Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 103

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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 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 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