Company: FUFU
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001213900-25-053161
Chunk: 17

Company: Bitfufu Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 17
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 more than 50% of the stock (by vote and value) after the foreign acquiring corporation’s acquisition
of the assets of the U.S. corporation.

<div align='center'>S-11</div>

We do not expect to satisfy the substantial business activities test,
and accordingly, we must determine whether the Ownership Test has been met. Based on the complex rules for determining share ownership
under section 7874 of the Code and Treasury Regulations promulgated thereunder and certain factual assumptions, our view is that, we do
not expect to satisfy the Ownership Test, and our view is that section 7874 applies in a manner such that we are not treated as a U.S.
corporation for U.S. federal income tax purposes.

The application of the Ownership Test is extremely complex. The applicable
Treasury Regulations relating to the Ownership Test are subject to significant uncertainty and there is limited guidance regarding their
application. Accordingly, our expectation that section 7874 of the Code does not apply to treat us as a U.S. corporation for U.S. federal
income tax purposes is subject to challenge, and there can be no assurance that the IRS will not take a contrary position to those described
above or that a court will not agree with a contrary position of the IRS in the event of litigation.

U.S. Federal Income Tax Consequences of Ownership and Disposition of Class A Ordinary Shares

The following discussion is a summary of certain material U.S. federal income tax consequences of the ownership and disposition of Class A Ordinary Shares by U.S. Holders, assuming BitFuFu Inc. is not treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code.

Distribution on Class A Ordinary Shares

Subject to the PFIC rules discussed below “—Passive Foreign Investment Company Status,” a U.S. Holder generally will be required to include in gross income any distribution
of cash or property paid on Class A Ordinary Shares that is treated as a dividend for U.S. federal income tax purposes. A distribution
on such shares generally will be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid
out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Such dividends paid
by us will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction
generally allowed to domestic corporations in respect of dividends received from other domestic corporations