GameSquare buys 8,351 ETH amid approval for additional $150 million towards its crypto treasury
Quick Take The Nasdaq-listed media and entertainment company has increased its digital asset treasury management authorization from $100 million to $250 million. As part of this program, the board approved a new NFT yield strategy and formed strategic partnerships with Dialectic’s Ryan Zurrer and Goff Capital’s Rhydon.
GameSquare (ticker GAME) recently purchased $30 million of ether, acquiring approximately 8,351 ETH at a weighted average price of $3,592 per token.
The Nasdaq-listed media and entertainment company said Monday that its board of directors has increased its digital asset treasury management authorization from $100 million to $250 million. As part of this program, the board approved a new NFT yield strategy, with an initial $10 million allocation. The company has also formed a strategic partnership with Dialectic's Ryan Zurrer and Goff Capital's Rhydon to manage and optimize its crypto treasury program.
The updated treasury framework enables GameSquare to actively deploy capital into high-quality Ethereum-based assets and generate sustainable stablecoin yields targeting a 6% to 10% return, according to a press release .
"We are excited to be among the first public companies to include NFTs as part of a diversified digital asset strategy," CEO Justin Kenna said in a statement. "This reflects the innovative approach to our treasury management initiatives. With deep experience building in-game and real-world creative environments, GameSquare is uniquely positioned to understand the cultural and economic value of these digital assets."
The success of corporate bitcoin treasures from the likes of Strategy has led to a surge in both BTC and ETH treasuries . To date, GameSquare has purchased $35 million of ETH under its $250 million authorization. The company has approximately 10,170.74 ETH as of July 21.
GameSquare stock surged earlier this month after the board approved its original $100 million Ethereum treasury initiative. Last week, the company closed a $70 million public offering to buy more ETH.
GAME shares traded down 9% to $1.38 at publication time, according to Yahoo Finance data, although shares are still up nearly 90% over the past month. Its market cap sits near $67 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CoreWeave's surge gives AI cloud a breather, now all eyes are on the Anthropic IPO and Nvidia
CoreWeave’s Q3 revenue and guidance both exceeded expectations, with its stock price surging 25% in a single day and the new cloud sector soaring over 12%. Reports of Anthropic’s potential $1.5 trillion IPO valuation, OpenAI’s quarterly revenue surpassing $10 billion for the first time, and these three positive catalysts together have boosted confidence in the AI computing power industry chain, which was previously troubled by doubts about AI returns. Next week’s Nvidia earnings report and Anthropic’s IPO will be the true test of whether this rally can continue.
AI Computing Power and Semiconductors Stage a Strong Rebound—Why Is Wall Street Cautious About U.S. Stocks? Key Indicators Reveal the Bottom Hasn't Been Reached
The sharp volatility in the US stock market has prompted investors to carefully analyze various data to determine whether the sell-off has ended. Early indicators suggest that it may be too soon to declare that the market has resumed its normal upward trajectory.
Nvidia (NVDA.US) Governance Crisis Escalates: Jensen Huang Exposed for Another Affair, Board Considers Dismissal, and Wall Street Begins Pricing in a “No Jensen” Scenario
The world's most valuable semiconductor company is experiencing the most severe corporate governance crisis since its establishment.
Crypto prices
More
