Company: NDRA
Filing Date: 2025-11-26
Form Type: 424B4
Source: 0001213900-25-115097
Chunk: 16

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-26
Form: 424B4
Chunk 16
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. Such developments could subject us to fines, penalties, and other damages,
and adversely affect our business, results of operations, financial condition, and prospects.

The emergence or growth of other
digital assets, including those with significant private or public sector backing, could have a negative impact on the price of cryptocurrencies
we hold and adversely affect our business.

The emergence or growth of
digital assets other than cryptocurrencies we may hold could have a material adverse effect on our financial condition. There are numerous
alternative digital assets and many entities, including consortia and financial institutions, are researching and investing resources
into private or permissioned blockchain platforms or digital assets. For example, some cryptocurrency networks utilize proof-of-work
mining. Others use a “proof-of-stake” mechanism for validating transactions that requires significantly less computing power
than proof-of-work mining. If the mechanisms for validating transactions in alternative digital assets are perceived as superior to the
mechanisms used by the digital assets in which we invest, those digital assets could gain market share.

Other alternative digital
assets could include “stablecoins,” which are designed to maintain a constant price because of, for instance, their issuers’
promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total
value of stablecoins in circulation. Stablecoins have grown rapidly as an alternative to other digital assets as a medium of exchange
and store of value, particularly on digital asset trading platforms.

Additionally, central banks
in some countries have started to introduce digital forms of legal tender. For example, China’s CBDC project was made available
to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been
discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender
in the issuing jurisdiction, could also compete with, or replace, other digital assets as a medium of exchange or store of value. As
a result, the emergence or growth of these or other digital assets could cause the market price of cryptocurrencies we hold to decrease,
which could have a material adverse effect on our business, financial condition and results of operations.

If we were deemed to be an investment company under the 1940 Act, applicable restrictions likely would make it impractical for us to continue segments of our business as currently contemplated.

Under Sections 3(a)(1)(A)
and (C