Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 101

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 101
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 bitcoin, including due to the various factors described herein; |

| ● | investment and trading activities, such as (i) trading activities of highly active retail and institutional                              
 users, speculators, miners and investors, (ii) actual or expected significant dispositions of bitcoin by large holders, and (iii) actual 
 or perceived manipulation of the spot or derivative markets for bitcoin or spot bitcoin ETPs;                                            |

| ● | negative publicity, media or social media coverage, or sentiment due to events in or relating to, or perception                            
 of, bitcoin or the broader digital assets industry, for example, (i) public perception that bitcoin can be used as a vehicle to circumvent 
 sanctions, including sanctions imposed on Russia or certain regions related to the ongoing conflict between Russia and Ukraine, or to      
 fund criminal or terrorist activities, such as the purported use of digital assets by Hamas to fund its terrorist attack against Israel    
 in October 2023; (ii) expected or pending civil, criminal, regulatory enforcement or other high profile actions against major              
 participants in the bitcoin ecosystem, including the SEC’s enforcement actions against Coinbase, Inc. and Binance Holdings Ltd.;           
 (iii) additional filings for bankruptcy protection or bankruptcy proceedings of major digital asset industry participants, such as         
 the bankruptcy proceeding of FTX Trading and its affiliates; and (iv) the actual or perceived environmental impact of bitcoin and          
 related activities, including environmental concerns raised by private individuals, governmental and non-governmental organizations, and   
 other actors related to the energy resources consumed in the bitcoin mining process;                                                       |

| ● | changes in consumer preferences and the perceived value or prospects of bitcoin; |

| ● | competition from other digital assets that exhibit better speed, security, scalability, or energy efficiency,                       
 that feature 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;                                    |

57

| ● | the identification of Satoshi Nakamoto, the