Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 144

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 144
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 business, financial condition and results of operations.”

Cash Flows Summary

The following table sets forth
a summary of our cash flows for the periods indicated.

                                                                                  Year ended December 31,                                                                       
                                                                                  2024                                       2023                        2022                   
                                                                                  US$ ’000                                   US$ ’000                    US$ ’000               
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash used in operating activities                                                                        (219,874                    (195,970                     (7,444  
  Net cash provided by investing activities                                                                     167,933                     176,896                     56,674  
  Net cash provided by/(used in) financing activities                                                            65,047                      (9,352                     (2,111  
  Net change in cash and cash equivalents                                                                        13,106                     (28,426                     47,119  
  Cash and cash equivalents, including restricted cash, at beginning of year                                     32,005                      60,431                     13,312  
  Cash and cash equivalents, including restricted cash, at end of year                                           45,111                      32,005                     60,431  
  Supplemental non-cash operating activities                                                                                                                                    
  Net digital assets provided by operating activities                                                           258,403                     212,931                     86,109  
  Supplemental non-cash investing activities                                                                                                                                    
  Net digital assets used in investing activities                                                              (213,827                    (176,964                    (82,025  
  Supplemental non-cash financing activities                                                                                                                                    
  Purchases of equipment included in long-term payable                                                                —                           —                    109,435  
  Proceeds from long-term loans                                                                                  34,950                           —                          —  

Operating activities

Our net cash used in operating activities was US$219.9 million in 2024,
primarily due to our net income of US$54.0 million, as adjusted by certain non-cash items, including (i) net income received or to
be received by digital assets of US$195.7 million and realized gain on sales of digital assets of US$ 39.3 million; and (ii)
unrealized fair value gain of digital assets of US$37.6 million, partially offset by non-cash items including depreciation of mining equipment
of US$24.7 million and Share-based compensation expense of US$26.1 million and changes in operating assets and