Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 145

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 145
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 liabilities.

Our net cash used in operating
activities was US$196.0 million in 2023, primarily due to our net income of US$10.5 million, as adjusted by certain non-cash items,
including (i) net income received or to be received by digital assets of US$183.1 million and realized gain on sales of digital assets
of US$18.2 million; and (ii) changes in operating assets and liabilities that negatively affected our cash flows, primarily consisted
of a decrease in amount due to a related party of US$36.9 million, partially offset by non-cash items including depreciation of mining
equipment of US$24.5 million and impairment loss on digital assets of US$7.0 million.

Our net cash used in operating
activities was US$7.4 million in 2022, primarily due to our net income of US$2.4 million, as adjusted by certain non-cash items,
including (i) net income received or to be received by digital assets of US$101.0 million, realized fair value gain on digital asset
borrowings of US$4.2 million, and realized gain on sales of digital assets of US$4.9 million; (ii) impairment loss on assets
held by FTX of US$9.8 million, impairment loss on mining equipment of US$11.8 million, impairment loss on digital assets of
US$12.9 million and depreciation of mining equipment of US$18.1 million; and (iii) changes in operating assets and liabilities
that positively affected our cash flows, primarily consisted of an increase in amount due to a related party of US$132.8 million
and tax payables of US$4.1 million, partially offset by a decrease in customer deposit liabilities of US$75.3 million and contract
liabilities of US$8.1 million.

Investing activities

Our net cash provided by investing
activities was US$167.9 million in 2024, primarily due to net proceeds from sales of digital assets of US$184.8 million, representing
the exchange from USDT and BTC to U. S. dollars, and partially offset by purchase of digital assets of US$16.8 million, representing our
purchases of USDT and BTC.

Our net cash provided by investing
activities was US$176.9 million in 2023, primarily due to net proceeds from sales of digital assets of US$222.