Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 15

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 15
---
 of new systems or new server technologies that require levels of critical load and heat removal that
the current or future facilities hosting are not designed to provide. In addition, our new services and products could be superior than
our prior services and products, and customers could switch away from our prior services and products that could have higher revenue or
better margins for the new services and products. Therefore, the adaptation to new processes and technologies could result in lower revenue,
lower margins and/or higher costs, which could have a material adverse effect on our business, financial condition and results of operations.

In addition, our competitors
or others might develop technologies that are more effective than our current or future technologies, or that render our technologies
less competitive or obsolete. Further, many of our competitors may have superior financial and human resources deployed toward research
and development efforts. We may not be able to effectively keep pace with relevant technological changes. If competitors introduce superior
technologies, and we cannot make upgrades to our hardware or software to remain competitive, it could have a material adverse effect on
our business, financial condition and results of operations.

If we are unable to maintain or enhance
our brand recognition, our business, financial condition and results of operations may be materially and adversely affected.

Maintaining and enhancing
the recognition, image and acceptance of our brand are important to our ability to differentiate our services from and to compete effectively
with our peers. Our brand image, however, could be jeopardized if we fail to maintain high service quality, pioneer and keep pace with
evolving technology trends, or timely meet the demand for our services. If we fail to promote our brand or to maintain or enhance our
brand recognition and awareness among our customers, or if we are subject to events or negative allegations affecting our brand image
or the publicly perceived position of our brand, our business, financial condition and results of operations could be adversely affected.

Our business is capital intensive, and failure
to obtain the necessary capital when needed may force us to delay, limit or terminate our expansion efforts or other operations, which
could have a material adverse effect on our business, financial condition and results of operations.

The costs of operating, maintaining
and owning miners and facilities are substantial. Mining equipment experience ordinary wear and tear from operation and may also face
more significant malfunctions caused by factors which may be beyond our control. Additionally, as the technology evolves, we may acquire
or utilize newer models of mining equipment to remain competitive in the market. Over time, those mining equipment which