Recently, institutions have suddenly started switching from Bitcoin (BTC) to Ethereum (ETH) and are adopting an ETH treasury strategy.
At this point, while large companies such as Sharplink Gaming and Bit Digital purchased large amounts of Ethereum, news of another ETH purchase came from a giant US company.
Accordingly, US-based gaming company GameSquare announced its $100 million move to launch its Ethereum treasury strategy.
Nasdaq-listed media company GameSquare announced in an official statement that its board of directors has approved a strategy to phase in up to $100 million in Ethereum treasury.
The company also said it has raised $8 million via an IPO to fund its new first Ethereum-based treasury strategy.
“The GameSquare Board of Directors has approved an allocation of up to $100 million in Ethereum based on phased investments over time while maintaining sufficient working capital for operating activities.”
“With this financing, we will strengthen our financial flexibility and reinvest in our flexible growth plans and capital allocation strategy by purchasing Ethereum,” said GameSquare CEO Justin Kenna.
GameSquare Holdings (GAME) saw its stock price increase by nearly 60% on the Nasdaq after announcing plans to create a $100 million Ethereum treasury.
*This is not investment advice.
