Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 27

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 27
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 will
be subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency
proceeding, no assurance can be provided that our custodially-held Ethereum will not become part of the custodian’s insolvency estate
if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies
to create income streams or otherwise generate funds using our Ethereum holdings, we would become subject to additional counterparty risks.
We will need to carefully evaluate market conditions, including price volatility as well as service provider terms and market reputations
and performance, among others, prior to implementing any such strategy, all of which could effect our ability to successfully implement
and execute on any such future strategy. These risks, along with any significant non-performance by counterparties, including in particular
the custodian or custodians with which we will custody substantially all of our Ethereum, could have a material adverse effect on our
business, prospects, financial condition, and operating results.

If Ethereum is determined
to constitute a security for purposes of the federal securities laws, the additional regulatory restrictions imposed by such a determination
could adversely affect the market price of Ethereum and in turn adversely affect the market price of our common stock. See “Risk Factors—Regulatory change reclassifying Ethereum as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of Ethereum and the market price of our common stock” above. Moreover, the risks of us engaging in a Ethereum treasury strategy could create complications
due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director
and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The U.S. federal income tax treatment of transactions in digital assets is unclear.

Due to the new and evolving
nature of digital assets and the absence of comprehensive guidance with respect to digital assets, many significant aspects of the U.S.
federal income tax treatment of digital assets are uncertain. Our operations and dealings, in or in connection with digital assets, as
well as transactions in digital assets generally, could be subject to adverse tax consequences in the United States, including as a result
of development of the legal regimes surrounding digital assets, and our operating results, as well as the price of digital assets