibit 99.1", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.11.form" }, { "path": "filingsReview.filings.11.accession", "value": "0001213900-26-070388", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.11.accession" }, { "path": "filingsReview.filings.11.finding", "value": "Programme de rachat d’actions de classe A de 5 M$ au plus, autorisé par le conseil le 22 juin 2026 pour vingt-quatre mois à partir du 24 juin, financé par la trésorerie existante. Aucune action rachetée au 30 juin 2026 selon les états semestriels, et aucune exécution publiée dans les 6-K déposés jusqu’au 15 octobre 2026.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.11.finding" }, { "path": "filingsReview.filings.11.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026070388/ea029509001ex99-1.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.filings.11.url" }, { "path": "filingsReview.contrarianRisks.0", "value": "Le minage en nuage revend surtout une puissance achetée à des fournisseurs, Bitmain en tête en 2025 (au premier semestre 2026, le premier fournisseur, non nommé, pèse encore 34 % du coût des ventes) : la marge brute de douze mois ne fait que 2,3 %, et la chute de la demande se lit directement dans le chiffre d’affaires.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.contrarianRisks.0" }, { "path": "filingsReview.contrarianRisks.1", "value": "Le bilan paraît solide, mais 93,4 M$ de dette fournisseur et 31,0 M$ de contrats payés d’avance face aux 119,5 M$ de trésorerie et d’actifs numériques laissent peu de marge si le bitcoin baisse.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.contrarianRisks.1" }, { "path": "filingsReview.contrarianRisks.2", "value": "Le président contrôle 95,5 % des votes et un programme de 150 M$ reste ouvert : la société peut émettre des actions sans que les actionnaires de classe A aient leur mot à dire.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.contrarianRisks.2" }, { "path": "filingsReview.contrarianRisks.3", "value": "Le dossier éthiopien peut coûter plus que les 4,1 M$ versés si les 13 700 machines déployées ne sont pas récupérées ; la société dit elle-même le risque important.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/filingsReview.contrarianRisks.3" }, { "path": 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"3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/macd" }, { "path": "technicals.macdSignal", "value": -0.013, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/macdSignal" }, { "path": "technicals.ema20", "value": 1.306, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/ema20" }, { "path": "technicals.ema50", "value": 1.364, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/ema50" }, { "path": "technicals.ema200", "value": 1.964, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/ema200" }, { "path": "technicals.atr14", "value": 0.148, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/atr14" }, { "path": "technicals.badges.0", "value": "77 % sous le plus haut sur un an", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/technicals.badges.0" }, { "path": "technicals.badges.1", "value": "31,3 % le 16 octobre", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/technicals.badges.1" }, { "path": "technicals.badges.2", "value": "ATR de 0,15 $", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/technicals.badges.2" }, { "path": "technicals.supports.0", "value": 0.6412, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/supports/0" }, { "path": "technicals.resistances.0", "value": 1.42, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/resistances/0" }, { "path": "technicals.resistances.1", "value": 1.56, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/resistances/1" }, { "path": "technicals.resistances.2", "value": 1.65, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/technicals/resistances/2" }, { "path": "technicals.setupNote", "value": "Le titre a clôturé le 16 octobre à 0,90 $ après avoir touché 0,6412 $ en séance, sur 876 895 actions, 15 fois la médiane des vingt séances précédentes. Il est sous ses moyennes exponentielles à vingt (1,31 $), cinquante (1,36 $) et deux cents séances (1,96 $), RSI à 31. Le plan ne s’active que sur une clôture à 1,29 $ ou plus, au-dessus du plus haut du 16 octobre (1,285 $), qui efface toute la séance de la chute ; stop au plus bas du 15 octobre, 1,20 $. Au-dessus, les plafonds sont 1,42 $ (12 octobre), 1,56 $ (5 octobre) et 1,65 $ (24 août). Le 19 octobre, la séance était encore ouverte à la collecte : à 12 h 38 à New York, le titre cotait 1,239 $, +37,7 % sur la clôture du 16 octobre (entre 1,21 $ et 1,24 $ de 12 h 34 à 12 h 39), après une ouverture à 1,06 $, un plus haut à 1,57 $ et un plus bas à 1,05 $, sur 43 479 090 actions, environ 750 fois la médiane de 58 089 actions. Aucun dépôt de la société ne l’explique au dernier inventaire EDGAR (19 octobre, 12 h 24 à New York). Le plus haut a franchi le seuil d’activation (1,29 $) et TP1 (1,56 $), mais seule une clôture compte.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/technicals.setupNote" }, { "path": "technicals.sourceRefs.0.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/technicals.sourceRefs.0.date" }, { "path": "options.skew", "value": "Chaîne d’options non servie par la source à la collecte ; marché d’options très étroit sur un titre sous 1 $", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/options.skew" }, { "path": "options.sourceRefs.0.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/options.sourceRefs.0.date" }, { "path": "shortInterest.siPct", "value": "0,53 % du flottant", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/shortInterest.siPct" }, { "path": "shortInterest.daysToCover", "value": "1,96 jours", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/shortInterest.daysToCover" }, { "path": "shortInterest.trend", "value": "160 476 actions vendues à découvert au dernier relevé bimensuel (instantané non daté du fournisseur) ; positions faibles, la baisse n’est pas une vente à découvert massive.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/shortInterest.trend" }, { "path": "shortInterest.sourceRefs.0.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/shortInterest.sourceRefs.0.date" }, { "path": "insiders.signal", "value": "Aucun achat ni vente de marché relevé dans les formulaires 4 collectés sur un an : seulement des attributions d’actions le 15 avril 2026 et des exercices d’options le 1er juillet par cinq dirigeants et administrateurs (direction financière, vice-présidence principale et trois membres du conseil). Le président détient ses 135 millions d’actions de classe B par une société.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/insiders.signal" }, { "path": "insiders.sourceRefs.0.name", "value": "Données de marché datées (provenance hashée) : formulaires 4", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/insiders.sourceRefs.0.name" }, { "path": "insiders.sourceRefs.0.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/insiders.sourceRefs.0.date" }, { "path": "insiders.sourceRefs.1.name", "value": "BitFuFu 20-F", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/insiders.sourceRefs.1.name" }, { "path": "insiders.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1921158/000121390026048533/ea0286816-20f_bitfufu.htm", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/insiders.sourceRefs.1.url" }, { "path": "insiders.sourceRefs.1.date", "value": "2026-04-28", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/insiders.sourceRefs.1.date" }, { "path": "macro.indicators.0.value", "value": "2026-10-16", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/macro.indicators.0.value" }, { "path": "macro.indicators.0.signal", "value": "0,90 $, séance complète", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/macro.indicators.0.signal" }, { "path": "macro.indicators.1.value", "value": "−34,54 %", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/macro.indicators.1.value" }, { "path": "macro.indicators.2.value", "value": "−29,68 %", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/macro.indicators.2.value" }, { "path": "macro.impact", "value": "BitFuFu dépend du prix du bitcoin, de la difficulté du réseau et de l’appétit des investisseurs pour les mineurs cotés. En octobre 2026, ces deux moteurs divergent : le bitcoin a pris 6,6 % en vingt et une séances, les mineurs cotés ont perdu 32,3 %.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/macro.impact" }, { "path": "risks.riskScore", "value": 9, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/risks/riskScore" }, { "path": "risks.riskSummary", "value": "BitFuFu cumule une activité en chute, une marge très mince, une dette fournisseur de 93,4 M$, un programme d’émission ouvert et un actionnaire de contrôle. Sur le marché, le titre est sous 1 $, peu liquide et exposé à des gaps de plus de 10 % : un stop peut être sauté.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskSummary" }, { "path": "risks.riskCards.0.points.0", "value": "Chiffre d’affaires du deuxième trimestre 2026 à 42,8 M$, −62,9 % ; minage en nuage à 24,9 M$ contre 94,3 M$.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.0.points.0" }, { "path": "risks.riskCards.0.points.1", "value": "Marge brute de 2,3 % sur douze mois, perte opérationnelle de 119,6 M$.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.0.points.1" }, { "path": "risks.riskCards.1.points.0", "value": "135 millions d’actions de classe B à cinq voix : 95,5 % des votes au président.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.1.points.0" }, { "path": "risks.riskCards.1.points.1", "value": "Programme d’émission ouvert (environ 143,6 M$ nominaux, au plus environ 9,1 M$ par an sous la règle du tiers du flottant) ; 1 590 940 actions remises à Bitmain contre des dettes en 2025, enregistrées pour la revente ; rachat de 5 M$ autorisé, sans exécution publiée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.1.points.1" }, { "path": "risks.riskCards.2.points.0", "value": "Éthiopie : 4,1 M$ versés, 13 700 machines déployées, saisie possible par le fournisseur d’électricité de la cible.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.2.points.0" }, { "path": "risks.riskCards.3.points.0", "value": "Médiane de 82 000 $ échangés par séance sur vingt séances ; 876 895 actions le 16 octobre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.3.points.0" }, { "path": "risks.riskCards.3.points.1", "value": "3 ouvertures sur 250 séances ont sauté de 10 % ou plus ; 2 ont ouvert en baisse de plus de 7,0 %, l’écart entre le seuil d’activation et le stop.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.3.points.1" }, { "path": "risks.riskCards.4.points.0", "value": "Le 20-F juge le contrôle interne sur l’information financière et les contrôles de communication non efficaces au 31 décembre 2025 : faiblesse importante, faute de personnel comptable formé aux normes US GAAP, pas entièrement corrigée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.4.points.0" }, { "path": "risks.riskCards.4.points.1", "value": "L’auditeur n’atteste pas ce contrôle (société émergente) et les états semestriels de 2026 ne sont pas audités.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.riskCards.4.points.1" }, { "path": "risks.pedagogy", "value": "BitFuFu montre qu’un chiffre d’affaires élevé ne dit rien de la valeur quand l’entreprise revend une puissance achetée ailleurs : 477,5 M$ de ventes en 2025, mais une marge brute de 2,3 % sur douze mois. Côté marché, un titre sous 1 $ et peu liquide fait des gaps : la taille de position se calcule sur un stop qui peut ne pas tenir. Ne pas chercher le plus bas : attendre que le cours efface la séance du 16 octobre, et attendre les résultats du troisième trimestre avant de renforcer.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/risks.pedagogy" }, { "path": "tradeIdea.statusNote", "value": "Surveiller. Avant activation : aucune entrée. Une clôture sous 0,6412 $, plus bas du 16 octobre, abandonne le scénario pour de bon. Activation : clôture à 1,29 $ ou plus (au-dessus de 1,285 $, plus haut du 16 octobre), au plus tard le 30 octobre. Achat ensuite par un seul ordre limité, prix maximum 1,34 $, posé après l’ouverture de New York. Si le 19 octobre clôture à 1,29 $ ou plus, le plan est activé dès ce soir : achat possible du 20 au 22 octobre, 1,34 $ au plus, jamais au-dessus, mais 227 actions au plus pour 100 $ de perte acceptée (environ 304 $). Cette activation suivrait une séance à +43 % au moins, sur environ 750 fois le volume habituel et sans dépôt de la société : un tel bond peut s’effacer dès le lendemain, comme le 16 octobre, quand le titre a perdu 50,1 % entre le plus haut et le plus bas de la séance.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.statusNote" }, { "path": "tradeIdea.entry", "value": 1.29, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/tradeIdea/entry" }, { "path": "tradeIdea.stop", "value": 1.2, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/tradeIdea/stop" }, { "path": "tradeIdea.tp1", "value": 1.56, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/tradeIdea/tp1" }, { "path": "tradeIdea.tp2", "value": 1.65, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/tradeIdea/tp2" }, { "path": "tradeIdea.stopPct", "value": "-7.0%", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.stopPct" }, { "path": "tradeIdea.tp1Pct", "value": "+20.9%", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.tp1Pct" }, { "path": "tradeIdea.tp2Pct", "value": "+27.9%", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.tp2Pct" }, { "path": "tradeIdea.rr", "value": "1:3.00 TP1 / 1:4.00 TP2 sur une clôture d’activation à 1,29 $ ; 1:1.57 TP1 au plafond 1,34 $", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.rr" }, { "path": "tradeIdea.entryNote", "value": "Déclencheur : une clôture à 1,29 $ ou plus, au-dessus du plus haut du 16 octobre (1,285 $) ; un franchissement en séance ne compte pas.\n\nAchat : dans les trois séances qui suivent la clôture d’activation, au plus tard le 2 novembre, un ordre d’achat limité valable la journée, prix maximum 1,34 $, posé après l’ouverture de New York (15 h 30 à Paris, 14 h 30 du 26 au 30 octobre), jamais avant ; au-delà de 1,34 $, le gain vers TP1 tomberait sous 1,5 fois le risque. Si le titre ouvre sous 1,20 $, aucun achat, ce jour-là comme les suivants. Un seul achat : une fois l’ordre exécuté, il n’est plus repassé ; s’il ne l’a été qu’en partie, seul le solde peut être repassé, dans la même fenêtre.\n\nTaille : pour 100 $ de perte acceptée, 714 actions au plus au plafond de 1,34 $ (0,14 $ de risque par action) ; 476 actions, environ 640 $, pour garder une marge si le stop est sauté. Si l’activation vient de la clôture du 19 octobre, 227 actions au plus (environ 304 $), pour qu’un retour à la clôture du 16 octobre (0,90 $) ne coûte pas plus de 100 $.\n\nAprès l’achat : poser aussitôt un ordre stop simple, pas un stop limité, à 1,20 $ sur toute la position, valable jusqu’à annulation. À 1,56 $ (plus haut du 5 octobre), vendre la moitié par ordre limité, puis ramener l’ordre stop au nombre d’actions restant ; le reste se vend par ordre limité à 1,65 $ (plus haut du 24 août) ou, au plus tard, en fin de séance le 6 novembre (clôture à 22 h, heure de Paris), avant les résultats du troisième trimestre, date de résultats non confirmée. Une fois tout vendu, annuler l’ordre stop.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.entryNote" }, { "path": "tradeIdea.horizon", "value": "Durée indicative de cinq à quinze séances ; sortie obligatoire au plus tard à la clôture du 6 novembre (22 h, heure de Paris), avant les résultats du troisième trimestre attendus vers la mi-novembre (date de résultats non confirmée). Sans clôture à 1,29 $ ou plus au plus tard le 30 octobre, le plan expire.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.horizon" }, { "path": "tradeIdea.thesis", "value": "Le 16 octobre, BitFuFu a perdu 31,3 %, quand les mineurs cotés perdaient environ 9,9 % et que le bitcoin bougeait à peine (−0,94 % pour le fonds IBIT). Aucun dépôt de la société ce jour-là : la cause reste inconnue. Le plan ne parie pas sur un rebond : il attend une clôture à 1,29 $ ou plus, au-dessus de 1,285 $, le plus haut de la séance de la chute, avec un stop à 1,20 $, plus bas du 15 octobre. Ne pas anticiper ni poursuivre le titre : sous 1 $, un gap peut sauter le stop, et la liquidité est faible.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.thesis" }, { "path": "tradeIdea.catalysts.0", "value": "Une clôture à 1,29 $ ou plus sur un volume supérieur à 58 089 actions, la médiane des vingt séances précédant le 16 octobre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.catalysts.0" }, { "path": "tradeIdea.invalidation.0", "value": "Avant l’achat : une clôture sous 0,6412 $, plus bas du 16 octobre, annule le plan pour de bon ; sans clôture à 1,29 $ ou plus au plus tard le 30 octobre, il expire.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.invalidation.0" }, { "path": "tradeIdea.invalidation.1", "value": "Une fois acheté : sortie par l’ordre stop simple (non limité) à 1,20 $, posé dès l’achat, valable jusqu’à annulation, déclenché en séance sans attendre la clôture.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.invalidation.1" }, { "path": "tradeIdea.invalidation.2", "value": "Vente d’actions annoncée par 6-K ou 424B, ou saisie des machines en Éthiopie : avant l’achat, le plan est annulé ; déjà acheté, vendre à la séance suivante.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.invalidation.2" }, { "path": "tradeIdea.invalidation.3", "value": "Ouverture au-dessus de 1,34 $ après la clôture d’activation : ne pas poursuivre le titre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/tradeIdea.invalidation.3" }, { "path": "globalScore.profile", "value": "Revendeur de puissance de minage en chute, sous 1 $", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.profile" }, { "path": "globalScore.keyTakeawaysPositive.0", "value": "119,5 M$ de trésorerie et d’actifs numériques au 30 juin 2026.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysPositive.0" }, { "path": "globalScore.keyTakeawaysPositive.1", "value": "Production pour compte propre en hausse : 98 bitcoins en septembre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysPositive.1" }, { "path": "globalScore.keyTakeawaysPositive.2", "value": "Dette fournisseur à 3 %, échéance juin 2028.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysPositive.2" }, { "path": "globalScore.keyTakeawaysNegative.0", "value": "Chiffre d’affaires du deuxième trimestre en baisse de 62,9 %.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysNegative.0" }, { "path": "globalScore.keyTakeawaysNegative.1", "value": "Président à 95,5 % des votes, programme d’émission de 150 M$ ouvert.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysNegative.1" }, { "path": "globalScore.keyTakeawaysNegative.2", "value": "Titre sous 1 $ après −31,3 % le 16 octobre, peu liquide.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysNegative.2" }, { "path": "globalScore.mindsetTip", "value": "Une chute de 31 % en un jour n’est pas une affaire en soi. Avant d’acheter, regarder ce que l’entreprise garde sur chaque dollar de ventes, qui contrôle le capital, et attendre que le cours reprenne le terrain perdu.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/globalScore.mindsetTip" }, { "path": "social.sourceRefs.0.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/social.sourceRefs.0.date" }, { "path": "disclaimer", "value": "Document de recherche éducatif. Ni conseil financier, ni signal de trading. Statut surveiller : aucun ordre actif ; plan non activé à la clôture du 16 octobre.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/disclaimer" }, { "path": "blastRadius.asOf", "value": "2026-10-16", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.asOf" }, { "path": "blastRadius.observationTime", "value": "2026-10-19T16:38:32.624182659Z", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.observationTime" }, { "path": "blastRadius.window", "value": "Rendements quotidiens communs du 2026-01-30 au 2026-10-16", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.window" }, { "path": "blastRadius.methodology", "value": "Les séries sont alignées sur les mêmes dates de clôture et converties en rendements logarithmiques journaliers communs, du 30 janvier 2026 au 16 octobre 2026. La corrélation mesure le co-mouvement ; le bêta mesure la sensibilité du rendement de BitFuFu à celui du comparable ; le R² est la corrélation au carré. Les rendements à cinq et vingt et une séances sont des rendements simples de clôture à clôture, sans dividendes. Les groupes sont définis par le lien économique, pas par la corrélation.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.methodology" }, { "path": "blastRadius.groups.0.order", "value": 1, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/order" }, { "path": "blastRadius.groups.0.symbols.0.correlation", "value": 0.4315, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/symbols/0/correlation" }, { "path": "blastRadius.groups.0.symbols.0.beta", "value": 0.5384, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/symbols/0/beta" }, { "path": "blastRadius.groups.0.symbols.0.r2", "value": 0.1862, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/symbols/0/r2" }, { "path": "blastRadius.groups.0.symbols.0.observations", "value": 179, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/symbols/0/observations" }, { "path": "blastRadius.groups.0.symbols.0.return5d", "value": -21.97, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/symbols/0/return5d" }, { "path": "blastRadius.groups.0.symbols.0.return21d", "value": -35.31, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/0/symbols/0/return21d" }, { "path": "blastRadius.groups.1.order", "value": 1, "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/values/blastRadius/groups/1/order" }, { "path": 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"value": "Des clôtures au-dessus de 1,42 $ sur un volume supérieur à la médiane, avec le fonds des mineurs orienté à la hausse.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.0.confirmation" }, { "path": "blastRadius.scenarios.0.contradiction", "value": "Une hausse du titre accompagnée d’un 6-K annonçant une vente d’actions.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.0.contradiction" }, { "path": "blastRadius.scenarios.1.firstOrder", "value": "Le titre oscille entre 0,64 $ et 1,42 $ sans clôture d’activation.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.1.firstOrder" }, { "path": "blastRadius.scenarios.1.contradiction", "value": "Une clôture à 1,29 $ ou plus, au-dessus du plus haut du 16 octobre (1,285 $), qui change la lecture vers le scénario haussier.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.1.contradiction" }, { "path": "blastRadius.scenarios.2.trigger", "value": "Le dossier éthiopien tourne à la perte des machines, ou la société vend des actions sous 1 $.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.2.trigger" }, { "path": "blastRadius.scenarios.2.firstOrder", "value": "Clôture sous 0,6412 $ et scénario abandonné ; le titre reste durablement sous 1 $.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.2.firstOrder" }, { "path": "blastRadius.scenarios.2.confirmation", "value": "Une clôture sous le plus bas du 16 octobre sur volume élevé.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.2.confirmation" }, { "path": "blastRadius.scenarios.2.contradiction", "value": "Un rebond immédiat jusqu’à une clôture à 1,29 $ ou plus, qui efface la séance de la chute.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.2.contradiction" }, { "path": "blastRadius.contradictions.0", "value": "Le bitcoin a pris 6,6 % en vingt et une séances, mais les mineurs cotés ont perdu 32,3 % : la valeur des machines et des bitcoins détenus ne suit plus celle des actions.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.contradictions.0" }, { "path": "blastRadius.contradictions.1", "value": "BitFuFu a perdu 31,3 % le 16 octobre, trois fois le secteur ; aucun dépôt de la société ce jour-là, cause inconnue.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.contradictions.1" }, { "path": "blastRadius.contradictions.2", "value": "La trésorerie et les actifs numériques valent 119,5 M$, près de la capitalisation, mais la dette et les contrats payés d’avance en absorbent l’essentiel.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.contradictions.2" }, { "path": "blastRadius.missingData.0", "value": "Identité des trois premiers clients (72 % des ventes du premier semestre 2026) et du premier fournisseur du semestre non publiée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.missingData.0" }, { "path": "blastRadius.missingData.3", "value": "Cause de la chute du 16 octobre inconnue : aucun dépôt de la société ce jour-là, aucune dépêche datée du 16 octobre dans les titres collectés, et l’explication du mouvement n’a pas pu être collectée.", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": "3b672d3904fd7b1ffa50fe5f7c1601700bc4d4af29bd0090805ffaa1d7ae707a", "source_pointer": "/string_numeric_claims/blastRadius.missingData.3" }, { "path": "blastRadius.sourceRefs.0.date", "value": "2026-10-19", "as_of": "2026-10-16", "source_artifact": "analyses/FUFU/_runs/20261019/revision/numeric-evidence.json", "source_sha256": 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