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GameSquare Shares Surge as Board Greenlights $100M Ethereum Treasury
- GameSquare’s board approved a US$100M phased investment into Ethereum, backed by an US$8M public offering and guided by crypto firm Dialectic.
- CEO Justin Kenna says the plan boosts financial flexibility, aiming for on-chain yield, new revenue, share buybacks, and DeFi expertise.
- GAME shares surged nearly 60% after the news as ETH rose to US$2,780, with the move mirroring a wider trend of public firms expanding into Ethereum.
Media company GameSquare announced that its board has approved a phased allocation totaling US$100 (AU$153M) million into Ethereum (ETH), backed by a US$8M (AU$12.2M) public offering underwritten by investors.
Dialectic, a crypto-focused investment firm, will partner with GameSquare to steer the strategy and execution.
CEO Justin Kenna highlighted that the new approach gives GameSquare greater financial flexibility, creating a structured pathway to allocate capital specifically toward Ethereum investments.
We’ve partnered with one of the world’s top crypto investment firms to generate real, on-chain yield while deepening our expertise in decentralized finance, pursuing new revenue streams, and strengthening our balance sheet.
Justin Kenna, CEO of GameSquare. Kenna added that proceeds might also support share repurchases and ongoing growth projects.
Related: Senate Banking Committee Convenes Crypto Power Panel Ahead of Landmark Regulation Vote
ETH’s Price Reaches US$2.7k
Ethereum saw some decent gains shortly after the announcement, edging up 6.4% in the last 24 hours to around US$2,780 (AU$4,246), according to GoinGecko data.
Shares of GAME closed at US$2.16 (AU$3.3) on the Nasdaq, up nearly 60% for the day and tacked on another 6.5% in after-hours trading, according to data from Google Finance. The jump pushed GameSquare’s market cap to just over US$84.5M (AU$129M).
GameSquare’s push comes as more firms tiptoe beyond Bitcoin. SharpLink Gaming, another public company, now holds over US$500M (AU$764M) in ETH.
Related: Bitcoin Caught Between $100K Support and $110K Resistance as Traders Eye Breakout
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
