Company: FUFU
Filing Date: 2025-11-07
Form Type: F-3
Source: 0001213900-25-107483
Chunk: 47

Company: Bitfufu Inc.
Filing Date: 2025-11-07
Form: F-3
Chunk 47
---
 treated as a PFIC.

<div align='center'>26</div>

The mark-to-market election
is available only for stock that is regularly traded on a national securities exchange that is registered with the Securities and Exchange
Commission, including Nasdaq (on which the Class A Ordinary Shares are listed), or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Such stock generally will
be “regularly traded” for any calendar year during which such stock is traded, other than in de minimis quantities, on at
least 15 days during each calendar quarter, but no assurances can be given in this regard with respect to the Class A Ordinary
Shares. U.S. Holders should consult their own tax advisors regarding the availability and tax consequences of a mark-to-market election
in respect of Class A Ordinary Shares under their particular circumstances.

If we are a PFIC and, at
any time, has a foreign subsidiary that is classified as a PFIC, U.S. Holders generally would be deemed to own a portion of the shares
of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if we were
to receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC (even though such U.S. Holder
would not receive the proceeds of those distributions or dispositions) or the U.S. Holders otherwise were deemed to have disposed
of an interest in the lower-tier PFIC. A mark-to-market election generally would not be available with respect to such
lower-tier PFIC. U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.

A U.S. Holder that owns
(or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder may have to file an IRS Form 8621 (whether
or not a mark-to-market election is or has been made) with such U.S. Holder’s U.S. federal income tax return and
provide any such other information as may be required by the Treasury. Failure to do so, if required, will extend the statute of limitations
until such required information is furnished to the IRS.

The rules dealing with
PFICs and mark-to-market elections are very complex and are affected by various factors in addition to those described above. Accordingly,
U.S. Holders of