Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 20

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 20
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 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 with companies engaging in such a strategy, such as increased costs of director and officer liability
insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital
assets industry in general, and the use and acceptance of Ethereum in particular, may also impact the price of Ethereum and is subject
to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of Ethereum may depend, for instance, on public
familiarity with digital assets, ease of buying, accessing or gaining exposure to Ethereum, institutional demand for Ethereum as an investment
asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for Ethereum as a means
of payment, and the availability and popularity of alternatives to Ethereum. Even if growth in Ethereum adoption occurs in the near or
medium-term, there is no assurance that Ethereum usage will continue to grow over the long-term.

Because Ethereum has no physical
existence beyond the record of transactions on the Ethereum blockchain, a variety of technical factors related to the Ethereum blockchain
could also impact the price of Ethereum. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of
Ethereum transactions, hard “forks” of the Ethereum blockchain into multiple blockchains, and advances in digital computing,
algebraic geometry, and quantum computing could undercut the integrity of the Ethereum blockchain and negatively affect the price of Ethereum.
The liquidity of Ethereum may also be reduced and damage to the public perception of Ethereum may occur, if financial institutions were
to deny or limit banking services to businesses that hold Ethereum, provide Ethereum-related services or accept Ethereum as payment, which
could also decrease the price of Ethereum. Similarly, the open-source nature of the Ethereum blockchain means the contributors and developers
of the Ethereum blockchain are generally not directly compensated for their contributions in maintaining and developing the blockchain,
and any failure to properly monitor and upgrade the Ethereum blockchain could adversely affect