GameSquare Expands Its Crypto Treasury with $5.15 Million Purchase of CryptoPunk NFT

The publicly traded company GameSquare has purchased an NFT from the CryptoPunk collection for $5.15 million from its previous owner to add to its treasury reserves.

The former token holder, Robert Leshner, received approximately 3.4 million preferred shares of the company as part of the deal, which can be converted into common stock at a price of $1.50.

Leshner is the founder of Superstate and Compound. He originally acquired CryptoPunk #5577 in February 2022 for 2501 ETH, equivalent to around $7.7 million at that time.

«This is not just our first NFT treasure; it signifies that we think differently and are expanding our presence in digital culture by creating a next-generation media company with cryptocurrency in its DNA,» stated GameSquare CEO Justin Kenna.

Additionally, Leshner has taken on a role as an advisor to the firm regarding digital assets.

The company also announced the purchase of an extra $10 million worth of ETH. Currently, its treasury holds the second-largest cryptocurrency amounting to approximately $52 million.

Overall, GameSquare plans to invest a total of $250 million in acquiring Ethereum.

The company’s shares, trading under the ticker GAME, did not react to the news and are currently priced at $1.30.

However, back in early July, the company’s shares experienced a 60% rise following the announcement of their Ethereum reserve creation.

It’s worth noting that the market capitalization of the non-fungible token segment surpassed $6 billion after a rare CryptoPunk was purchased for $7.8 million.