BitFuFu's Hashrate Token (HASH) Explained: How Bitcoin Mining Output Moves Onchain
RWA Signal Insight
Active StrategiesThe tokenized real-world asset market reached a $19.32 billion valuation by March 31, 2026, marking a 256.7% growth from early 2025. While tokenized Treasuries remain the dominant asset class, new products are increasingly linking tokens to the economic output of operating businesses, such as Bitcoin mining. BitFuFu Inc. and Finloop launched the Hashrate Token (HASH) on October 15, 2026, providing eligible investors with BTC-denominated returns derived from mining operations. Similarly, Omnes partnered with Apex Group to issue the Omnes Mining Note on the Base chain, further expanding the trend of tokenizing computing power. These products represent a shift toward assets where value is generated by active infrastructure rather than passive financial claims. This evolution highlights the industry's move toward complex, cash-flow-generating assets that require rigorous KYC/AML compliance and jurisdictional restrictions. As the market matures, these mining-backed notes offer an alternative to traditional lending-based yield products by providing direct exposure to newly minted Bitcoin.
Key points
- Tokenized RWA market capitalization grew to $19.32 billion by March 31, 2026.
- BitFuFu and Finloop launched the HASH token on October 15, 2026.
- Omnes and Apex Group partnered to issue the OMN note on the Base chain.
- Tokenized Treasuries' market share declined from 73.7% to 67.2% during the reporting period.
Background
Tokenized hashrate products are structured notes that represent a claim on the Bitcoin production generated by specific mining hardware. Unlike traditional mining stocks, which include corporate balance sheet risks, these tokens aim to isolate the economic output of the mining process. Investors receive BTC-denominated returns based on the computational power provided by the underlying infrastructure.