Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 9

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 9
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 it can continue to maintain cooperation with these hosting facilities, or the services
provided by these parties always meet the level of quality, efficiency and timeliness necessary for us to render satisfactory hosting
services to our customers. Such hosting facilities may experience interruption or other incidents from time to time, and may be unable
to provide services to us. We may not be able to obtain alternative hosting facility supplies in a time manner and/or at commercially
viable terms. If we are unable to effectively address these risks, our ability to serve customers will be affected, and our brand image,
reputation and financial performance may be materially and adversely affected.

Our self-mining operations
utilize third-party mining pools to receive mining rewards from a given network. Mining pools allow mining participants to combine
their hash calculations, which increases the chances of solving a block and receive rewards of a given network. The rewards are distributed
by the pool operator, based on our contribution of hash calculations to the pool. We are dependent on the accuracy of mining pool operators
to accurately record the total hash calculations provided to the pool for a given Bitcoin or other digital asset mining application in
order to assess the proportion of hash calculations contributed by us. While we have internal methods of tracking both our hash calculations
provided, the mining pool operator uses its own record-keeping method to determine our effective contribution of hash calculations.
We have limited recourse against the mining pool operator if we determine the proportion of the reward pay out by a mining pool operator
is incorrect. If we are unable to consistently obtain accurate proportionate rewards from such mining pool operators, we may experience
reduced reward for our efforts, which would have an adverse effect on our business and operations.

We have derived a substantial portion of
our revenue from sales to a limited number of customers, which may expose us to risks relating to customer concentration.

Our customers include both
enterprises and individuals. We have derived a substantial portion of our revenue from sales to a limited number of customers. In 2022,
2023 and 2024, sales to our largest customer accounted for 17%, 15% and 14% of our total revenue in the same periods, respectively. Chainup
Technic Limited and its related parties were our largest customer in 2022 and 2023, and Vistra (BVI) Limited was our largest customer
in 2024. Additionally, in 2022, 2023 and 2024, sales to our top three customers accounted for 31%,