Company: GAME
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001641172-25-018031
Chunk: 14

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-07
Form: 424B5
Chunk 14
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 proceeds from this offering to purchase cryptocurrencies, the price of which has been, and will likely continue to be, highly volatile.

We may use the net proceeds from this offering
to purchase cryptocurrencies such as ethereum. Cryptocurrencies are highly volatile and do not pay interest or other returns, and,
as a result, our ability to generate a return on any investments into cryptocurrencies from the net proceeds from this offering will
depend on whether there is appreciation in the value of the cryptocurrencies we purchase, if any, following our purchases thereof with
the net proceeds from this offering. Future fluctuations in cryptocurrency trading prices may result in our converting cryptocurrencies
purchased with the net proceeds from this offering, if any, into cash with a value substantially below the net proceeds from this offering.

Ethereum and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.

Ethereum and other digital
assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of
state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible
that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely
affects the price of ethereum.

The U.S. federal government,
states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement
or judicial actions, that could materially impact the price of ethereum or the ability of individuals or institutions such as us to own
or transfer ethereum. For example, the U.S. executive branch, SEC, the European Union’s Markets in Crypto Assets Regulation, among
others have been active in recent years, and in the U.K., the Financial Services and Markets Act 2023, or FSMA 2023 became law. It is
not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to the SEC,
Commodity Futures Trading Commission (“CFTC”), or other regulators, or whether, or when, any other federal, state or foreign
legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional authorities, how
additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness of financial
and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes to existing
regulations might impact the value