Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 13

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 13
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 may
have limited or no experience and in which our brands may be less recognized. The expansion exposes us to a number of risks, including,
but are not limited to:

  high cost of investment to establish a presence in a new market and manage international operations;  

  competition from unfamiliar markets, including with competitors who are more dominant and have stronger ties with customers and greater financial and other resources;  

  foreign currency exchange rate fluctuations;  
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  regulatory differences and difficulties in ensuring compliance with multi-national legal requirements and multi-national operations;  

  changes in economic, legal, political or other local conditions in new markets;  
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  our limited customer base and limited sales and relationships with international customers;  

  challenges in providing customer services and support in these markets;  

  difficulties in and costs of overseas operations while complying with the different commercial, legal and regulatory requirements of the international markets in which we offer our services and...  

  difficulty in ensuring that our customers comply with the sanctions imposed by the Office of Foreign Assets Control in the United States and regulators in other countries and regions, on variou...  

  inability to obtain, maintain or enforce intellectual property rights;  

  inability to effectively enforce contractual or legal rights or intellectual property rights in certain jurisdictions where we operate; and  

  governmental policies favoring domestic companies in certain foreign markets or trade barriers including export requirements, tariffs, taxes and other restrictions and charges.  

In particular, a worldwide
trend in favor of nationalism and protectionist trade policy, as well as other potential international trade disputes could cause turbulence
in international markets. These government policies or trade barriers could increase the prices of our products and make us less competitive
in such countries. If we are unable to effectively manage these risks, the ability to expand our business abroad will be impaired, which
could have a material and adverse effect on our business, financial condition, results of operations and prospects.

If we fail to accurately estimate the factors
for our contract pricing, we may generate lower profit than expected or incur losses on those contracts, which could have a material adverse
effect on our business, financial condition and results of operations.

Our service contracts are
generally priced based on various internal and external factors, such as miner costs, the technological contents of our services, costs
of hosting miners, market price of digital assets, price of competitors, the expected economic return of digital asset mining, the service