Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 175

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 10
Chunk 175
---
 three preceding taxable years
of such U. S. Holder or, if shorter, such U. S. Holder’s holding period for such ordinary shares).

Under these rules:

  the U. S. Holder’s gain or excess distribution will be allocated ratably over the U. S. Holder’s holding period for Class A ordinary shares;  

  the amount allocated to the U. S. Holder’s taxable year in which the U. S. holder recognized gain or received the excess distribution, or to the period in the U. S. Holder’s holding period befo...  

  the amount allocated to other taxable years (or portions thereof) of the U. S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applic...  

  the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U. S. Holder  

Although a determination as
to our PFIC status will be made annually, an initial determination that we are a PFIC will generally apply for subsequent years to
a U. S. Holder who held Class A ordinary shares while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent years.

If a U. S. Holder, at
the close of its taxable year, owns shares in a PFIC that are treated as marketable stock, the U. S. Holder may make a mark-to-market election
with respect to such shares for such taxable year. If the U. S. Holder makes a valid mark-to-market election for the first taxable
year of the U. S. Holder in which the U. S. Holder holds (or is deemed to hold) Class A ordinary shares and for which we are determined
to be a PFIC, such holder generally will not be subject to the PFIC rules described above in respect to its Class A ordinary shares
as long as such shares continue to be treated as marketable stock. Instead, in general, the U. S. Holder will include as ordinary
income each year that we are treated as a PFIC the excess, if any, of the fair market value of its Class A ordinary shares at the end
of its taxable year over the adjusted basis in its Class A ordinary shares. The U. S. Holder also will be allowed to take an ordinary
loss in respect of the excess, if any, of the adjusted basis of its Class A ordinary shares