Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 21

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 21
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 the Ethereum blockchain and negatively
affect the price of Ethereum.

The liquidity of Ethereum
may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges
and trading venues to provide services for Ethereum and other digital assets.

There is no assurance that a market for Ethereum will continue to exist, and liquidity in the Ethereum market may be severely limited at times.

Ethereum is traded on unregulated
exchanges that may be subject to outages, manipulation, or loss of access. In periods of market stress or regulatory disruption, we may
be unable to sell Ethereum at favorable prices, or at all, which could impact our liquidity and financial flexibility.

We may not achieve the expected benefits from purchasing cryptocurrencies, and such strategy may not align with investor expectations.

While we may pursue the purchase
of cryptocurrency, such as Ethereum, for strategic, treasury, or investment purposes, there is no assurance that this strategy will generate
positive returns or provide a long-term benefit. Investors may not support our allocation of corporate funds to a highly speculative asset,
and such use of proceeds could adversely affect investor perception and our stock price.

We face risks relating to the custody of our Ethereum, including the loss or destruction of private keys required to access our Ethereum and cyberattacks or other data loss relating to our Ethereum

We will hold our Ethereum
with regulated custodians that have duties to safeguard our private keys. Our custodial services contracts will not restrict our ability
to reallocate our Ethereum among our custodians, and our Ethereum holdings may be concentrated with a single custodian from time to time,
including immediately after this offering. In light of the significant amount of Ethereum we hold, we continually evaluate the need to
engage additional custodians. Additional custodians could achieve a greater degree of diversification in the custody of our Ethereum as
the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability
of digital asset custodians that we believe can safely custody our Ethereum, for example, custodians discontinue or limit their services
in the United States, we may need to enter into agreements that are less favorable than our currently anticipated agreements or take other
measures to custody our Ethereum, and our ability to seek a greater degree of diversification in the use of custodial services would be
materially adversely affected. In addition, holding our Ethereum with regulated custodians could affect the availability of receiving
digital