Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 391

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 4
Chunk 391
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 other more favored characteristics, that are backed by governments, including
the U.S. government, or reserves of fiat currencies, or that represent ownership or security interests in physical assets;

●a decrease in the price of other digital assets, including stablecoins,
or the crash or unavailability of stablecoins that are used as a medium of exchange for bitcoin purchase and sale transactions, such
as the crash of the stablecoin Terra USD in 2022, to the extent the decrease in the price of such other digital assets or the unavailability
of such stablecoins may cause a decrease in the price of bitcoin or adversely affect investor confidence in digital assets generally;

●the identification of Satoshi Nakamoto, the pseudonymous person
or persons who developed bitcoin, or the transfer of substantial amounts of bitcoin from bitcoin wallets attributed to Mr. Nakamoto or
other “whales” that hold significant amounts of bitcoin;

●disruptions, failures, unavailability, or interruptions in service
of trading venues for bitcoin, such as, for example, digital asset exchange FTX Trading’s freezing of withdrawals and transfers
from its accounts in 2022;

●the filing for bankruptcy protection by, liquidation of, or
market concerns about the financial viability of digital asset custodians, trading venues, lending platforms, investment funds, or other
digital asset industry participants, such as the filing for bankruptcy protection by digital asset trading venues FTX Trading and BlockFi
and digital asset lending platforms Celsius Network and Voyager Digital Holdings in 2022, the ordered liquidation of the digital asset
investment fund Three Arrows Capital in 2022, the announced liquidation of Silvergate Bank in 2023, the government-mandated closure and
sale of Signature Bank in 2023, the placement of Prime Trust, LLC into receivership following a cease-and-desist order issued by the
Nevada Department of Business and Industry in 2023, and the exit of Binance Holdings Ltd. from the U.S. market in 2023 as part of its
settlement with the Department of Justice and other federal regulatory agencies;

52

●regulatory, legislative, enforcement and judicial actions that
adversely affect the price, ownership, transferability, trading volumes, legality or public perception of bitcoin, or that adversely
affect the operations of or otherwise prevent digital asset custodians, trading venues, lending platforms or other digital assets industry
participants from operating in a manner that allows them to continue to deliver services to the digital assets