Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 112

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 112
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 a material interest, indebtedness, guarantees of indebtedness and employment by us of a related person. In
reviewing and approving any such transactions, our board of directors is tasked to consider all relevant facts and circumstances, including,
but not limited to, whether the transaction is on terms comparable to those that could be obtained in an arm’s length transaction
and the extent of the related person’s interest in the transaction.

Following the Business Combination,
our related party transactions are reviewed and approved by an audit committee consisting entirely of independent directors. See “ Item
6. Directors, Senior Management and Employees - C. Board Practices - Committees of the Board - Audit Committee.”

Our Relationship with Bitmain

Bitmain is a world-leading cryptocurrency
mining hardware manufacturer and a 5% shareholder of Finfront prior to consummation of the Business Combination. Pursuant to the Amended
and Restated PIPE Subscription Agreement dated January 11, 2024, Bitmain purchased 4,000,000 Class A ordinary shares upon the consummation
of the Business Combination. As of April 17, 2025, Bitmain beneficially owned 11,500,000 Class A ordinary shares, representing approximately
7.1% of our issued and outstanding ordinary shares.

We are a cloud-mining strategic
partner of Bitmain. We are also a S-level client of Bitmain, the highest level among all of Bitmain’s clients, which has provided
us with certain transaction privileges. We entered into a two-years Framework Sales and Purchase Agreement with Bitmain in December 2024,
pursuant to which to purchase from Bitmain up to 80,000 S-series miners (including but not limited to the S21 XP and S21 Pro). This framework
agreement enables us to pay, at our option, part of the purchase price in our shares as well as the ability to defer part of cash payments
interest-free after delivery of the miners. We also entered into a three-year Hashrate Service Agreement with Bitmain in September 2024,
pursuant to which we will make orders from time to time to purchase hash calculation services. In addition, we rely on Bitmain in the
provision of our hosting services. We entered into a ten-year Service Framework Agreement with Bitmain in December 2021, pursuant
to which we can obtain 300 MW hosting capacity as well as stable, competitive power and hosting fee arrangements in mining hosting facilities
across the world.

In 2022,