Ethereum Treasury Firm Buys $5M CryptoPunk—And Is Borrowing Stablecoins Against It
Main Idea
GameSquare acquired a rare CryptoPunk NFT for $5.15 million and plans to use it as part of an NFT yield strategy, while also holding a significant amount of ETH in its treasury.
Key Points
1. GameSquare purchased a rare CryptoPunk NFT for $5.15 million, previously owned by Compound founder Robert Leshner.
2. The company holds 12,900 ETH (worth $48 million) and added $10 million in ETH to its treasury, bringing total Ethereum holdings to over $52 million.
3. GameSquare is borrowing stablecoins against high-quality NFTs like the CryptoPunk as part of a yield strategy managed by Dialectic.
4. The company's stock has rallied 72% to $1.30 over the past month, coinciding with Ethereum's price rise.
5. GameSquare's CEO described the CryptoPunk acquisition as the firm's 'first grail,' hinting at potential future NFT purchases.
Description
GameSquare, a digital media company with an Ethereum treasury strategy, is borrowing stablecoins against its newly acquired CryptoPunk NFT.
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