Digital media firm GameSquare (GAME) mentioned it purchased Cowboy Ape #5577 of the CryptoPunk non-fungible token (NFT) assortment from Robert Leshner for $5.15 million.
The Frisco, Texas-based firm, which described the acquisition a strategic funding, additionally mentioned it added simply over $10 million price of ether (ETH) to its treasury. Leshner, the founding father of Compound Labs, an open-source protocol for algorithmic cash markets on Ethereum, obtained the corporate’s most popular inventory in fee
CryptoPunks are one of many earliest and among the many most influential NFT tasks. Created in 2017, they impressed a lot of the trendy crypto artwork motion and set a precedent for digital possession on the blockchain.
“GameSquare plans to leverage CryptoPunks for advertising and marketing activations, group constructing, and potential licensing alternatives,” the corporate mentioned in a Thursday announcement.
The agency’s buy of two,742.75 ETH takes its complete holdings to 12,913.49 ETH, valued at round $48.5 million.
Numerous firms have unveiled ether treasury methods in latest months as a method of producing passive yield by means of ETH staking. Foremost amongst them is SharpLink Gaming(SBET), now the most important company ether holder, with over 360,000 ETH.
Companies within the media, leisure and gaming sectors like SharpLink and GameSquare may even see an ether treasury technique as a method of advancing their Web3 aspirations by means of investing within the Ethereum ecosystem and thereby gaining publicity to NFTs, decentralized finance (DeFi) and extra.
GAME shares spiked to $1.44, an intraday acquire of practically 8%, following the announcement, earlier than pulling again. On the time of writing, it was buying and selling 4.8% increased at $1.33.
