Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 96

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 96
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. Customers can avoid the significant up-front investment in expensive miners and gain access to mining facilities
in a number of jurisdictions with stable and economical power supply. We offer a matrix of cloud-mining service plans for an affordable
service fee, which lowers the entry barrier to digital asset transactions for all. Leveraging our access to a network of miner hosting
facilities with professional support, we enable our customers to access cost-efficient power supply and the day-to-day operational
support for their mining activities.

With our expanding fleet of
leased and self-owned miners, we have engaged in and capitalized on mining digital assets for our own accounts since February 2022.
In 2022, 2023 and 2024, our revenue generated from our self-mining operations was approximately US$60.3 million, US$100.2 million
and US$157.5 million, respectively. Currently, we primarily mine Bitcoin and accumulate the relevant digital assets for our current and
future financial and operational needs. By diversifying our revenue streams from different income generating models, we believe we can
better mitigate market volatility.

Visionary management team and R& D professionals
with industry insight

Our management team believes
that emerging technologies such as cloud mining and blockchain have great potential to drive the digital asset industry into an epoch.
They are passionate about leveraging their industry know-how to explore more applications of digital assets. Our visionary management
team has formulated a clear strategy to integrate high mining capacity and data flow efficiency into our solutions.

Our chairman and chief executive
officer, Mr. Leo Lu, is a well-recognized leader in the digital asset and blockchain industry with rich industry experience.
Prior to founding Finfront, Mr. Lu served as a business director of Bitmain and was responsible for co-founding Bitmain’s
cloud-mining department, designing cloud-mining pricing model, and developing digital asset-related products. During his
time at Bitmain, Mr. Lu was also in charge of the planning and design of the big data center of Internet products, and comprehensive
planning and analysis of blockchain and big data technology. Our management team also possesses complementary experiences gained from
industry-leading traditional financial institutions, internet giants and blockchain unicorns.

We are committed to enhancing
our R& D capabilities to strengthen our technology advantages and optimize our solutions to customers. We retain an R& D team with
profound industry and technology background, such as internet product development, cloud architecture and system design.

Business Model

Self-mining operations

Specialized