NFT Treasury Boom: Gamesquare Acquires Rare Cryptopunk in $5.15M Preferred Stock Deal

• Why Is Gamesquare Betting Millions on a Pixelated Ape?
• The Cryptopunk That Survived Crypto Winter
• Corporate Treasuries Embrace Crypto – With a Twist
• Are NFTs Making a Comeback in 2025?
• FAQ: The Gamesquare Cryptopunk Deal Decoded

In a bold move signaling renewed confidence in NFTs, Nasdaq-listed Gamesquare (GAME) has acquired the rare "Cowboy Ape" Cryptopunk #5577 for $5.15 million in preferred shares from DeFi pioneer Robert Leshner. The deal, paired with a $10M ETH treasury boost, highlights corporate crypto strategies as NFT markets show signs of revival in mid-2025. Cryptopunks’ floor price surges past 48 ETH, while industry figures like Arthur Hayes predict a blue-chip resurgence.

Why Is Gamesquare Betting Millions on a Pixelated Ape?

When Robert Leshner first listed his Cryptopunk #5577 – one of only 25 rare "Ape" variants in the collection – he probably didn’t expect a publicly traded company to pay $5.15 million in preferred stock for it. Yet here we are in July 2025, with Gamesquare Holdings (ticker: GAME) making headlines by acquiring the iconic "Cowboy Ape" NFT as part of its growing crypto treasury. The deal, announced via Twitter on July 24, saw Leshner (founder of Compound Finance) trade the digital asset for shares convertible at $1.50 each – a premium to Gamesquare’s current $1.30 stock price.

What makes this eyebrow-raising? For starters, this isn’t some speculative startup play. Gamesquare now holds over $52 million in ETH treasury assets after adding $10 million just this week. They’re putting corporate weight behind the idea that on-chain art can be a strategic reserve asset – something I’ve seen more DAOs than NYSE-listed firms attempt until now.

The Cryptopunk That Survived Crypto Winter

This particular punk has quite the resume: originally claimed in 2017, it drew a staggering $122.82 million bid during NFT mania’s peak in August 2021. Leshner acquired it early in 2022’s downturn, weathering the subsequent "NFTs are dead" narrative. Even during crypto winter, the APE kept receiving offers – proving blue-chip NFTs never fully lost their luster.

Fast forward to today: with ethereum reclaiming $3,800 and NFT trading volumes creeping up, Gamesquare’s timing looks savvy. As of writing, Cryptopunks’ floor price sits at 48 ETH ($182,400), its highest since March 2024. Daily trading volume exceeds 690 ETH ($2.6M), per CoinGecko data. Not bad for a collection some wrote off as "JPEGs" two years ago.

Corporate Treasuries Embrace Crypto – With a Twist

Remember when companies like MicroStrategy hoarded BTC? Gamesquare’s play introduces a new template: ETH-heavy treasuries augmented by prestige NFTs. Their wallet now contains three other punks alongside #5577, plus 10,170 ETH ($38.6M). It’s a hedge that screams "we believe in Ethereum’s cultural capital" more than any press release could.

Interestingly, NFTs are finding utility beyond flexing. One collector uses 112 punks as collateral for a $15M loan – paying $5,500 daily interest to preserve their 2017 purchase price of just $200. If that doesn’t scream "financialization of digital culture," I don’t know what does.

Are NFTs Making a Comeback in 2025?

The signs are intriguing: OpenSea activity picking up, Ethereum’s 10th-anniversary commemorative mints, and influencers like Animoca’s Yat Siu touting NFTs’ next bull cycle potential. Arthur Hayes recently argued Cryptopunks could outshine ETH itself as status symbols. Whether that’s hyperbole or foresight, Gamesquare’s bet suggests corporations are listening.

Still, skepticism lingers. Unlike bitcoin treasuries, NFT holdings are harder to value objectively. That cowboy ape might be worth $5M today – but what about during the next downturn? Gamesquare seems confident: they’ve already made it their X profile picture. Talk about putting your company’s avatar where its mouth is.

FAQ: The Gamesquare Cryptopunk Deal Decoded

What did Gamesquare acquire?

Cryptopunk #5577 ("Cowboy Ape"), one of only 25 ape variants in the 10,000-item collection, purchased for $5.15M in preferred shares.

Who sold the NFT?

Robert Leshner, founder of DeFi protocol Compound, who acquired it in early 2022 during the market downturn.

How does this reflect NFT market trends?

Cryptopunks’ floor price ROSE to 48 ETH in July 2025, with daily trading exceeding 690 ETH, signaling renewed institutional interest.

What’s Gamesquare’s broader crypto strategy?

The company holds 10,170 ETH ($38.6M) and multiple punks, positioning NFTs as part of its treasury diversification.