Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 116

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 116
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 custody of our bitcoin as the extent of potential
risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability of digital asset custodians
that we believe can safely custody our bitcoin, for example, custodians discontinue or limit their services in the United States,
we may need to enter into agreements that are less favorable than our currently anticipated agreements or take other measures to custody
our bitcoin, and our ability to seek a greater degree of diversification in the use of custodial services would be materially adversely
affected. In addition, holding our bitcoin with regulated custodians could affect the availability of receiving digital assets that may
result from “forks” of the bitcoin blockchain if our custodians are unable to support or otherwise provide us with such digital
assets, thereby reducing the amount of digital assets we may hold as a result. While our custodians will carry insurance policies to cover
losses for commercial crimes and cyber and tech errors or omissions, the policy limits vary per provider and would be shared among all
of their customers, and subject to various limitations and exclusions (such as if a loss arises due to our failure to protect our login
credentials and devices). The insurance that covers losses of our bitcoin holdings may cover only a small fraction of the value of the
entirety of our bitcoin holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services
we will have or that such coverage will cover losses with respect to our bitcoin. Moreover, our use of custodians exposes us to the risk
that the bitcoin our custodians hold on our behalf could be subject to insolvency proceedings and we could be treated as a general unsecured
creditor of the custodian, inhibiting our ability to exercise ownership rights with respect to such bitcoin. Any loss associated with
such insolvency proceedings is unlikely to be covered by any insurance coverage we maintain related to our bitcoin.

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Bitcoin is controllable only
by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the bitcoin
is held. While the bitcoin blockchain ledger requires a public key relating to a digital wallet to be published when used in a transaction,
private keys must be safeguarded and kept private in order to prevent a third party from accessing the bitcoin held in such wallet. To
the extent the private key(s) for