Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 443

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part II, Item 1
Chunk 443
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 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;

●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