Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 81

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 81
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We have adopted a dual-class share
structure with different voting rights, which may adversely affect the value and liquidity of the ordinary shares.

We have adopted a dual-class structure
with different voting rights, and such dual-class share structure may result in a lower or more volatile market price of our Class
A ordinary shares. Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of
public companies on certain stock market indices, including the S& P 500, to exclude companies with multiple classes of shares and
companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several
shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, our dual-class share
structure may prevent the inclusion of the Class A ordinary shares in such indices and may cause shareholder advisory firms to publish
negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion
from indices could result in a less active trading market for our securities. Any actions or publications by shareholder advisory firms
critical of our corporate governance practices or capital structure could also adversely affect the value of our securities.

Our dual-class share structure with
different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of
control transactions that holders of the Class A ordinary shares may view as beneficial.

We have adopted a dual-class share
structure such that our ordinary shares consist of Class A ordinary shares and Class B ordinary shares. In respect of matters requiring
the votes of shareholders, each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to
five votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. The
Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

As a result of such dual-class
share structure and the concentration of ownership, holders Class B ordinary shares have substantial influence over our business, including
decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other significant
corporate actions. They may take actions that are not in the best interest or our other shareholders. Such dual-class arrangement
may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an