Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 77

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 77
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 Purposes,” our view
is that section 7874 applies in a manner such that we should not be treated as a U. S. corporation for U. S. federal income tax
purposes, based on our position that immediately after completion of the Business Combination, former shareholders of Arisz owned, by
reason of owning (or being treated as owning) stock of Arisz, less than 80% of the voting power and value of our securities (the “ Ownership
Test”). However, our position depends in part on the position that the Ownership Test is determined immediately after the Business
Combination rather than immediately after the Redomestication Merger for purposes of section 7874 of the Code. Further, holders are
cautioned that the application of section 7874 to us is extremely complex. Applicable Treasury Regulations under section 7874 are subject
to significant uncertainty, and there is limited guidance regarding their application. Moreover, the application of section 7874
to the facts and circumstances of the Business Combination are uncertain. No IRS ruling has been requested or will be obtained regarding
the U. S. federal income tax consequences of the Business Combination or any other matter described in this Report. The IRS may not
agree with our position that we should be treated as a non-U. S. corporation for U. S. federal income tax purposes, and there
can be no assurance that, if challenged, such treatment will be sustained by a court.

U. S. Holders that directly or indirectly
own 10% or more of our equity interests may be subject to adverse U. S. federal income tax consequences under rules applicable to
U. S. shareholders of controlled foreign corporations (“ CFCs”).

Assuming section 7874 does
not apply to treat us as a U. S. corporation for U. S. federal income tax purposes (see “ - Risks Related to Our Securities - The
IRS may not agree with the position that we should be treated as a foreign corporation for U. S. federal income tax purposes following
the Business Combination, which could have a material adverse effect on our financial position and results from operations and on non-U. S. holders’
securities” for a more detailed discussion), certain of our non-U. S. subsidiaries may be classified as CFCs for U. S. federal
income tax purposes. A non-U. S. corporation generally will be classified as a CFC for U. S. federal income tax