Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 58

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 58
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 of development. Different digital assets are designed for disparate purposes. The continued growth and development of these digital assets, their underlying networks, and other cryptographic and algorithmic protocols governing the creation, transfer and usage of digital assets represent a new and evolving model which is subject to numerous factors that are difficult to evaluate, including:

| • |     | Any stablecoin project, like USDC, relies on third parties, such as Circle, the issuer of USDC, to maintain the                                                                                                                                          
 underlying blockchain infrastructure, financial institutions and counterparties, to hold funds, cash equivalents and other assets to back the stablecoins that are issued, outstanding and freely circulating. These parties have their own policies and 
 may change their view and acceptance of any stablecoin at any time. This may result in delays and other barriers to our operations involving that depend on stablecoin. Additionally, the fiat-reserves backing stablecoins held at or through financial 
 institutions or intermediaries may be subject to the risk of loss, theft, insolvency, and governmental and regulatory freezes and seizures.                                                                                                              |

| • |     | The markets for digital assets, including stablecoins, have varying degrees of liquidity. There is no assurance                                                                                              
 that there will continue to be an active market for one to transfer any digital assets, including stablecoins, which would be a critical pre-condition to certain of our products and services including the 
 payment services via stablecoins and wallet services for digital assets.                                                                                                                                     |

| • |     | Many blockchains where digital assets, including stablecoins, are built, such as USDC in Ethereum, Polygan,                                                                                                                                              
 Solana and Stellar, have limited operating histories, have not been validated in production, and are still in the process of developing and making significant decisions that will affect the underlying blockchain, any of which could adversely affect 
 the digital assets, including stablecoins, whose protocols are built on top of such blockchains.                                                                                                                                                         |

| • |     | The successful launch and adoption of central bank digital assets and tokenized deposits, as well as any bank-led                                                                                                                                         
 consortia payment networks, including those already underway, could directly and adversely impact the demand for stablecoins such as USDC as well as our payment products and services built upon the stablecoin ecosystem, and if we cannot adapt to any 
 shifting trends in adoption of such other asset types or clearing networks as payment and clearing options, our payment products and services may be adversely affected.                                                                                  |

| • |     | The governance of many decentralized blockchain networks is by voluntary consensus and