GameSquare Holdings, a Nasdaq-listed company, has announced a major boost to its crypto treasury authorization, increasing it from $100 million to $250 million. This move demonstrates the company’s commitment to expanding its presence in the cryptocurrency market. The company has also introduced a new Ethereum-based NFT strategy with an initial allocation of $10 million.
Treasury Boost From $100M to $250M
GameSquare’s board has approved raising its crypto treasury authorization to $250 million. This allows the company to invest further in digital assets, especially Ethereum. As part of this strategy, GameSquare introduced a new NFT yield program with an initial $10 million investment.
The program aims to earn returns of 6-10% from digital assets like digital art and collectibles. CEO Justin Kenna stated that this initiative, in partnership with Dialectic and Goff Capital, focuses on creating steady returns.
The company aims to become a significant Ethereum holder among public companies. It recently bought 8,352 ETH at an average price of $3,592, raising its total to 10,171 ETH. This $30 million purchase is part of a larger $35 million investment plan within the $250 million authorization.
GameSquare’s Ethereum Acquisition
GameSquare also secured $70 million through a public offering of 46,666,667 shares, with plans to spend much of this on Ethereum. These actions position GameSquare to take advantage of Ethereum in decentralized finance.
GameSquare focuses on Ethereum because it believes in its robust system and diverse applications. Ethereum supports decentralized finance, NFTs, and smart contracts, making it a crucial component in blockchain development.
Unlike some other cryptocurrencies, Ethereum’s improvements and popularity provide unique growth opportunities. GameSquare’s strategy leverages these advantages to generate profits and create long-term value, underscoring Ethereum’s role as a key asset for businesses.
Meanwhile, this recognition of Ethereum has also drawn other notable companies to it. Firms like Blank-check company, Dynamix, made plans today to merge with another firm to create the Ether Machine. This new company plans to hold over $1.5 billion in ether (ETH).
On the other hand, BTC Digital, a Nasdaq-listed bitcoin (BTC) mining firm, made a complete shift in its treasury. It plans to shift from holding bitcoin, the world’s leading cryptocurrency, to filling its stash with Ethereum (ETH), the world’s second-largest digital asset, with a market capitalization exceeding $420 billion.
