Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 12

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 12
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 asset transactions and requirements for businesses engaged in activities related to digital
assets.

| S-9 |

Depending on the regulatory
characterization of cryptocurrency, the markets for cryptocurrency in general, and our activities in particular, our business and our
cryptocurrency acquisition strategy may be subject to regulation by one or more regulators in the United States and globally. Ongoing
and future regulatory actions may alter, to a materially adverse extent, the nature of digital assets markets, the participation of industry
participants, including service providers and financial institutions in these markets, and our ability to pursue our cryptocurrency strategy.
The U.S. Congress is actively considering legislation that would, among other things, establish jurisdiction of the SEC and CFTC over
digital assets and establish digital asset market structure. Additionally, U.S. state and federal and foreign regulators and legislatures
have taken action against industry participants, including digital assets businesses, and enacted restrictive regimes in response to adverse
publicity arising from hacks, consumer harm, or criminal activity stemming from digital assets activity. U.S. federal and state energy
regulatory authorities are also monitoring the total electricity consumption of cryptocurrency mining, and the potential impacts of cryptocurrency
mining to the supply and dispatch functionality of the wholesale grid and retail distribution systems. Some state legislative bodies have
passed, or are considering, legislation to address the impact of cryptocurrency mining in their respective states.

The CFTC takes the position
that some digital assets, including bitcoin, fall within the definition of a “commodity” under the Commodities Exchange Act
of 1936, as amended (“CEA”). Under the CEA, the CFTC has broad enforcement authority to police market manipulation and fraud
in spot digital assets markets in which we may transact. Beyond instances of fraud or manipulation, the CFTC generally does not oversee
cash or spot market exchanges or transactions involving digital asset commodities that do not utilize margin, leverage, or financing.
In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures, swaps, other derivative products
and certain retail leveraged commodity transactions involving digital asset commodities, including the markets on which these products
trade.

The SEC and its staff have
taken the position that certain other digital assets fall within the definition of a “security” under the U.S. federal securities
laws. Public statements made by senior officials and senior members of the staff at the SEC indicate that the SEC does not consider bitcoin
or ether to be securities under the federal securities laws, and