Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 21

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 21
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 will depend on whether there is appreciation in the value of the cryptocurrencies we purchase, if any, following our purchases
thereof with the net proceeds from this offering. Future fluctuations in cryptocurrency trading prices may result in our converting
cryptocurrencies purchased with the net proceeds from this offering, if any, into cash with a value substantially below the net proceeds
from this offering.

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 lack of
experience that third parties have