Company: FUFU
Filing Date: 2025-03-13
Form Type: 424B3
Source: 0001213900-25-023693
Chunk: 58

Company: Bitfufu Inc.
Filing Date: 2025-03-13
Form: 424B3
Chunk 58
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U.S. federal income tax on its worldwide income) if (1) the non-U.S. corporation directly or indirectly acquires substantially
all of the assets held directly or indirectly by a U.S. corporation, (2) the non-U.S. corporation’s expanded affiliated
group does not have substantial business activities in the non-U.S. corporation’s country of organization or incorporation
relative to the expanded affiliated group’s worldwide activities (the “substantial business activities test”), and
(3) the shareholders of the acquired U.S. corporation hold at least 80% (by either vote or value) of the stock of the non-U.S. acquiring
corporation after the acquisition by reason of holding shares in the U.S. acquired corporation, as determined under complex share
ownership rules described below, which are uncertain in their application in many circumstances and are intended to increase the percentage
ownership for these purposes (the “Ownership Test”). For this purpose, “expanded affiliated group” generally
means the foreign acquiring corporation and all subsidiary corporations in which such foreign corporation owns, directly or indirectly,
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.

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 immediately after completion of the Business Combination, former shareholders of Arisz owned, by reason
of owning (or being treated as owning) stock of Arisz, less than 80% of the voting power and value of the Class A Ordinary Shares.
Therefore, 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. However, our position depends in part on the position that
the Ownership Test is determined after the Business Combination rather than immediately after the Redomestication Merger for purposes
of section 7874 of the Code.

No IRS ruling Has been requested
or will be obtained regarding the U.S. federal income tax consequences of the Business Combination. If the IRS were to apply section 7874
of the Code immediately after completion of the Redomestication Merger, but before