Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 180

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 11
Chunk 180
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ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Credit risk refers to the
risk of financial loss to us arising from default by customers or counterparties of financial instruments on the contract obligations.
Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents, digital
assets and accounts receivables. We place the cash and cash equivalents with financial institutions with high credit ratings and quality.
We conduct credit evaluations on our customers. We establish an allowance for doubtful accounts primarily based upon various factors surrounding
the credit risk of specific customers and general economic conditions, refer to the current expected credit loss policy.

We currently hold digital
assets only for ourselves. We ceased offering temporary custodian services to our customers in 2022. The following table sets forth the
balance of our own digital assets as of the dates indicated.

               As of December 31,                                                                  
               2024                                 2023                      2022                 
               US$ ’000                             US$ ’000                  US$ ’000             
 ───────────────────────────────────────────────────────────────────────────────────────────────────
  USDT                                   4,817                        61                       56  
  Bitcoin                              125,048                    43,896                    7,938  
  Others                                    75                        21                       17  
  Total                                129,940                    43,978                    8,011  

ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES