5 days ago
Digital media institution GameSquare (GAME) said it bought Cowboy Ape #5577 of the CryptoPunk non-fungible token (NFT) collection from Robert Leshner for $5.15 million.
The Frisco, Texas-based company, which described the acquisition a strategical investment, besides said it added conscionable implicit $10 cardinal worthy of ether (ETH) to its treasury. Leshner, the laminitis of Compound Labs, an open-source protocol for algorithmic wealth markets connected Ethereum, received the company's preferred banal successful payment
CryptoPunks are 1 of the earliest and among the astir influential NFT projects. Created successful 2017, they inspired overmuch of the modern crypto creation question and acceptable a precedent for integer ownership connected the blockchain.
"GameSquare plans to leverage CryptoPunks for selling activations, assemblage building, and imaginable licensing opportunities," the institution said in a Thursday announcement.
The firm's acquisition of 2,742.75 ETH takes its full holdings to 12,913.49 ETH, valued astatine astir $48.5 million.
A number of companies person unveiled ether treasury strategies successful caller months arsenic a means of generating passive output done ETH staking. Foremost among them is SharpLink Gaming(SBET), now the largest firm ether holder, with implicit 360,000 ETH.
Firms successful the media, amusement and gaming sectors similar SharpLink and GameSquare whitethorn spot an ether treasury strategy arsenic a means of advancing their Web3 aspirations done investing successful the Ethereum ecosystem and thereby gaining vulnerability to NFTs, decentralized concern (DeFi) and more.
GAME shares spiked to $1.44, an intraday summation of astir 8%, pursuing the announcement, earlier pulling back. At the clip of writing, it was trading 4.8% higher astatine $1.33.
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