Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 2

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 2
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 anti-takeover provisions contained in our Amended and Restated Memorandum and Articles of Association, as well as provisions of Cayman Islands law, could impair a takeover attempt;  
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  exemptions from requirements applicable to other public companies due to our status as an emerging growth company;  

  difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions against us or our management named in this Report based on foreign laws;  

  ability to maintain the listing of our securities on Nasdaq in the future; and  

  exemptions from certain corporate governance requirement under the Corporate Governance Rules of Nasdaq due to our status as a “controlled company.”  

Risks Related to Our Business

Our limited operating history and rapid
growth may make it difficult to evaluate our business and prospects, and our historical results may not be indicative of our future performance.

We have a short operating
history and have experienced rapid growth in terms of revenue, number of customers and total cloud-mining capacity, or the capacity
to provide hash calculations, since our establishment in December 2020. In particular, our revenues increased from US$198.2 million
in 2022 to US$284.1 million in 2023, and further to US$463.3 million in 2024. Because of our limited operating history and historical
data, as well as the limited visibility into future demand trends, our limited operating history and rapid growth may not be indicative
of our future performance, and we may not be able to accurately forecast our future performance and growth potentials and budget our costs
and operating expenses accordingly.

Our business may be affected
by the rapidly evolving the digital asset industry, in particular the fluctuation of Bitcoin price, and the changes in demand or order
patterns for our services and products as a result. We may not be able to accurately forecast the longer-term development of the
digital assets industry, and as result, may experience fluctuations in orders in the future. Our limited historical results of operations
could make it difficult to assess the impact of seasonal factors on our business. If we are unable to increase our access to mining capacities
and hosting capacities to meet any increases in demand due to seasonality or other factors, our total revenue and profitability and our
reputation among customers would be materially and adversely affected.

If we fail to continually innovate and to
provide services and products that meet the