Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 210

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 210
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 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 industry;

●further reductions in mining rewards of bitcoin, including block
reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners”
who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs
and hardware and software used in mining, that may cause a decline in support for the Bitcoin network;

●transaction congestion and fees associated with processing transactions
on the bitcoin network;

●macroeconomic changes, such as changes in the level of interest
rates and inflation, fiscal and monetary policies of governments, trade restrictions, and fiat currency devaluations;

●developments in mathematics or technology, including in digital
comput