Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 11

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 11
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Additionally, central banks
in some countries have started to introduce digital forms of legal tender. For example, China’s central bank digital currency (“CBDC”)
project was made available to consumers in January 2022, and governments including the United States and the European Union have
been discussing the potential creation of new CBDCs.

Cryptocurrency Industry Participants

The primary cryptocurrency
industry participants are miners, investors and traders, digital asset exchanges and service providers, including custodians, brokers,
payment processors, wallet providers and financial institutions.

Miners. Miners range
from cryptocurrency enthusiasts to professional mining operations that design and build dedicated mining machines and data centers, including
mining pools, which are groups of miners that act cohesively and combine their processing power to mine cryptocurrency blocks.

Investors and Traders.
Cryptocurrency investors and traders include individuals and institutional investors who, directly or indirectly, purchase, hold, and
sell cryptocurrency or cryptocurrency-based derivatives. On January 10, 2024, the SEC issued an order approving several applications
for the listing and trading of shares of spot bitcoin exchange-traded products (“ETPs”) on U.S. national securities exchanges.
While the SEC had previously approved exchange-traded funds where the underlying assets were bitcoin futures contracts, this order represents
the first time the SEC has approved the listing and trading of ETPs that acquire, hold and sell cryptocurrency directly. The SEC has since
approved several applications for the listing and trading of shares of spot ethereum ETPs as well as bitcoin-ethereum combination ETPs.
ETPs can be bought and sold on a stock exchange like traditional stocks, and provide investors with another means of gaining economic
exposure to cryptocurrency through traditional brokerage accounts.

Digital Asset Exchanges.Digital
asset exchanges provide trading venues for purchases and sales of cryptocurrency in exchange for fiat or other digital assets. Cryptocurrency
can be exchanged for fiat currencies, such as the U.S. dollar, at rates of exchange determined by market forces on cryptocurrency trading
platforms, which are not regulated in the same manner as traditional securities exchanges. In addition to these platforms, over-the-counter
markets and derivatives markets for cryptocurrency also exist. The value of a cryptocurrency within the market is determined, in part,
by the supply of and demand for the cryptocurrency in the global cryptocurrency market, market expectations for the adoption of the cryptocurrency
as a store of value, the number of merchants that accept the cryptocurrency as a form of payment, and the volume of peer-to-peer transactions