Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 1

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 1
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Risks Related to Our Industry

Risks and uncertainties
relating to our industry include, but are not limited to, the following:

  adverse changes in the regulatory and policy environment of digital assets and relevant industry players in multiple jurisdictions;  
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  concerns about greenhouse gas emissions, global climate change and other ESG issues;  
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  changes to the method of validating blockchain transactions;  
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  increase in mining difficulty and reduced economic returns of digital asset mining activities;  
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  reduced demand for blockchain technology, blockchain networks and digital assets; and  

  fraud, hacking or other adverse events to the digital asset networks.  

Risks Related to the Regulatory Framework

Risks and uncertainties
relating to the regulatory framework include, but are not limited to, the following:

  current and future legislation imposing greater restrictions on the digital assets;  

  determination of us as an investment company under the Investment Company Act and relevant regulatory requirements;  

  requirement to register as money services business or similar compliance requirements;  

  a digital asset’s being determined as a “security” under relevant laws, and the related registration and other compliance requirements; and  

  difficulties in securing relationship with financial institutions due to our operations in the digital asset industry.  

Risks Related to Our Securities

Risks and uncertainties relating
to our securities include, but are not limited to, the following:

  uncertainty in the development of an active trading market for our shares;  

  price volatility of our shares;  

  sale or availability for sale of substantial amounts of our shares;    
  potential additional dilution resulted from the exercise of warrants;  
  warrant may expire worthless, as they may never be in the money;       

  potential dilution for existing shareholders upon our issuance of additional shares;  

  potential treatment of our company as a passive foreign investment company;  

  our dual-class structure and impact on relevant shareholders’ ability to influence corporate matters;  

  our Amended and Restated Memorandum and Articles of Association and Cayman Islands law may have the effect of discouraging lawsuits against our directors and officers;  
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