Company: OWLS
Filing Date: 2025-02-07
Form Type: DRS/A
Source: 0000950123-25-001222
Chunk: 61

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-02-07
Form: DRS/A
Chunk 61
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 may be affected, all of which could adversely impact our
business.

We hold stablecoins and other digital assets for our business operations and are subject to the risks associated with such digital assets. While we currently hold a de minimis amount of stablecoins and other digital assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in relation to the utilization of our stablecoin solutions.

We hold stablecoins and other digital assets for our business operations and may start
holding stablecoins for our customers in the future as a result of further growth of our OwlPay Wallet Pro services. We may own stablecoins for our own account as a part of our
day-to-day operations for our payment services. While we have established business partnerships with Circle, the issuer of USDC, and Coinbase Prime, a digital asset
exchange, under which we may convert between USDC and U.S. dollars in fiat currency at a one-to-one conversion rate, we cannot assure you that Circle or any other
stablecoin issuers or partners would always hold the corresponding asset underlying each stablecoin in circulation and are therefore able to fulfill one-for-one
conversion, or that Coinbase Prime or any other digital asset exchange would be able to transact for us between USDC and U.S. dollars at a one-to-one conversion. See “Business—Our Partnerships.” In addition, many stablecoin issuers
are

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unregulated and do not provide transparent disclosure regarding their compliance with applicable licensing and regulatory requirements or the financial institutions that hold the underlying
stable assets. Some stablecoins issuers may become subject to regulatory enforcement actions that could adversely impact their ability to continue operating and accepting conversion of stablecoins. There could also be volatility in stablecoins,
operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries supporting
stablecoins. Any of the above could affect, among others, the value, credentials, exchangeability and liquidity of stablecoins.

In
connection with our day-to-day business operations in payment, we may also hold digital assets other than stablecoins, including for our payment of gas fees. Digital
assets have historically experienced high levels of volatility far in excess of that experienced in fiat currencies. Digital asset prices and volatility may be determined by a range of factors, including changes in the supply and demand for a
particular digital asset, market sentiment