Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 10

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 10
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-work mining. Other alternative digital
assets include “stablecoins,” which are designed to maintain a peg to a reference price because of their issuers’ promise
to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total value of
stablecoins in circulation. Stablecoins have grown rapidly as an alternative to bitcoin and other digital assets as a medium of exchange
and store of value, particularly on digital asset trading platforms.

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Additionally, central banks
in some countries have started to introduce digital forms of legal tender. For example, China’s central bank digital currency (“CBDC”)
project was made available to consumers in January 2022, and governments including the United States and the European Union have
been discussing the potential creation of new CBDCs.

Cryptocurrency Industry Participants

The primary cryptocurrency
industry participants are miners, investors and traders, digital asset exchanges and service providers, including custodians, brokers,
payment processors, wallet providers and financial institutions.

Miners. Miners range
from cryptocurrency enthusiasts to professional mining operations that design and build dedicated mining machines and data centers, including
mining pools, which are groups of miners that act cohesively and combine their processing power to mine cryptocurrency blocks.

Investors and Traders.
Cryptocurrency investors and traders include individuals and institutional investors who, directly or indirectly, purchase, hold, and
sell cryptocurrency or cryptocurrency-based derivatives. On January 10, 2024, the SEC issued an order approving several applications
for the listing and trading of shares of spot bitcoin exchange-traded products (“ETPs”) on U.S. national securities exchanges.
While the SEC had previously approved exchange-traded funds where the underlying assets were bitcoin futures contracts, this order represents
the first time the SEC has approved the listing and trading of ETPs that acquire, hold and sell cryptocurrency directly. The SEC has since
approved several applications for the listing and trading of shares of spot ethereum ETPs as well as bitcoin-ethereum combination ETPs.
ETPs can be bought and sold on a stock exchange like traditional stocks, and provide investors with another means of gaining economic
exposure to cryptocurrency through traditional brokerage accounts.

Digital Asset Exchanges.Digital
asset exchanges provide trading venues for purchases and sales of cryptocurrency in exchange for fiat or other digital assets. Cryptocurrency
can be exchanged for fiat currencies, such as the U.S. dollar, at rates of exchange determined by market forces on cryptocurrency trading