Gamesquare, a digital media company with a Ethereum Treasury strategy, said Thursday that it got a rare Cryptopunk NFT For $ 5.15 million in preference shares.
The Ethereum-based NFT was previously owned by Robert Leshner, who founded the decentralized loan protocol Connection And now serves as CEO of Crypto Asset Manager Superstate. His preferred shares can be converted into ordinary shares for $ 1.50 per share, Gamesquare said.
With “Cowboy Hat” and “APE” as properties, the cryptopunk is up to the 24 rarest NFTs from the iconic collection of 10,000 pixel -related profile photos, per market OpenSea. Lesher bought the NFT for 2,501 ETH worth $ 9.4 million in 2022, Blockchain -data Shows.
Gamesquare is one of the first listed companies that announced that it had bought an expensive NFT as a way to maximize the shareholder value. The company says that it is planning to use the piece of digital art as a ‘strategic treasury asset’, ‘cultural symbol’ and yielding assets.
Gamesquare has taken over the iconic Cowboy APE #5577 Cryptopunk from Defi Pioneer @rleshner in a strategic investment of $ 5.15 million.
We have also added $ 10 million ETH to our treasury, which brings the total Ethereum Treasury Holdings to more than $ 52 million. pic.twitter.com/u2lfapqecm
– Gamesquare Holdings Inc. (@GSQholdings) July 24, 2025
On Thursday, the profile photo of the company on X showed the cryptopunk bought at Leshner, but a spokesperson for the company told Decrypt That the NFT is more than a mascot.
“There is nothing more in this room than a cryptopunk,” they said. “A punk is a marker that you have been here, you have built up the cycles and you are committed to the ecosystem.”
On Monday, the company, which was founded in 2011, said that the authorization received from the board of directors to follow an “NFT return strategy”, with an initial allocation of $ 10 million.
The spokesperson for Gamesquare told Decrypt The fact that the Stablecoins company lends against “high-quality NFTs such as our cryptopunk in a fixed rate” and use those funds to generate yield and to record a distribution by a strategy managed by crypto-business dialectics.
The shares of Gamesquare have risen 72% to $ 1.30 in the past month, according to the price of Ethereum, according to the price of Ethereum, according to Yahoo Finance. However, Gamesquare shares have fallen in particular from a multi-year highlight of $ 2.82 earlier this month.
In a statement, Gamesquare CEO Justin Kenna described the acquisition as’ first ‘grail’ of the company, a term reserved for ultra-selding NFTs that indicated that more NFT purchases could be added.
“We are interested in high-quality art and digital collection objects,” said the spokesperson for Gamesquare, and noted that cryptopunks have both “cultural weight and financial benefits.”
Leshner has recently been in the news again. A little known company in Florida that specializes in advertisements for drinks defended himself This month against a takeover of Leshner. He indicated A “partial” victory on X after the company had unveiled a Bitcoin Treasury strategy, even though he was diluted from a controlling interest in the company.
The announcement of Gamesquare follows one Flurry or cryptopunk sales Earlier this week, those levels of NFT trading volume generated that was not seen in months. On Sunday, $ 13.6 million in cryptop runs changed ownership via a special marketplace for the NFTs.
From Thursday, the company said it owned around 12,900 ETH, which is currently worth $ 48 million. And under recent authorization of the board of directors, the company said that it can buy up to $ 250 million in digital assets.
Gamesquare has various companies that are popular with the Esports World, including the gaming organization Faze Clan. It also has a marketing agency and production studio.
The cryptopunk purchased by Gamesquare was transferred to a new owner on Thursday, Blockchain -data Shows. The digital wallet This received the NFT -kept 242 others, including those of digital artists Squeak” Snowfro” Justin AversanoAnd Sam Spratt. The digital wallet also held one Rare Pepe and an NFT from Tom Sachs’ Rocket factory.
“The wallet is managed among us Treasury program in strategic partnership with Dialectic,” said the spokesperson for Gamesquare. “ETH custody, NFT custody and yield strategy are all part of the same structure, housed under the dialectical umbrella.”