Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 32

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 32
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 internal control over financial reporting.

To remedy the identified material
weakness, we took several measures to improve our internal control over financial reporting, including, among others: (i) recruiting more
qualified personnel equipped with relevant U. S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting
function and to set up a financial and system control framework, (ii) implementing regular and continuous U. S. GAAP accounting and financial
reporting training programs for our accounting and financial reporting personnel, (iii) enhancing oversight over and clarifying reporting
requirements for, non-recurring and complex transactions to ensure consolidated financial statements and related disclosures are accurate,
complete and in compliance with U. S. GAAP and SEC reporting requirements, (iv) engaging a U. S. consulting firm as our advisor who has
rich knowledge and experience in U. S. GAAP and SEC reporting, as well as accounting treatment and disclosures for the crypto industry,
and (v) preparing more detailed guidance and manuals on financial closing policies and procedures to improve the quality and accuracy
of period-end financial closing process. However, based on assessments performed by our management on the performance of certain remediation
measures, we determined that the material weakness in our internal control over financial reporting previously identified had not been
fully remediated. Our management has concluded that our internal control over financial reporting was not effective as of December 31,
2024. See “ Item 15. Controls and Procedures - Management’s Annual Report on Internal Control over Financial Reporting.”

We plan to continue to implement
measures to remedy the identified material weakness. However, we cannot assure you that these measures may fully address this material
weakness in our internal control over financial reporting or that we may not identify additional material weaknesses or significant deficiencies
in the future. Our failure to correct the material weakness or our failure to discover and address any other control deficiencies could
result in inaccuracies in our financial statements and impair our ability to comply with applicable financial reporting requirements and
related regulatory filings on a timely basis. Moreover, ineffective internal control over financial reporting could significantly hinder
our ability to prevent fraud.

We are subject to the Sarbanes-Oxley Act of 2002.
Section 404 of the Sarbanes-Oxley Act, or Section 404, require us to include a report from management on the effectiveness
of our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report in our annual
report for the fiscal year