The successful listing of BitFuFu Inc. on the Nasdaq marked a milestone for The Firm. Kelvin Cheah, Co-Head of WWC’s Southeast Asian Region, spoke of the long nights toiled at work during the 2.5 years of the IPO project – that with the ring of the bell at Nasdaq, marked the culmination of the Team’s perseverance, mental grit, and professionalism.
BitFuFu Inc. is a service provider for digital asset mining and cloud mining. In an ever-changing regulatory landscape, BitFuFu is one of the earliest digital asset service-related companies that present itself to regulators in the US, taking multiple rounds of inquiries from the SEC and explaining its business operations. The listing of BitFuFu takes the form of a De-SPAC transaction added complexity to the project, added Kelvin. It involved coordination and communication with multiple professional parties, working in different time zones to achieve one common goal.
Evelyn Teo, Co-Head of WWC’s Southeast Asian Region, recalls that the accounting framework for digital assets was not clear in both US GAAP and IFRS. A lot of industry, regulatory, and academic research was done by the audit team to validate certain accounting treatments.
Once a client is onboard with WWC, we are committed to walking the whole journey with them. There may be challenges along the IPO pathway, but we are committed to rendering our professional knowledge and know-how, helping the client to succeed its IPO journey, as expressed by Kelvin and Evelyn.
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