Company: GAME
Filing Date: 2025-07-09
Form Type: 424B5
Source: 0001641172-25-018315
Chunk: 15

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-09
Form: 424B5
Chunk 15
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, and any failure to properly monitor and upgrade the ethereum blockchain could adversely affect the ethereum blockchain
and negatively affect the price of ethereum.

The liquidity of ethereum
may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges
and trading venues to provide services for ethereum and other digital assets.

We face risks relating to the custody of our ethereum, including the loss or destruction of private keys required to access our ethereum and cyberattacks or other data loss relating to our ethereum

We will hold our ethereum with regulated custodians that have duties to safeguard our private keys. Our custodial services contracts will not restrict our ability to reallocate our ethereum among our custodians, and our ethereum holdings may be concentrated with a single custodian from time to time, including immediately after this offering. In light of the significant amount of ethereum we hold, we continually evaluate the need to engage additional custodians. Additional custodians could achieve a greater degree of diversification in the custody of our ethereum as the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability of digital asset custodians that we believe can safely custody our ethereum, for example, custodians discontinue or limit their services in the United States, we may need to enter into agreements that are less favorable than our currently anticipated agreements or take other measures to custody our ethereum, and our ability to seek a greater degree of diversification in the use of custodial services would be materially adversely affected. In addition, holding our ethereum with regulated custodians could affect the availability of receiving digital assets that may result from “forks” of the ethereum blockchain if our custodians are unable to support or otherwise provide us with such digital assets, thereby reducing the amount of digital assets we may hold as a result. While our custodians will carry insurance policies to cover losses for commercial crimes and cyber and tech errors or omissions, the policy limits vary per provider and would be shared among all of their customers, and subject to various limitations and exclusions (such as if a loss arises due to our failure to protect our login credentials and devices). The insurance that covers losses of our ethereum holdings may cover only a small fraction of the value of the entirety of our ethereum holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services we will have or that such coverage will cover losses with respect to our ethereum. Moreover, our use