GameSquare CryptoPunk NFT Bet: $5.15M Cowboy Ape Deal Brings Leshner Onboard

Key Points

1. GameSquare purchased the Cowboy Ape CryptoPunk from Robert Leshner, founder of Compound, in exchange for $5.15M in preferred stock convertible to shares.

2. The company added $10M worth of ETH to its treasury, bringing its total Ethereum holdings to over $52M as part of a $250M crypto treasury strategy.

3. CryptoPunks are among the earliest NFT collections, with only 24 'Ape' Punks, making Cowboy Ape #5577 a standout rarity.

4. GameSquare plans to use the NFT for community activations and marketing, partnering with 1OF1 AG to manage its NFT yield program.

5. The NFT market surged 21% to $6.3B, driven by renewed interest in Ethereum-based collections, including high-profile CryptoPunk purchases.