Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 39

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 39
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 to digital assets and other factors;  
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  a downturn in the market for blockchain hosting space generally, which could be caused by an oversupply of or reduced demand for blockchain space;  

  the rapid development of new technologies or the adoption of new industry standards that render our current services and products obsolete or unmarketable and, in the case of our customers, tha...  

  a slowdown in the growth of the internet generally as a medium for commerce and communication;  

  availability of an adequate supply of new generation digital asset mining equipment; and  

  the degree of difficulty in mining digital assets and the trading price of such assets.  

To the extent that any of
these or other adverse conditions exist, they are likely to have an adverse impact on mining rewards and market demand and pricing for
our services, which could have a material adverse effect on our business, financial condition and results of operations.

Additionally, we and our customers
are affected by general business and economic conditions in the jurisdictions they operate, which in turn affect the market acceptance
of blockchain networks and digital assets. These conditions include short-term and long-term interest rates, inflation, money
supply, political issues, legislative and regulatory changes, including the imposition of new tariffs affecting our or our customers’
services and products, fluctuations in both debt and equity capital markets and broad trends in industry and finance, all of which are
beyond our control. Macroeconomic conditions that affect the economy and the economic outlook could adversely affect our customers and
vendors, which could have a material adverse effect on our business, financial condition and results of operations.

Disruption in the digital asset industry,
including multiple bankruptcy proceedings filed by industry participants, may adversely affect development of digital asset industry in
general and subject market participants, including us, to reputational harm.

The prices of digital assets,
including Bitcoin, have experienced substantial volatility. For example, the price of Bitcoin ranged from approximately US$16,000 to approximately
US$46,000 in 2022, from approximately US$17,000 to approximately US$44,000 in 2023, and from approximately US$42,000 to approximately
US$106,500 in 2024, and have continued to experience significant volatility since then, reaching approximately US$81,600 as of March 31,
2025, according to Google Finance. In 2022 and 2023, a number of companies in