Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 68

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 68
---
 our business, financial condition, results of operations, prospects
and reputation.

Recent market volatility could impact the
share price and trading volume of our securities.

The trading market for our
securities could be impacted by recent market volatility. Recent stock run-ups, divergences in valuation ratios relative to
those seen during traditional markets, high short interest or short squeezes, and strong and atypical retail investor interest in the
markets may impact the demand for the Class A ordinary shares.

A possible “short squeeze”
due to a sudden increase in demand of the Class A ordinary shares that largely exceeds supply may lead to price volatility in the Class
A ordinary shares. Investors may purchase the Class A ordinary shares to hedge existing exposure or to speculate on the price of the Class
A ordinary shares. Speculation on the price of the Class A ordinary shares may involve both long and short exposures. To the extent aggregate
short exposure exceeds the number of the Class A ordinary shares available for purchase, investors with short exposure may have to pay
a premium to repurchase the Class A ordinary shares for delivery to lenders. Those repurchases may in turn, dramatically increase the
price of the Class A ordinary shares. This is often referred to as a “short squeeze.” A short squeeze could lead to volatile
price movements in the Class A ordinary shares that are not directly correlated to the operating performance.

It is not expected that we will pay dividends
in the foreseeable future.

It is expected that we will
retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business. As a result,
it is not expected that we will pay any cash dividends in the foreseeable future.

Our board of directors has
complete discretion as to whether to distribute dividends. Even if the board of directors decides to declare and pay dividends, the timing,
amount and form of future dividends, if any, will depend on the future results of operations and cash flow, capital requirements and surplus,
the amount of distributions, if any, received from our subsidiaries, our financial condition, contractual restrictions and other factors
deemed relevant by the board of directors. There is no guarantee that our shares will appreciate in value or that the trading price of
the shares will not decline.

If securities and industry analysts do not
publish research or publish inaccurate or unfavorable research or cease publishing research about us, the price and trading volume of
our securities could decline significantly.

The trading market for the
Class A ordinary shares will depend in part on the