Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 19

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 19
---
 further transactions or dealings
in Ethereum by us may be restricted or prohibited.

| S-13 |

Risks Related to Cryptocurrencies and Digital Assets

We may use the net 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