Gaming firm GameSquare boasts a $26M Ethereum fortune, but quiet debt fine print leaves just $2.1M in real cash

GameSquare Holdings reported stronger second-quarter operations alongside a $7.83 million crypto-linked accounting loss. The gaming and creator-economy company ended June with $2.1 million in cash and $12.1 million of current promissory notes payable, making the availability of GameSquare crypto holdings central to the liquidity picture.The company’s Aug. 12 earnings exhibit listed 15,080.51 ETH at June 30 and a rounded $25.9 million aggregate across ETH, altcoin investments, and cash. Restricted cash of $2.36 million appeared separately. The combined pool had more reported value than the note principal, with most of that pool held in digital assets whose June pledge status was undisclosed.GameSquare reported a $7.83 million realized and unrealized loss on its crypto holdings and ETH-fund investment during the quarter. The six-month loss on that line reached $22.42 million, inclusive of the second-quarter figure. GAAP consolidated net loss was $10.65 million.Revenue reached $18.48 million, and company-defined adjusted EBITDA was positive at $961,636. The unaudited non-GAAP reconciliation included the $7.83 million crypto-loss line as its largest addition among several adjustments, ...