BitFuFu and Finloop launched Hashrate Token (HASH) on October 15, a BTC-denominated on-chain note designed to give eligible investors economic exposure to Bitcoin mining output without directly owning ASICs or operating a mine.

According to BitFuFu’s launch announcement, the underlying hashrate is provided as a service and contributes to mining activity, with the resulting economic output forming the basis of BTC-denominated returns. Profit distributions are recorded on-chain, while access is limited by investor-qualification, jurisdiction, KYC/AML and other regulatory requirements.

Months before HASH launched, BitFuFu publicly described “asset innovation” around RWA structures backed by cloud hashrate.

The product turns a direction BitFuFu had already been signaling into a live financial instrument. BitcoinVersus.Tech previously tracked the company’s rise above 20 EH/s of managed hashrate, its BitFuFuOS power-control strategy, and the economics facing cloud-mining customers.

BitFuFu also filed the launch with the U.S. Securities and Exchange Commission in a same-day Form 6-K exhibit. Finloop supplies the token issuance and lifecycle infrastructure, including minting, burning, transfers and compliance tooling.

The important distinction is that HASH is not an ASIC and not direct ownership of a mining facility. It is a structured note whose economics depend on Bitcoin mining output. That means mining difficulty, fleet efficiency, fees, BTC price and regulatory constraints still matter; the launch documents do not establish guaranteed returns.

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