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GameSquare Announces Pricing of Underwritten Public Offering to Launch Ethereum Treasury Strategy

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[PRESS RELEASE – Frisco, TX, United States of America, July 8th, 2025]

GameSquare’s Board approves $100 million Ethereum treasury authorization to expand the Company’s crypto-based treasury management strategy over time.

Initial investment fuels GameSquare’s strategic alliance with Ryan Zurrer and Dialectic to deploy an Ethereum-native yield strateg.y

GameSquare Holdings, Inc. (NASDAQ:GAME), (“GameSquare”, or the “Company”), a next-generation media, entertainment, and technology company, today announced the pricing of its previously announced underwritten public offering for the sale of 8,421,054 shares of common stock (or common stock equivalents) at a price of $0.95 per share for expected aggregate gross proceeds of approximately $8.0 million before deducting underwriting discounts and commissions and offering expenses. The Company intends to use the majority of the proceeds to accelerate the launch of its newly formed Ethereum (“ETH”) based treasury strategy, supported by a strategic alliance with Dialectic, a global leader in crypto-native capital management.

“Today’s announcement reflects the confidence of a proven group of high-quality investors and leaders in decentralized finance,” said Justin Kenna, CEO of GameSquare. “We’ve partnered with one of the world’s top crypto investment firms to generate real, on-chain yield while deepening our expertise in decentralized finance, pursuing new revenue streams, and strengthening our balance sheet.”

“This new treasury management strategy enhances our financial flexibility and allows us to support a defined capital allocation plan that is focused on pursuing additional ETH asset purchases, funding potential share repurchases, and reinvesting in our growth initiatives,” added Kenna.

GameSquare’s ETH-focused yield generation strategy is built on top of Dialectic’s proprietary platform Medici, which applies machine learning models, automated optimization, and multi-layered risk controls to generate best-in-class risk-adjusted returns. Targeted yields of 8-14% significantly exceed the current ETH staking benchmarks of 3-4%.

Dialectic’s program includes multi-layered risk management protocols that are widely recognized as the best risk-adjusted yields in DeFi. GameSquare’s new Ethereum-focused treasury vehicle may also incorporate additional yield-generating strategies across the Ethereum ecosystem, potentially utilizing assets such as stablecoins and non-fungible tokens to diversify and amplify returns.

GameSquare’s Board has approved an ETH allocation of up to $100 million, based on staged investments over time, while keeping adequate working capital for the operating business.

“Our crypto strategy reinforces our existing foundation in gaming, technology, and media, and is aligned with the broader trend of institutional adoption of digital assets,” Kenna continued. “Our strategic partnership with leaders in the crypto space including Ryan Zurrer of Dialectic and Rhydon Lee of Goff Capital is just getting started and I am excited to update investors on the quick progress we are making.”

Lucid Capital Markets is acting as the sole book-running manager for the offering.

In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 1,263,157 shares of its common stock (or common stock equivalents) at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about July 9, 2025, subject to customary closing conditions.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on March 4, 2025, and declared effective by the SEC on June 4, 2025. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Lucid Capital Markets, LLC, 570 Lexington Avenue, 40th Floor, New York, NY 10022.

About GameSquare Holdings, Inc.

GameSquare‘s (NASDAQ: GAME) mission is to revolutionize the way brands and game publishers connect with hard-to-reach Gen Z, Gen Alpha, and Millennial audiences. Their next-generation media, entertainment, and technology capabilities drive compelling outcomes for creators and maximize the brand partners’ return on investment. Through a purpose-built platform, they provide award-winning marketing and creative services, offer leading data and analytics solutions, and amplify awareness through FaZe Clan Esports, one of the most prominent and influential gaming organizations in the world. With one of the largest gaming media networks in North America, as verified by Comscore, GameSquare is reshaping the landscape of digital media and immersive entertainment.

To learn more, users can visit www.gamesquare.com.

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company’s future performance, revenue, growth and profitability; and the Company’s ability to execute on its current and future business plans. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company’s ability to grow its business and being able to execute on its business plans, the success of Company’s vendors and partners in their provision of services to the Company, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company’s ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company’s portfolio across entertainment and media platforms, dependence on the Company’s key personnel and general business, economic, competitive, political and social uncertainties. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company’s most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Corporate Contact

Lou Schwartz, President

Phone: (216) 464-6400

Email: ir@gamesquare.com

Investor Relations

Andrew Berger

Phone: (216) 464-6400

Email: ir@gamesquare.com

Media Relations

Chelsey Northern / The Untold

Phone: (254) 855-4028

Email: pr@gamesquare.com

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Bitcoin’s $120K Rally in Jeopardy as Miners Flood Binance With $2B BTC

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Bitcoin’s recent attempt to reclaim the $120,000 mark is facing new headwinds after Binance witnessed one of the largest single-day miner deposit spikes in months.

According to a report by CryptoQuant analyst Amr Taha, on July 25, miners sent over 18,000 BTC, worth more than $2 billion, to the exchange. The move coincided with a $650 million USDC withdrawal event, raising concerns over short-term liquidity pressure despite an otherwise bullish market backdrop.

Miner Behavior Flips

The uptick in miner deposits marks a sharp shift from their previously cautious stance. As recently as June 29, CryptoQuant data showed miners were holding onto their reserves, despite declining revenues and a slight 3.5% drop in Bitcoin’s hashrate. Analysts attributed this “HODL” behavior to strong unrealized profits and expectations of further upside.

However, Bitcoin’s July rally toward $120,000, just a few grand shy of its July 14 all-time high, appears to have triggered profit-taking. Taha suggested that rising operational costs and mining difficulty may also be compelling miners to liquidate some holdings to manage expenses.

He stated that such large inflows to exchanges have historically preceded periods of consolidation, as selling pressure temporarily outweighs new demand:

“While long-term sentiment remains bullish, this sharp inflow and capital movement may precede a period of consolidation or a local correction.”

The expert also noted that Binance had recorded its largest USDC net outflow in more than two months, with $650 million exiting the platform on the same day as the BTC inflow. This stablecoin drain suggests that some traders could be shifting funds to cold storage or alternative venues, potentially reducing immediate buy-side liquidity on the exchange.

Meanwhile, Binance has taken steps to adapt to shifting liquidity conditions. It recently launched Discount Buy, a feature allowing users to purchase crypto at below-market rates, potentially incentivizing accumulation during dips.

Taha suggested in his analysis that the platform is once again “becoming a focal point for short-term supply and liquidity shifts.”

Market Outlook

At the time of this writing, BTC was trading at $117,981, down slightly by 0.7% over the past 24 hours and 0.6% over the past week, while holding an 8.8% monthly gain.

The asset remains within a tight seven-day range of $115,184 to $119,568, perhaps indicating market indecision near key resistance.

Despite the sell-off, Bitcoin’s long-term fundamentals remain strong. Miner reserves had been climbing since March, with addresses holding 100 to 1,000 BTC accumulating 65,000 BTC, their highest level since November 2024, per CryptoQuant.

For now, traders are waiting to see if the flagship cryptocurrency can hold support above $115,000. If it does, analysts expect another attempt at breaking $120,000, potentially setting the stage for a retest of the all-time high.

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GalaChain, Through Landmark Shrapnel Partnership, Secures Access to China’s Trusted Copyright Chain

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[PRESS RELEASE – San Francisco, USA / CA, July 30th, 2025]

600 M-Gamer On-Ramp: GalaChain Secures TCC Access, Expands Gala Utility, and Welcomes Shrapnel

Gala today announced GalaChain’s position as the first foreign blockchain to collaborate with China’s Trusted Copyright Chain (TCC), a breakthrough that gives roughly 600 million gamers a cross-border path to NFTs in the world’s largest gaming market. Development of the cross-border bridge starts immediately, with full public launch targeted in Q1 2026.

“We are delighted to announce that Shrapnel has signed a cooperation agreement with Gala Games, a globally leading blockchain platform focused on the gaming sector, to establish a strategic partnership. Together, they will jointly invest in developing a large-scale FPS game targeting over 600 million Chinese gamers. This signing formally marks the beginning of a collaboration between the Gala Games Blockchain Platform and the Trusted Copyright Chain. This initiative will bridge the two major digital ecosystems, providing trusted digital infrastructure and professional services for the authentication, distribution, trading, and protection of digital assets in the global gaming industry,” said Xuan Hongliang, Director, National Operation Center of the Trusted Copyright Chain (TCC).

Key Highlights

  • Regulatory first: The bridge will be compliant with Chinese laws and regulations, including registration of NFTs inside China, unlocking a compliant path to ≈ 600 million gamers.
  • Economic flywheel: Shrapnel assets moving between China and the rest of the world consume $GALA, with an on-chain dashboard to display usage.
  • Shrapnel may use up to 10 percent of China’s revenue for periodic $SHRAP repurchases on GalaChain to support ecosystem health, subject to market and regulatory conditions.
  • Scaling GalaChain: Shrapnel network fees are powered by $GALA, materially expanding GalaChain ecosystem activity.
  • Influencer alignment: Built-in invitation links (邀请链接) and invitation NFTs (邀请凭证) let Chinese content creators verify every wallet activation, badge claim, or play-test entry they facilitate. Each qualifying action consumes GALA, updates a public on-chain counter, and lets contributors pick up rewards.
  • Developer momentum: AAA extraction shooter Shrapnel is migrating its entire economy from Avalanche to GalaChain. By moving its economy to GalaChain, Shrapnel gains faster finality, gas-efficient infrastructure with instant China compliance.
  • Community participation: Community participation: A free commemorative Bridge Badge NFT will be dropped to all Gala wallets and Neon players, and a 72-hour public claim window welcomes newcomers. The badge guarantees first-wave Shrapnel play-test slots and becomes the first NFT mirrored on TCC.

Executive Quotes

Eric Schiermeyer, Founder & CEO, Gala Games

“We are honored to connect GalaChain to the Trusted Copyright Chain through our partnership with Shrapnel. Every cross‐chain transfer will consume GALA, reinforcing the network for players on both sides of the Pacific. Thanks to Shrapnel, we can now serve China’s vast gaming community through a platform built for performance and regulatory readiness.”

Ken Rossman, CEO, Neon Machine

Through our groundbreaking partnership with GalaChain and the China Trusted Copyright Chain, we’re empowering hundreds of millions of players in China and beyond with true ownership of their in-game assets. This collaboration unlocks player-driven economies that are regulated and compliant, ensuring seamless cross-market access. Shrapnel players around the world can now own, trade, and monetize their gear, creating a unified, transparent, and innovative gaming ecosystem without borders.” 

Resources & Press Kit: https://gogames.gala.com/uiGFM

About GalaChain

GalaChain is Gala’s high-throughput Layer 1, purpose-built for entertainment, gaming, and DeFi. Secured by a global node network with 1 $GALA gas fees, the chain powers Gala’s portfolio of AAA games, music drops, film premieres, DeFi apps, and other projects while offering developers turnkey APIs for wallets, royalties, and bridging, now including the new link to China’s Trusted Copyright Chain.

For more information, users can visit https://games.gala.com/ or follow Gala on X, Telegram, or Discord. 

About the Trusted Copyright Chain (TCC)

The Trusted Copyright Chain is China’s national blockchain for registering and trading licensed digital assets. Operated under the National Press and Publication Administration, TCC timestamps copyrights, enforces royalty splits, and settles transactions in renminbi, giving rights-holders a compliant pathway to reach China’s 600-million-player market with digital asset ownership.

About Neon Machine

Neon Machine is an independent game studio behind Shrapnel, the first moddable premium shooter. Powered by GalaChain, Shrapnel pairs blockbuster visuals with true, on‐chain ownership of player‐generated gear and maps—delivering an open, creator‐driven economy.

Source

iResearch “2024 China Gaming Market Report”

DISCLAIMER: The purchase or sale of any token or digital asset involves risk. The information in this press release is provided for informational purposes only, and we urge you to read this material carefully and ask us any follow-up questions that you may have before joining the GalaChain platform. You should also consult with your legal, accounting, or tax advisors regarding any applicable laws, rules, or regulations that might govern your purchase of the digital assets discussed in this press release or your participation in the GalaChain platform, and regarding the tax or other financial implications of any purchase or sale. By your purchase or sale of any digital assets or tokens offered by GalaChain, you agree to assume the risks of such participation, and GalaChain disclaims any liability thereof. Digital assets are unregulated in many jurisdictions and may be subject to price volatility. You should conduct your own due diligence. Nothing in this release constitutes financial advice or an offer to sell in any jurisdiction where such activity is prohibited.

Media Contact: Press@gala.com  

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XRP to Flip ETH? ETF News Sparks 2017 Flashbacks

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TL;DR

  • XRP/BTC breaks 7-year range, signaling potential shift toward historical runs last observed in 2017.
  • Ripple is close to settling with the SEC; ETF talks intensify as the market closely watches August developments.
  • Whale wallets buy 60M XRP in 24 hours, adding $180M in buying pressure across exchanges.
  • XRP trades at $3.10, which is close to its recent ATH; an analyst suggests a true breakout above $26.

XRP/BTC Breakout Ends 7 Years of Consolidation

XRP has broken out of a price range it held against Bitcoin for nearly seven years. According to crypto analyst Cas Abbé, XRP/BTC had been consolidating since 2018, with price movement largely sideways during that period. The pair has now moved above a long-term resistance level around 0.000035 BTC, a level that held for most of the consolidation phase.

Interestingly, this breakout is drawing comparisons to XRP’s 2017 performance, when the token surged to the number two spot by market cap. XRP/BTC is currently testing a zone last visited during that cycle, between 0.00019 and 0.00023 BTC.

The analyst even hinted that XRP’s potential rise could take it to the number 2 spot in terms of market cap, meaning that it could flip ETH.

Legal Developments and ETF Speculation Fuel Momentum

Ripple’s legal case with the US SEC has reached a new stage. The two parties agreed to reduce the originally proposed $125 million fine to $50 million. 

In addition, the injunction blocking Ripple from institutional XRP sales has been removed. A previous 60-day negotiation window ended in June, and a final extension is expected to close in August.

While some in the community expect a key update by August 15, legal analyst Bill Morgan clarified that the SEC has no formal deadline to drop its appeal by that date. Despite this, market participants continue to monitor legal progress closely, especially as talk of a spot XRP ETF gains attention.

An approved ETF could expand access to XRP and possibly trigger further capital inflows, similar to what was seen with Bitcoin and Ethereum ETFs earlier in the year.

Market Activity, Whale Buying, and Network Signals

XRP was trading at $3.10 at press time, with a 24-hour trading volume of $5.6 billion. The token has seen a minor decline in the past 24 hours and an 11% drop over the last week. Its market cap currently stands at $183.5 billion, ranking it as the third-largest crypto asset.

On-chain analyst Ali Martinez reported that large holders bought 60 million XRP in the past 24 hours, a total worth over $180 million. This follows a steady rise in whale accumulation, with large investors increasing exposure over the last month.

In addition to price action and volume, on-chain indicators are signaling a possible continuation. Analyst Captain Redbeard reported that XRP’s NVT ratio, used to measure network value versus transaction volume, has dropped to multi-month lows while the price has continued to climb. This pattern last appeared before a strong XRP rally, suggesting a potential breakout setup.

XRP NVT ratio
Source: X

Price Gaps and Criminal Case

Analyst Amonyx pointed out that XRP’s previous all-time high against Bitcoin would place its current USD value near $26.6. With XRP still priced at $3.10, the difference between current levels and historical peaks remains wide.

Separately, a criminal report involving XRP has emerged. Nancy Jones, the widow of country music artist George Jones, filed a report claiming $17 million worth of XRP was stolen. Her ex-boyfriend, Kirk West, was arrested at Nashville International Airport on July 24 in connection with the case.

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