Liu Huaiyu 4

What Happened
Liu Huaiyu, a director of BitFuFu Inc., had 17,500 restricted share units (RSUs) vest on July 1, 2026 and converted those RSUs into 17,500 Class A ordinary shares. The filing shows an "exercise or conversion of derivative" (code M) resulting in 17,500 shares acquired at $0.00; an equal 17,500- share derivative disposition is also reported, reflecting the cancellation/conversion of the RSU claim into shares. No cash was paid in connection with the conversion.

Key Details

• Transaction date: 2026-07-01; Form filed same day (timely).
• Transactions reported as code M (exercise/conversion of derivative): 17,500 shares acquired @ $0.00 and 17,500 shares disposed @ $0.00 (the disposed derivative reflects conversion).
• Footnote F1: These are Class A ordinary shares received upon vesting of 17,500 of 35,000 RSUs previously awarded; RSUs vest in two equal annual installments starting 7/1/2026.
• Footnote F2: Each RSU is a contingent right to one Class A ordinary share.
• Shares owned after the transaction: not specified in the provided filing details.
• No 10b5-1 plan, tax-withholding sale, or cashless sale is indicated.

Context
This was an RSU vesting/conversion (award realization), not a market purchase or sale. Because the shares were issued upon vesting and no immediate sale is reported, this transaction represents issuance of shares to the insider rather than a bullish purchase or a liquidity event. For investors, vesting disclosures show compensation being realized but do not by themselves indicate the insider’s market view.