8 unchanged sentences
immaterial, might materially and adversely affect our business, financial condition and/or operating results.
−Removed: Other than as stated below,
There have been no material changes to the risk factors discussed in “Item 1A.
1 unchanged sentence
on Form 10-K for the fiscal year ended December 31, 2025.
−Removed: related to our indirect exposure to the cryptocurrency markets through investments
−Removed: Cryptocurrencies
−Removed: (also referred to as “virtual currencies” and “digital currencies”) are digital assets that are designed to act as
−Removed: a medium of exchange.
−Removed: Although we have no current intention of directly investing in cryptocurrencies, we have indirect exposure to cryptocurrencies
−Removed: by investing in securities of portfolio companies with operations in the cryptocurrency industry.
−Removed: Cryptocurrencies (some of the most
−Removed: well-known include Bitcoin and Ethereum) are not backed by any government, corporation, or other identified body.
−Removed: Trading markets for
−Removed: cryptocurrencies are subject to an evolving and fragmented regulatory framework.
−Removed: While certain jurisdictions, such as the European Union
−Removed: and the United States, have recently implemented or proposed regulatory regimes, other markets remain less regulated.
−Removed: As a result, cryptocurrency
−Removed: markets may be more exposed to operational or technical issues, as well as the potential for fraud or manipulation, compared with the
−Removed: established, regulated exchanges for securities, derivatives, and traditional currencies.
−Removed: Cryptocurrencies
−Removed: have been subject to significant fluctuations in value.
−Removed: The value of a cryptocurrency may significantly fluctuate precipitously (including
−Removed: declining to zero) and unpredictably for a variety of reasons, including, but not limited to:
−Removed: investor perceptions and expectations;
−Removed: regulatory changes;
−Removed: general economic conditions;
−Removed: adoption and use in the retail and commercial marketplace;
−Removed: public opinion regarding
−Removed: the environmental impact of the creation (“minting” or “mining”) of cryptocurrency;
−Removed: confidence in, and the maintenance
−Removed: and development of, its network and open-source software protocols such as blockchain for ensuring the integrity of cryptocurrency transactional
−Removed: and general risks tied to the use of information technologies, including cybersecurity risks.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.