Nasdaq-listed media and entertainment company GameSquare (GAME) continues to grow its digital asset portfolio.
The company announced the purchase of 8,351 Ethereum (ETH) tokens, worth approximately $30 million. The purchases were made at an average price of $3,592 per token.
In addition to this significant investment move, GameSquare's board of directors increased the mandate for its crypto treasury management program from $100 million to $250 million. As part of the new strategy, the company has allocated an initial $10 million budget to its NFT revenue strategy.
GameSquare has also formed a strategic partnership with Ryan Zurrer of Dialectic and Rhydon of Goff Capital to optimize its crypto treasury program. According to the statement, the new treasury management framework aims to allocate capital to high-quality Ethereum-based assets and generate sustainable stablecoin returns between 6% and 10%.
“We are thrilled to be one of the first public companies to consider NFTs as part of our digital asset strategy. This approach reflects our innovative vision for treasury management. With our deep experience in in-game and real-world creative environments, we are uniquely positioned to understand the cultural and economic value of these digital assets,” GameSquare CEO Justin Kenna said in a statement.
*This is not investment advice.
