Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 47

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 47
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. S. jurisdictions where we have operations, which could require us to adjust our collaboration with affected
mining facilities or temporarily suspend affected operations all together. New laws, regulations, or interpretations may result in additional
litigation, regulatory investigations, and enforcement or other actions, all of which could significantly restrict or eliminate the market
for or uses of digital assets in general and Bitcoin in particular.

Additionally, we rely on third
parties for the supply of the key services and products used in our business operations, and any regulatory restrictions on their practices
could significantly reduce demand for our services and products. Furthermore, it is possible that laws, regulations or directives that
affect digital assets, digital asset transaction processing, or mining and hosting activities may change in a manner that may adversely
affect our ability to conduct our business and operations in the relevant jurisdiction.

In addition, various foreign
jurisdictions either have adopted or may adopt laws, regulations or directives that affect digital assets, digital asset networks, their
users and service providers and suppliers that fall within such jurisdictions’ regulatory scope. Such laws, regulations or directives
may conflict with those of the United States, may negatively impact the acceptance of digital assets by users, merchants and service providers
outside of the United States and may therefore impede the growth of digital asset use. A number of countries, including India, China,
South Korea and Russia, among others, currently have a more restrictive stance toward digital assets and, thereby, have reduced the rate
of expansion of digital asset use, as well as digital asset transaction processing, in each of those countries. For example, a number
of digital asset transaction processing operators have moved their operations from the restricted jurisdictions to other jurisdictions
in order to build in more regulatory certainty in their operations. Governments may in the future take regulatory actions that prohibit
or severely restrict the right to acquire, own, hold, sell, use, dispose or trade digital assets or to exchange digital assets for fiat
currency. Ownership and disposition of, holding or trading in digital assets may then be considered illegal and subject to sanction. Governments
may also take regulatory action that may increase the cost and/or subject digital asset mining to additional regulation. Such tightening
regulations could limit the ability of us, our customers, end users and other business partners in conducting digital asset-related activities,
and in turn have a material adverse effect on our business, financial condition and results of operations.

If we were deemed an “investment company”
under the Investment Company Act, applicable restrictions could make