NFT Treasury Boom: Gamesquare Acquires Rare CryptoPunk in $5.15M Preferred Stock Deal as NFT Market Heats Up

• Why Is a Public Company Buying NFTs in 2025?
• The CryptoPunk That Survived Winter
• NFTs as Corporate Assets: Gimmick or Genius?
• Is the NFT Revival Sustainable?
• FAQ: Gamesquare's NFT Treasury Play

In a bold move signaling renewed confidence in NFTs, NASDAQ-listed Gamesquare (GAME) has acquired CryptoPunk #5577—a rare "Cowboy Ape" NFT—from DeFi pioneer Robert Leshner for $5.15M in preferred stock. The deal coincides with Gamesquare's $10M ETH treasury expansion and sparks debate about NFTs' resurgence in 2025 as ethereum reclaims $3,800. Meanwhile, CryptoPunks solidify their blue-chip status with floor prices hitting 48 ETH, while industry figures like Arthur Hayes and Yat Siu weigh in on NFTs' evolving role in corporate treasuries and DeFi collateralization.

Why Is a Public Company Buying NFTs in 2025?

When Gamesquare Holdings announced their acquisition of CryptoPunk #5577 on July 24, 2025, it wasn't just another NFT trade—it was a strategic power play. The Texas-based gaming firm swapped $5.15M worth of preferred shares for this ultra-rare "Cowboy Ape" Punk, one of only 25 ape-themed variants in the 10,000-piece collection. What makes this deal fascinating isn't just the price tag (a steal compared to its 2021 $122M bid), but the payment method: convertible preferred stock priced at $1.50/share while GAME trades at $1.30.

As someone who's tracked NFT treasury moves since 2021, I see this as more than speculation—it's a calculated bet on Ethereum's ecosystem. Gamesquare didn't stop there; they simultaneously added 10,170 ETH ($10M) to their reserves, bringing their total Ethereum holdings to $52M. Their X post flaunting the Punk as their new profile picture reads like a corporate manifesto: "We're all-in on chain-based assets."

The CryptoPunk That Survived Winter

CryptoPunk #5577 has more plot twists than a Netflix drama. Originally claimed in 2017, this pixelated ape saw its value skyrocket during 2021's NFT mania, only to become a poster child for the "failed experiment" narrative during crypto winter. Compound founder Robert Leshner acquired it in early 2022—right before the market imploded. For three years, this digital cowboy hibernated through bear markets, still attracting occasional bids even when NFTs were considered toxic assets.

Now, it's the crown jewel in Gamesquare's treasury. The Punk currently resides in a wallet with three other Punks, suggesting this might be the start of a curated collection. According to TradingView data, the entire CryptoPunks collection has seen trading volume spike to 690 ETH/day, with floor prices hitting 48 ETH—the highest since March 2024.

NFTs as Corporate Assets: Gimmick or Genius?

Gamesquare's move echoes MicroStrategy's bitcoin treasury strategy, but with an Ethereum twist. While no BTC-focused company has embraced Ordinals for corporate reserves (yet), ETH-native firms are increasingly treating blue-chip NFTs like digital gold. Consider these developments:

• Collateralization: Some Punk holders now use their NFTs as DeFi collateral—one borrower pays $5,500 daily interest on a loan backed by their Punk (originally bought for $200 in 2017).
• Institutional Validation: Sotheby's auctioned Punks in 2023, cementing their status as "fine art on-chain."
• Market Signals: With ETH above $3,800, NFT floor prices across top collections have risen 30-50% in Q2 2025.

Animoca's Yat Siu told me last week: "NFTs this cycle aren't about JPEGs—they're about verifiable ownership of digital culture." Meanwhile, BitMEX founder Arthur Hayes tweeted that Punks could become "Ethereum's version of corporate art collections."

Is the NFT Revival Sustainable?

The numbers suggest this isn't just a dead cat bounce. Beyond CryptoPunks:

• OpenSea's weekly volume has doubled since May 2025 after platform upgrades
• Ethereum Foundation released commemorative NFTs for ETH's 10th anniversary
• BTCC exchange now offers NFT perpetual contracts (though not direct trading)

Yet challenges remain. The BTCC research team notes that while blue-chips thrive, 80% of 2021-era NFT projects remain below their mint prices. As one collector joked: "My Bored Ape might need another 5 years of HODLing."