Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 11

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 11
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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,
among other factors.

Service providers.
Service providers offer a multitude of services to other participants in the cryptocurrency industry, including custodial and trade execution
services, commercial and retail payment processing, loans secured by cryptocurrency collateral, and financial advisory services. If adoption
of a cryptocurrency network continues to materially increase, we anticipate that service providers may expand the currently available
range of services and that additional parties will enter the service sector for such cryptocurrency network.

Government Regulation of Cryptocurrency

The laws and regulations applicable
to cryptocurrency and digital assets are evolving and subject to interpretation and change.

Governments around the world
have reacted differently to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade
without restriction, while in some jurisdictions, such as the U.S., digital assets are subject to overlapping, uncertain and evolving
regulatory requirements.

As digital assets have grown
in both popularity and market size, the U.S. Executive Branch, Congress and a number of U.S. federal and state agencies, including the
Financial Crimes Enforcement Network, the Commodity Futures Trading Commission (“CFTC”), the SEC, the Financial Industry Regulatory
Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau
of Investigation, the Internal Revenue Service (“IRS”) and state financial regulators, have been examining the operations
of digital asset networks, digital asset users and digital asset exchanges, with particular focus on the extent to which digital assets
can be used to violate state or federal laws, including to facilitate the laundering of proceeds of illegal activities or the funding
of criminal or terrorist enterprises, and the safety and soundness and consumer-protective safeguards of exchanges or other service-providers
that hold, transfer, trade or exchange digital assets for users. Many of these state and federal agencies have issued consumer advisories
regarding the risks posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or
guidance regarding the treatment of digital