Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 22

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 22
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 assets that may result from “forks” of the Ethereum blockchain if our custodians are unable to support or otherwise
provide us with such digital assets, thereby reducing the amount of digital assets we may hold as a result. While our custodians will
carry insurance policies to cover losses for commercial crimes and cyber and tech errors or omissions, the policy limits vary per provider
and would be shared among all of their customers, and subject to various limitations and exclusions (such as if a loss arises due to our
failure to protect our login credentials and devices). The insurance that covers losses of our Ethereum holdings may cover only a small
fraction of the value of the entirety of our Ethereum holdings, and there can be no guarantee that such insurance will be maintained as
part of the custodial services we will have or that such coverage will cover losses with respect to our Ethereum. Moreover, our use of
custodians exposes us to the risk that the Ethereum our custodians hold on our behalf could be subject to insolvency proceedings and we
could be treated as a general unsecured creditor of the custodian, inhibiting our ability to exercise ownership rights with respect to
such Ethereum. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage we maintain related
to our Ethereum.

Ethereum is controllable only
by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the Ethereum
is held. While the Ethereum blockchain ledger requires a public key relating to a digital wallet to be published when used in a transaction,
private keys must be safeguarded and kept private in order to prevent a third party from accessing the Ethereum held in such wallet. To
the extent the private key(s) for a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is
accessible, neither we nor our custodians will be able to access the Ethereum held in the related digital wallet. Furthermore, we cannot
provide assurance that our digital wallets, nor the digital wallets of our custodians held on our behalf, will not be compromised as a
result of a cyberattack. The Ethereum and blockchain ledger, as well as other digital assets and blockchain technologies, have been, and
may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

| S-14 |

Regulatory change reclassifying Ethereum as a security could lead to our classification as an “