GameSquare, a media and entertainment company listed on Nasdaq, has announced a significant expansion of its digital asset portfolio, including the purchase of Ethereum and an increase in its crypto treasury management budget.
Purchase of Ethereum
GameSquare has acquired 8,351 Ethereum (ETH) tokens, with a total value of approximately $30 million. The purchases were made at an average price of $3,592 per token.
Expansion of Crypto Treasury Management Program
GameSquare's board of directors has increased the authority of its crypto treasury management program from $100 million to $250 million. As part of this new strategy, the company has allocated an initial budget of $10 million for its NFT revenue strategy.
Strategic Partnership and New Initiatives
GameSquare has also formed a strategic partnership with Ryan Zurrer of Dialectic and Rhydon of Goff Capital to optimize its crypto treasury program. The new management framework aims to allocate capital to high-quality Ethereum-based assets and generate sustainable stablecoin returns between 6% and 10%. CEO Justin Kenna stated: “We are thrilled to be one of the first public companies to consider NFTs as part of our digital asset strategy. This approach reflects our innovative vision for treasury management.
GameSquare's increased investments in digital assets and partnerships with other companies highlight the growing interest in cryptocurrencies and NFTs within the media industry.
