Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 108

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 108
---
 to Our Operations - We deposit certain fund and digital assets with cryptocurrency
exchanges. If such cryptocurrency exchanges become bankrupt or otherwise unable to remit stored fund and digital assets, we may lose these
assets, and our business, financial condition and results of operations may be adversely affected.”

We do not engage in the trading
of, or investing in, digital assets that may be deemed as “securities.” We intend to mine digital assets that are generally
not deemed as “securities.” The SEC and its staff have taken the position that certain digital assets fall within the definition
of a “security” under the U. S. federal securities laws. Public statements by senior officials at the SEC indicate that the
SEC does not intend to take the position that Bitcoin or Ethereum, in their current form, are securities. However, such statements are
not official policy statements by the SEC and reflect only the speakers’ views, which are not binding on the SEC or any other agency
or court, and cannot be generalized to any other digital asset. In accordance with a framework for analyzing whether a given digital assets
is a security, published by the SEC’s Strategic Hub for Innovation and Financial Technology in April 2019, we would need to determine
whether each of the digital assets acquired and held by us are an “investment contract,” as well as other instruments such
as stocks, bonds, and transferable shares.

We intend to consult counsel
prior to attempting to mine any cryptocurrency other than those that are generally not considered as “securities,” such as
Bitcoin and Ethereum, in order to avoid inadvertently dealing in a digital asset which may be deemed a security. We anticipate that, should
we consider mining a digital asset other than those that are generally not considered as “securities,” we will seek the advice
of securities counsel, and the process will include research, review and analysis of the current federal securities laws and regulations
regarding digital assets, including judicial interpretations and administrative guidance. However, the processes employed for determining
whether particular digital assets are securities within the meaning of U. S. federal securities laws are risk-based assessments and
are not a legal standard or binding on the SEC or other regulators. See “ Item 3. Key Information - D. Risk Factors - Risks
Related to the Regulatory Framework - We face uncertainties relating to whether cloud-mining operations and a particular digital asset
will be deemed as “security” in any relevant jurisdiction, and we may be subject to regulatory scrutiny, investigations, fines,
and