Company: FUFU
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001213900-25-053161
Chunk: 6

Company: Bitfufu Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 6
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 Bitmain Technologies, Ltd., a world-leading cryptocurrency mining hardware manufacturer, we are able to secure a stable
supply of advanced AntMiner S21 series.

Our innovative technologies
are one of the key drivers to ensure our leadership position in the global digital asset mining industry. Our proprietary Aladdin system
handles ultra-large scale management and dispatching of hash calculations, and has the maximum capacity to simultaneously connect millions
of miners and to provide services that resolve critical mining problems arising from scalability, efficiency, authenticity, and securing
hash calculations.

We experienced rapid growth
during the three years ended December 31, 2024. Our revenues increased from $198.2 million in 2022 to $284.1 million in 2023
and further to $463.3 million in 2024. For the three months ended March 31, 2025, due to the Bitcoin mining “halving event”
occurred in April 2024, increase in blockchain network difficulty and the temporary decrease in the Company’s hashrate under
management, our revenues were $78.0 million, an decrease of $66.4 million over the same period in 2024. We achieved a net profit of $2.4 million,
$10.5 million and $54.0 million in 2022, 2023 and 2024, respectively. For the three months ended March 31, 2025, we achieved a net
loss of $16.9 million, compared to net profit $35.3 million in the same period in 2024. In 2022, 2023 and 2024, our adjusted EBITDA was
$39.6 million, $41.7 million and $117.9 million, respectively. For the three months ended March 31, 2025, our adjusted EBITDA
was negative $10.8 million, compared to positive $49.9 million in the same period in 2024.

As of March 31, 2025, we
had mining capacity of 20.6 EH/s, among which 16.3 EH/s were from suppliers or leased miners, 4.2 EH/s were from our self-owned miners
and 0.1 EH/s were from customers hosted miners. For the three months ended March 31, 2025, 86% of the average daily mining capacity provided by our self-owned
miners were used for self-mining operations, and the rest