Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 146

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 146
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4 million representing
the exchange from USDT and BTC to U. S. dollars, and partially offset by purchase of digital assets of US$45.4 million, representing our
purchases of USDT and BTC.

Our net cash provided by investing
activities was US$56.7 million in 2022, primarily due to net proceeds from sales of digital assets of US$71.4 million representing
the exchange from USDT and BTC to U. S. dollars, partially offset by (i) the purchase of digital assets of US$10.8 million in connection
with exchange from U. S. dollars to USDT, and (ii) the purchase of equipment of US$3.9 million.

Financing activities

Our net cash provided by financing
activities was US$65.0 million in 2024, primarily due to proceeds from PIPE investments.

Our net cash used in financing
activities was US$9.4 million in 2023, primarily due to repayment of long-term payables of US$7.0 million and payment of deferred
offering costs of US$2.4 million.

Our net cash used in financing
activities was US$2.1 million in 2022, primarily due to subscription proceeds from issuance of ordinary shares of US$1.6 million,
partially offset by payment for deferred offering costs of US$1.7 million and purchasing treasury shares of US$2.0 million.

Capital Expenditure

Our capital expenditures are
incurred primarily in connection with purchase of equipment. our capital expenditures in cash were US$3.9 million, US$66,736 and
US$6.9 million in 2022, 2023 and 2024, respectively.

In 2022, we purchased miners
from Burdy Technology Limited and its affiliate in installments. The purchase price is dominated in U. S. dollars and we can elect to pay
in USDT. In 2022, we paid 20% of the total purchase price, part of which was paid in USDT, amounting to US$21.5 million and was presented
in the non-cash investing activities of the consolidated cash flows; and part of which was paid in U. S. dollars, amounting to US$3.9 million
and was presented in the investing activities of the consolidated cash flows. The unpaid balance was included in the non-cash financing
activities of the consolidated cash flows in 2022. We