Thanks, Charlie, and thank you all for joining us today. The third quarter was a clear inflection point for BitFuFu. Total revenue reached $180.7 million, doubling year-over-year and increasing 57% sequentially. And adjusted EBITDA of $22.1 million was up substantially year-over-year. This performance reflects strong execution in our cloud mining solutions platform, continued expansion of our soft mining fleet and healthy demand in our mining equipment sales business.

Our dual engine model, combining recurring asset-light cloud mining revenue with direct participation in Bitcoin through self mining continues to demonstrate resilience across cycles. As usual, our cloud mining business remained our largest revenue contributor this quarter, reaching $123 million, a 78.4% increase year-over-year. We have described before why our cloud mining service is attractive to customers. It's easy to use.

You can start with a one-click purchase. It has built-in leverage. Customers can choose to pay the service fee over time to direct more upfront dollars to purchase hash rate. And it's cost effective, for many, it lowers the average cost of acquiring Bitcoin versus buying directly on an exchange. This value proposition appeals to both retail and institutional clients. In third quarter, the price of Bitcoin moved higher and interest in accumulating Bitcoin increased.

Together, these trends lifted demand for our cloud mining services. We saw more new customers and orders and importantly, more repeat purchases from existing customers as digital asset treasury strategies see wider adoption, more institutions are turning to mining to accumulate Bitcoin. This trend is expanding our cloud mining customer base. Institutional clients prioritize 2 things, safeguarding capital and platform reliability as the publicly listed provider with the largest market share in the Bitcoin cloud mining BitFuFu consistently operates with transparency and compliance, creating a platform built for trust.

Additionally, our globally distributed hash rate mitigates regional risks, and ensures a stable service delivery rate of over 99% for our cloud mining offerings. These factors are the foundation of our high customer retention rates and continued expansion of our client base. Building on that, I remain optimistic about the market potential of cloud mining. Independent research from roots analysis projects that cloud mining services could account for approximately 60% of the cryptocurrency mining market by the next decade.

This implies 2 things: Demand for cloud mining services should grow alongside the broader cryptocurrency mining market, and cloud mining is expected to account for a larger share of that growth over time. In the third quarter, we adjusted our hash rate mix to meet demand from our cloud mining customers. We allocated a portion of our self-owned hash rate to fulfill cloud mining orders. At the same time, when we sourced hash rate from third-party suppliers, we strategically acquired additional backup capacity to ensure we could guarantee 100% fulfillment of all customer orders.

Any backup hash rate not immediately required for orders was directed to our self-mining operations, this setup allows dynamic allocation, we can route self-owned or third-party hash rate to cloud services or to self mining as needed. In third quarter 2025 on average, 38% of our cell phone hash rate was allocated to cloud mining services and 62% was used for self-mining. For lease third-party hash rate, 94% was dedicated to cloud services as 6% was used for self mining.

Since October, Bitcoin has experienced significant price volatility, moving from a peak above $126,000 to below $100,000. We are often asked does demand for cloud mining decline when the BTC price falls? Our experience says no. BitFuFu's historical performance demonstrates the remarkable resilience of our business model. Since our inception in 2020, we have navigated both bull and bear markets. Even during bear markets, our cloud mining business has consistently grown and remained profitable.

The underlying reason for this is that even when prices fall, long-term belief in Bitcoin and the buying the dip mentality persists. During such times, many customers prefer the control cost and convenience of cloud mining to maintain their participation in the mining ecosystem. For BitFuFu, the cloud mining model provides significant advantages. Collecting service fees upfront improves cash flow and creates revenue visibility through orders, which greatly mitigates the uncertainty caused by Bitcoin's price volatility.

Furthermore, unlike traditional mining companies that require ongoing large-scale capital reinvestment in hardware, our cloud mining business operates on a capital-light model. By leveraging our partners' mining facilities and power resources, we can access and deploy significantly more hash rate with limited capital outlay. This strategy expands our market reach and enables us to achieve high capital returns through rapid capital turnover.

To secure hash rate supply, we rely first on our cell phone capacity and medium- to long-term procurement, typically 360- and 540-day orders. We complement this with shorter 90- to 120-day contracts to manage market price fluctuations. This balanced approach provides the flexibility to adjust procurement prices based on market conditions while ensuring we have stable long-term hash rate to reliably meet customer demand.

While temporary hash rate fluctuations may occur upon the expiration of some contracts, levels typically recover within 1 to 2 months. We deliberately avoid single supplier risk. Our partner network spans multiple jurisdictions globally, including North America, South America and Africa and comprises dozens of large-scale miners and mining farms. Leveraging the powerful dispatch capabilities of our Aladdin platform, the system can seamlessly reallocate user hash rate demands to other healthy mining farms in the event of a temporary issue with any specific partner or region, ensuring an uninterrupted user experience.

However, as we have consistently articulated and executed, our core strategic objective is to transition from a purely asset-light model towards an integrated approach that balances both asset-light operations and strategic asset heavy investments. Consequently, throughout the third quarter, we continue to increase our holdings of cell phone miners and actively pursued opportunities globally to either build or acquire mining facilities. Despite Bitcoin's rising acceptance, we manage policy and regulatory risk with discipline.

We evaluate new projects, whether in new regions or through mergers and acquisitions against the strict payback period benchmark and rigorous diligence before we proceed. For example, our investment in October 2024 secured a majority stake in a mining facility in Ethiopia. Recently, Ethiopian Electric Power announced a new electricity tariff effective December 1, 2025, under which electricity charges vary from $0.035 per kilowatt off peak to $0.06 per kilowatt on peak.

However, we do not interpret this adjustment as representing a shift in the government's policy towards the crypto mining industry. Even after the tariff increase, Ethiopia's electricity prices remain competitive on a global scale. Due to BitFuFu's early mover presence in the region and our disciplined investment strategy, our operations in Ethiopia have to-date generated stable revenue and accumulated substantial profits.

We expect these profits to fully cover all our upfront investment costs in Ethiopia in the near term. We consistently adhere to a philosophy of creating mutual benefits with local communities. Therefore, prior to any investment, we conduct comprehensive risk assessments and implement proactive measures to ensure long-term stable operations. Meanwhile, we will continue to seek out quality power resources and cryptocurrency-friendly regulatory environments worldwide, continuously enhancing our operational and investment returns.

Beyond our cloud mining operations, we actively accumulate Bitcoins through our self-mining activities. While we allocated a portion of our self-owned hash rate to support cloud mining customers in third quarter based on strategic and operational considerations, this did not impede our Bitcoin accumulation. We consistently leverage periods of price volatility as opportunities to acquire more Bitcoins. These combined strategies are all directed toward our ultimate goal of maximizing shareholder value.

As of quarter end, total mining capacity of BitFuFu increased to approximately 36 exahash, supported by 624 megawatts of hosting capacity across our global footprint. Beyond the quarter's financial performance, we took meaningful steps to broaden our technology and infrastructure partnerships to position us for long-term growth. Last quarter, we briefly discussed the opportunities for real-world assets or RWA and the potential to tokenize our hash rate.

I am pleased to announce that we have signed a cooperation agreement focused on RWA sector, a strategic move to bridge our cloud mining business with broader capital markets. This initiative is designed to expand our market reach, serve a more diverse customer base within a compliant framework, lock in long-term customer demand and deepen partnerships with institutions. Simultaneously, it is expected to provide the company with predictable cash flow, optimize our capital structure and advance our business model by leveraging traditional capital to drive hash rate expansion.

We also previously said that we were evaluating opportunities to leverage low-cost natural gas in Canada for power generation. To that end, we are preparing to launch 2 natural gas-powered mining pilots in Canada to evaluate cost and uptime advantages of natural gas. As I have previously stated, securing natural gas power generation capabilities could provide a long-term stable structural advantage in the unit cost of hash rate production.

We hope to have a definitive agreement signed in the coming months. We also continue to seek ways to increase our geographic footprint and have expanded partnerships with local data center operators in the Middle East. We expect to begin by collaborating on hosting capacity and over time, pursue joint development of additional data centers to serve both our cloud mining customers and strategic hosting partners. Finally, the HPC and AI sectors are currently a focal point of market attention, and we have received numerous inquiries from investors regarding our potential entry into this field and its timing.

We have observed many of our peers transitioning their BTC mining data centers to support HPC and AI workloads. We are currently monitoring the landscape and evaluating potential opportunities in HPC. BitFuFu operates under an integrated asset-light and asset-heavy model, which distinctively sets us apart from competitors. Therefore, we will move a deliberate and disciplined pace that optimizes costs and strengthens the business' economic resilience.

We are committed to providing timely updates to our investors once strategic decisions are made and material progress is achieved. We believe initiatives like these, combined with disciplined capital allocation and an efficient operating model set the stage for sustainable growth. With the fourth quarter underway, our focus is on operational execution and customer experience as we work to finish the year strong. I will now turn the call over to Calla to provide more details on our financial results.

To close the third quarter affirmed that our strategy is working. We are converting demand into strong revenue growth, scaling with discipline and widening our opportunity set. As we look ahead, we will deepen our core cloud mining franchise, advance our RWA cooperation with licensed compliant counterparties and progress the natural gas pilots in Canada while expanding our partnerships from hosting into future codevelopment.

We will allocate capital prudently, prioritize cash generation and operational excellence and hold ourselves to the highest regulatory standards. Our mandate is clear, compound long-term shareholder value through reliable execution, thoughtful innovation and transparent communication. Thank you to our customers, partners, employees and shareholders for powering this momentum. Thank you.

Operator: This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.