Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 300

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 1A
Chunk 300
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The risks and uncertainties described in our 2024 Annual Report on Form
10-K, as supplemented by this Form 10-Q, are not the only ones we face. Additional risks and uncertainties not presently known to us or
that we currently deem immaterial may also materially adversely affect our business, financial condition, or results of operations.

Risks
Relating to Cryptocurrencies and Digital Assets

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 of digital assets generally and Ethereum specifically. The consequences of increased regulation
of digital assets and digital asset activities could adversely affect the market price of Ethereum and in turn adversely affect the market
price of our common stock.

Moreover,
the risks of engaging in a Ethereum treasury strategy are relatively novel and have created, and could continue to create, complications
due to the