Item 3. Quantitative and Qualitative Disclosures About Market Risk
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Digital-asset
price risk
The
Company is exposed to market risk from changes in the fair value of BERA and other digital assets acquired after quarter
end. A sustained decline in market prices would adversely affect earnings in periods after acquisition. Because the Company held no crypto
assets as of September 30, 2025, a quantitative sensitivity analysis is not presented for Q3. Beginning in Q4 2025, the Company expects
to include quantitative disclosures when material.
Stablecoin
and counterparty risk
Stablecoins may experience de-pegging or issuer risk. The Company mitigates this risk by limiting concentrations
and by holding stablecoins with transparent reserve attestation, subject to management review.
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