BitFuFu's Hashrate Token (HASH) Explained: How Bitcoin Mining Output Moves Onchain
The 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.