Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 3

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 3
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 expectations of our customers, we may not be able to attract new customers or retain existing
customers, and hence our business and results of operations may be adversely affected.

The industries in which we
operate and intend to operate in the future are characterized by constant changes, including rapid technological evolution, continual
shifts in customer demands, frequent introductions of new services, products and solutions, and constant emergence of new industry standards
and practices. Our success will depend, in part, on our ability to respond to these changes in a cost-effective and timely manner,
which requires us to anticipate the emergence of new technologies and assess their market acceptance.

Research and development activities
are inherently uncertain, and it may be difficult to commercialize the research and development results, which could result in excessive
expenses or delays. Given the fast pace with which blockchain has been and will continue to be developed, we and our business partners
may not be able to timely upgrade technologies in an efficient and cost-effective manner, or at all. In addition, new developments
in blockchain and digital assets could render our services and products obsolete or unattractive. If we are unable to keep up with the
technological developments and anticipate market trends, or if new technologies render our technologies, services and products obsolete,
customers may no longer be attracted to our offerings. As a result, our business, results of operations and financial condition would
be materially and adversely affected.

Our results of operations may be significantly
impacted by digital asset price fluctuations, and our business, results of operations and financial condition could be materially and
adversely affected by a significant drop in the prices of digital assets and Bitcoin in particular.

The demand for, and pricing
of, our services and products are determined primarily by the expected economic return of digital asset mining activities, in particular
those of Bitcoin, which in turn is significantly affected by expectations with respect to their prices, among other factors. The price
of Bitcoin has experienced significant fluctuations over its short existence and may continue to fluctuate significantly in the future.
For example, the price of Bitcoin ranged from approximately US$16,000 to approximately US$46,000 in 2022, from approximately US$17,000
to approximately US$44,000 in 2023, and from approximately US$42,000 to approximately US$106,500 in 2024, and have continued to experience
significant volatility since then, reaching approximately US$81,600 as of March 31, 2025, according to Google