Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 13

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 13
---
 the approval of the spot bitcoin and ether ETPs support this view. However,
such statements are not official policy statements by the SEC and reflect only the speakers’ views, which are not binding on the
SEC or any other agency or court and cannot be generalized to any other digital assets. The SEC has recently dropped enforcement actions
that were brought in the previous administration against large cryptocurrency exchanges in which they alleged securities violations for
activity related to cryptocurrency including staking, signaling a change in approach.

In addition, because transactions
in cryptocurrency provide a degree of anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This
misuse, or the perception of such misuse, could lead to greater regulatory oversight of cryptocurrency and cryptocurrency platforms, and
there is the possibility that law enforcement agencies could close cryptocurrency platforms or other cryptocurrency-related infrastructure
with little or no notice and prevent users from accessing or retrieving cryptocurrency held via such platforms or infrastructure. For
example, in her January 2021 nomination hearing before the Senate Finance Committee, Treasury Secretary Janet Yellen noted that cryptocurrencies
have the potential to improve the efficiency of the financial system but that they can be used to finance terrorism, facilitate money
laundering, and support activities that threaten U.S. national security interests and the integrity of the U.S. and international financial
systems. The Office of Foreign Assets Control has issued updated advisories regarding the use of virtual currencies, added a number of
digital asset exchanges and service providers to the Specially Designated Nationals and Blocked Persons list and engaged in several enforcement
actions, including a series of enforcement actions that have either shut down or significantly curtailed the operations of several smaller
digital asset exchanges associated with Russian and/or North Korean nationals.

| S-10 |

As noted above, activities
involving cryptocurrency and other digital assets may fall within the jurisdiction of more than one financial regulator and various courts
and such laws and regulations are rapidly evolving. President Trump issued an Executive Order on January 23, 2025 titled “Strengthening
American Leadership in Digital Financial Technology,” which revoked Biden-era actions, prohibited exploration of CBDCs, and established
an interagency working group on digital asset markets, which includes the head of the SEC and CFTC. The working group will make regulatory
and legislative recommendations including a proposed regulatory framework relating to the issuance and operation of digital assets.

Our Treasury Strategy

In January 2025, the Company
announced implementing crypto growth and treasury initiatives through a