Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 104

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 104
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 proceedings against us. The agreements with Bitmain for digital asset miners
are governed by the laws of Hong Kong.

In December 2024, we entered
into a two-year framework agreement with Bitmain to purchase from Bitmain up to 80,000 S-series miners (including but not limited to the
S21 XP and S21 Pro). Under the terms of the framework agreement, we have the flexibility to place orders in batches over a two-year period.
The machines will be available for our self-mining operations as well as to provide mining services to customers, including miner resales,
cloud mining and miner hosting services, depending on market conditions and our evolving miner capacity requirements. Additionally, this
framework agreement includes payment terms, enabling us to pay, at its option, part of the purchase price in our shares as well as the
ability to defer part of cash payments interest-free after delivery of the miners. The framework agreement is governed by and construed
in accordance with the laws of the State of Delaware, the United State. The foregoing description of the two-year framework agreement
with Bitmain does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, which
is filed as Exhibit 10.5 hereto and incorporated by reference herein.

Hash rate server cooperation arrangements

We entered into hash rate
server cooperation arrangements with our suppliers, pursuant to which they will lease miners that provide hash calculations to us. We
make procurement order before the beginning of each month and are subject to a minimum purchase amount based on our quarterly business
plan and these suppliers’ miner availability. Procurement orders shall be placed on a monthly basis, and may not be automatically
renewed. After the suppliers lease the miners to us, we will use our Aladdin system to control the miners, standardize and dispatch the
hash calculations of the miners, and make the cloud-mining services available on our platform to different customers. We will be
responsible for the services provided through the miners. We will also take necessary technical measures to ensure the normal operations
of the miners and remedial measures against security risks. These agreements are generally automatically renewed, subject to prior written
notice of termination, and are governed by the laws of Hong Kong or Singapore.

Hosting service cooperation arrangements
under the Service Framework Agreement with Bitmain

Costs attributed to our largest
supplier, Bitmain, represented approximately 52%, 61% and 41% of our total cost of revenue in 2022