GameSquare finished June with 15,080 ETH and $25.9 million in combined crypto and cash, but the balance sheet snapshot raised questions about how much readily available liquidity it actually had. Only $2.1 million of that total was cash, while current notes stood at $12.1 million. The company also did not disclose how much of its June ETH holdings remained pledged, making it difficult to assess how much of the crypto could be converted or used to meet near-term obligations.