Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 24

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 24
---
 to acquire additional non-investment assets to maintain compliance with the 1940
Act, and we may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive
to our business. Any of these actions could have a material adverse effect on our results of operations and financial condition. Moreover,
we can make no assurance that we would successfully be able to take the necessary steps to avoid being deemed to be an investment company
in accordance with the safe harbor. If we were unsuccessful, and if Ethereum is determined to constitute a security for purposes of the
federal securities laws, then we would have to register as an investment company, and the additional regulatory restrictions imposed by
1940 Act could adversely affect the market price of Ethereum and in turn adversely affect the market price of our common stock.

We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations.

As Ethereum and other digital
assets are relatively novel and the application of state and federal securities laws and other laws and regulations to digital assets
is unclear in certain respects, 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.

Our cryptocurrency treasury strategy exposes us to risk of non-performance by counterparties

Our Ethereum treasury strategy
exposes us to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability
or refusal of a counterparty to perform because of a deterioration in the counterparty’s financial condition and liquidity or for
any other reason. For example, our execution partners, custodians, or other counterparties might fail to perform in accordance with the
terms of our agreements with them, which could result in a loss of Ethereum, a loss of the opportunity to generate funds, or other losses.

We expect our primary counterparty
risk with respect to our Ethereum will be custodian performance obligations under the various custody arrangements we enter into. A series
of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating
in the digital asset industry, the closure or liquid