Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 182

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 15
Chunk 182
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ITEM
15. CONTROLS AND PROCEDURES

As of the end of the period
covered by this Report, an evaluation has been carried out under the supervision and with the participation of our management, including
our chief executive officer and our principal financial officer, of the effectiveness of the design and operation of our disclosure controls
and procedures, as such term is defined under Rule 13a-15(e) promulgated under the U. S. Exchange Act.

Based
on that evaluation, our management has concluded that, due to the outstanding material weakness described below, as of December 31, 2024,
our disclosure controls and procedures were not effective in ensuring that the information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SEC’s rules and forms, and that the information required to be disclosed by us in the reports that we file or submit under the
Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as
appropriate, to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control over Financial
Reporting

Our management is responsible
for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under
the Securities Exchange Act of 1934, as amended. Our internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance
with Generally Accepted Accounting Principles (“ GAAP”) in the United States of America and includes those policies and procedures
that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of our company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated
financial statements in accordance with GAAP, and that receipts and expenditures of our company are being made only in accordance with
authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of the
unauthorized acquisition, use or disposition of our company’s assets that could have a material effect on the consolidated financial
statements.

Because of its inherent limitations,
internal control over financial reporting may not prevent or detect all potential misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject