By GameSquare has taken a bold step in expanding its Ethereum-based treasury strategy by acquiring a rare CryptoPunk NFT from Compound founder Robert Leshner in an all-stock transaction valued at $5.15 million.
The move is part of the firm’s deeper push into non-fungible tokens, with GameSquare seeking to position itself as a serious player in the evolving digital asset economy.
This deal also brings on board Leshner—one of DeFi’s early pioneers—as a shareholder and strategic contributor, strengthening GameSquare’s alignment with Ethereum-native finance.
Equity-for-NFT deal totals $5.15 million
On 24 July, GameSquare announced it had acquired the ‘cowboy ape’—a highly sought-after CryptoPunk with an ape-like appearance and one of just 24 in existence—directly from Robert Leshner.
The deal was financed entirely through equity, with Leshner receiving $5.15 million in preferred stock convertible into roughly 3.4 million shares in GameSquare.
The transaction is not just symbolic. It reflects a strategic pivot by GameSquare to use NFTs as part of a broader digital-native treasury framework, with a focus on Ethereum-based assets.
This isn’t the firm’s first blockchain-related move, but the size and visibility of the acquisition signal a new phase in its onchain positioning.
DeFi pioneer Leshner joins GameSquare shareholder base
The acquisition not only brought the rare NFT into GameSquare’s treasury but also extended its executive ecosystem.
With Leshner now a shareholder, GameSquare gains direct input from one of the most prominent figures in decentralised finance.
Leshner is also the CEO of Superstate, an Ethereum-focused financial services platform, and is expected to advise GameSquare on its crypto treasury strategy and further NFT integration.
This is not the first time a company has used equity to acquire digital collectibles, but the deal structure is noteworthy given the NFT market’s current slump.
GameSquare appears to be betting on long-term digital identity and decentralised cultural capital rather than near-term gains.
NFT market remains far below 2021 peak
GameSquare’s investment comes at a time when the broader NFT market is still deep in a correction.
CryptoPunks, once a flagship of the NFT boom, have seen their floor prices drop by 50% since peaking in October 2021.
Lesser-known collections have performed far worse, with some losing as much as 99% of their value.
Despite the market downturn, GameSquare is not shying away.
By anchoring its treasury with a blue-chip NFT, the firm is sending a clear signal that it sees digital collectibles as more than speculative assets—they’re part of a longer-term strategy tied to Ethereum-native capital infrastructure.
Ethereum-based treasury strategy gains momentum
The decision to centre treasury strategy on Ethereum-native assets reflects a growing trend among blockchain-aligned firms.
By holding ETH and NFTs in treasury, companies like GameSquare aim to maintain alignment with the decentralised networks they engage with while also potentially benefiting from long-term asset appreciation.
GameSquare’s acquisition of the CryptoPunk aligns with its belief in “digital identity, decentralised ownership, and cultural capital onchain,” according to its public statements.
With Leshner’s involvement, the firm now has additional firepower to execute this vision at the intersection of traditional finance and digital assets.
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