Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 123

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 123
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ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Following the Business
Combination, we conduct business through Finfront and its subsidiaries. You should read the following discussion and analysis of our financial
condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere
in this Report. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations.
The actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those we describe under “ Item 3. Key Information - D. Risk Factors” and
elsewhere in this Report. References to “we,” “us,” and “our” in this “ Item 5. Operating and
Financial Review and Prospects” are to Finfront and its subsidiaries before the consummation of the Business Combination, and BitFuFu
Inc. and its subsidiaries after the consummation of the Business Combination.

  Operating Results  
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Overview

We are a global leader at
Bitcoin mining and comprehensive mining services, dedicated to fostering a secure, compliant, and transparent blockchain infrastructure.
We make available a variety of stable and intelligent digital asset mining solutions, including one-stop cloud-mining services
and miner hosting services to institutional customers and individual digital asset enthusiasts. In addition, we have access to a fleet
of advanced Bitcoin miners for efficient cloud-mining service to our customers and self-mining for our own account, allowing
us to seamlessly adjust business strategies and reduce risk exposure.

On February 29, 2024, we consummated
the Business Combination with Arisz pursuant to the Merger Agreement. On March 1, 2024, our Class A ordinary shares and Warrants commenced
trading on Nasdaq under the symbols “ FUFU” and “ FUFUW,” respectively.

Major Factors Affecting Our Results of Operations

The growth and success of
our business as well as our financial condition and results of operations have been, and will continue to be affected by a number of factors,
including:

Price and market volatility of digital assets

Substantially all of our business is related to the mining of Bitcoin.
Our revenue primarily comprises (i) service fees for cloud-mining solutions, (ii) proceeds from Bitcoin self-mining operations,
(iii) service fees for miner hosting services, and (iv) to the extent that we engage in the sales, leasing and