Ethereum News Today: GameSquare Acquires $5.15M CryptoPunk as Stock Rises 72% on NFT Yield Strategy

GameSquare Holdings Inc., a publicly traded digital media company, announced the acquisition of a rare CryptoPunk NFT for $5.15 million in preferred shares, marking a strategic move to leverage non-fungible tokens (NFTs) as both cultural assets and yield-generating tools. The NFT, featuring "Cowboy Hat" and "Ape" traits, was previously owned by Robert Leshner, founder of decentralized lending protocol Compound and CEO of Superstate. The transaction involved 3,433,333 preferred shares, convertible into common stock at $1.50 per share [1]. The CryptoPunk, one of the 24 rarest in the 10,000-piece collection, had been held by Leshner since 2022 when he acquired it for 2,501 ETH ($9.4 million) [1].

GameSquare’s purchase aligns with its Ethereum treasury strategy, which currently holds 12,900 ETH valued at $48 million as of July 24, 2025. The firm emphasized its intent to use the NFT as a "strategic treasury asset" and "yield-bearing asset," leveraging it through crypto firm Dialectic to borrow stablecoins at a fixed rate. These funds are then reinvested to generate returns, capturing a spread while maintaining custody of the NFT under the Dialectic-managed treasury program [1]. The approach reflects a broader trend of publicly traded companies integrating high-value NFTs into capital structures, a strategy GameSquare CEO Justin Kenna described as securing "grail" assets—ultra-rare NFTs with cultural and financial significance [1].

The transaction coincided with a surge in CryptoPunk trading activity, with $13.6 million worth of the NFTs changing hands through dedicated marketplaces in the preceding week. GameSquare’s profile now showcases the NFT as a symbol of its commitment to the blockchain ecosystem, with a spokesperson noting, "There’s nothing more O.G. in this space than a CryptoPunk." The acquisition follows a $10 million allocation to a "NFT yield strategy," approved by the board in July 2025, and expands the firm’s capacity to purchase up to $250 million in digital assets [1].

Financial performance highlights include a 72% surge in GameSquare’s stock price to $1.30 over the past month, according to Yahoo Finance, though shares have since declined from a multi-year high of $2.82 earlier in July. The firm’s treasury holdings, including Ethereum and NFTs, are positioned to benefit from volatility in crypto markets, with the CryptoPunk’s OpenSea valuation potentially offering downside protection. The NFT’s wallet, managed under Dialectic, also holds 242 other NFTs from artists like Beeple and Tom Sachs, underscoring a diversified approach to digital collectibles [1].

The move underscores GameSquare’s dual focus on esports and blockchain-driven assets, as it owns entities like gaming organization FaZe Clan and a production studio. By combining NFTs with Ethereum staking and stablecoin leverage, the firm aims to optimize shareholder value in a market where digital art and decentralized finance continue to intersect.

Source: [1] [Ethereum Treasury Firm Buys $5M CryptoPunk—And Is Borrowing Stablecoins Against It] [https://decrypt.co/331720/ethereum-treasury-firm-buys-5m-cryptopunk-borrowing-stablecoins]