Catenaa, Saturday, August 02, 2025-Ethereum holding company GameSquare has acquired a rare CryptoPunk NFT from Superstate founder Robert Leshner, marking a high-profile move into digital collectibles amid the evolving crypto treasury landscape.
GameSquare purchased Punk #5577, one of only 24 “Ape Punks”, for $5.15 million in preferred shares, which are convertible into common stock at $1.50 per share. The transaction positions the NFT as a strategic treasury asset, diverging from the more conventional Ethereum staking strategies seen among similar firms.
The NFT, originally bought by Leshner for 2,501 ETH (worth about $7.7 million in 2022), is distinguished by its cowboy hat and rarity within the 10,000-token CryptoPunks collection.
The collection has had renewed attention after changing hands from Yuga Labs to the Infinite Node Foundation earlier this year.
GameSquare’s board recently approved a $250 million ETH treasury cap, of which more than $52 million in ETH has already been acquired. The firm aims to generate higher returns through DeFi strategies, including an initial $10 million NFT yield allocation via the Medici platform, targeting 6% to 10% annualized returns.
Leshner, who joins GameSquare as its public face, will assist in tokenizing GAME shares through his Superstate platform.
His prior attempt to convert a small liquor firm into a crypto treasury vehicle was derailed following executive pushback.
