Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 92

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 92
---
cloud mining business increased from 188,460 as of December 31, 2022 to 304,270 as of December 31, 2023, and further to 591,751 as of
December 31, 2024.

Given the nature of digital
asset mining, we serve a global customer base. However, we generate significant portions of the revenue from certain regions. In 2024,
51%, 31% and 13% of our revenue came from North America, Asia and Europe, respectively. The following table sets forth a geographic breakdown
of our revenue (excluding mining revenue) generated from different geographic regions for the periods indicated:

                         2024                                2023                                         
                         Amount                              Amount                                       
                         US$ ’000                            US$ ’000                                     
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
  North America                        155,736       51                     99,043       54       98,003  
  Asia                                  94,171       31                     31,113       17       10,320  
  Europe                                41,298       13                     47,372       26       28,602  
  Others                                14,614        5                      6,381        3          983  
  Total revenue (i)                    305,819      100                    183,909      100      137,908  

The basis for attributing revenues by continents
is based on the customers’ KYC information, which indicates the country or region where a corporate customer was incorporated or
the place of residence of an individual customer.

  (i)      Total revenue excludes self-mining revenue.  

Recent Development in the Digital Asset Industry

The prices of digital assets, including Bitcoin, have experienced substantial
volatility. For example, the price of Bitcoin ranged from approximately US$16,000 to approximately US$46,000 in 2022, from
approximately US$17,000 to approximately US$44,000 in 2023, and from approximately US$42,000 to approximately US$106,500 in 2024, and
have continued to experience significant volatility since then, reaching approximately US$$81,600 as of March 31, 2025, according to Google
Finance. In 2022 and 2023, a number of companies in the digital asset industry have declared bankruptcy, including Core Scientific, Celsius,