Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 22

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 22
---
 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 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