Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 26

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 26
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ederal securities laws, then we would have to register as an investment company, and the additional regulatory restrictions imposed by
1940 Act could adversely affect the market price of Ethereum and in turn adversely affect the market price of our common stock.

We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations.

As Ethereum and other digital
assets are relatively novel and the application of state and federal securities laws and other laws and regulations to digital assets
is unclear in certain respects, 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.

Our cryptocurrency treasury strategy exposes us to risk of non-performance by counterparties

Our Ethereum treasury strategy
exposes us to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability
or refusal of a counterparty to perform because of a deterioration in the counterparty’s financial condition and liquidity or for
any other reason. For example, our execution partners, custodians, or other counterparties might fail to perform in accordance with the
terms of our agreements with them, which could result in a loss of Ethereum, a loss of the opportunity to generate funds, or other losses.

We expect our primary counterparty
risk with respect to our Ethereum will be custodian performance obligations under the various custody arrangements we enter into. A series
of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating
in the digital asset industry, the closure or liquidation of certain financial institutions that provided lending and other services to
the digital assets industry, SEC enforcement actions against other providers, or placement into receivership or civil fraud lawsuit against
digital asset industry participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership
and trading. Legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to our
interests in the event one or more of our custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency
or similar proceedings.

While our custodians