Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 90

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 90
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 the Closing, certain holders
of Finfront’s ordinary shares before the consummation of the Business Combination executed lock-up agreements (the “ Lock-up Agreements”).
Pursuant to the Lock-Up Agreements, such holders shall agree, subject to certain customary exceptions, not to (i) sell, offer to
sell, contract or agree to sell, pledge or otherwise dispose of, directly or indirectly, any Ordinary Shares to be received by them in
connection with the Business Combination (such shares, together with any securities convertible into or exchangeable for or representing
the rights to receive Ordinary Shares if any, acquired during the Lock-Up Period (as defined below)), the “ Lock-up Shares”),
(ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares or otherwise or engage in any short
sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any intention to effect any transaction specified
in clause (i) or (ii) until the date that is six months after the date of the Closing (the “ Lock-Up Period”). For details
of the Lock-Up Agreement, see Exhibit 4.15 to this Report.

Further Information

For details of our principal
capital expenditures for the previous three years ended December 31, 2024, see “ Item 5. Operating and Financial Review and Prospects - B.
Liquidity and Capital Resources.”

The SEC maintains a website
at www. sec. govwhich contains in electronic form each of the reports and other information that we have filed electronically with
the SEC.

  Business Overview  
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The following discussion
reflects our business. Unless the context otherwise requires, all references in this section to “we,” “us,” and
“our” refer collectively to Finfront and its subsidiaries prior to the consummation of the Business Combination and BitFuFu
Inc. and its subsidiaries following the consummation of the Business Combination.

Overview

We are a global leader in Bitcoin
mining and comprehensive -mining service, 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