GameSquare shares surge 60% after board approves $100 million Ethereum treasury initiative
Quick Take
- GameSquare’s Nasdaq-listed shares rose 58.76% on Tuesday to close at $1.54, and gained an additional 6.49% in after-hours trading.
- GameSquare announced a public offering of 8.42 million shares, aiming to raise $8 million.
- The company’s board approved an Ethereum treasury strategy of up to $100 million.
GameSquare Holdings (GAME) saw its stock price rise nearly 60% on the Nasdaq Tuesday after it announced that its board approved plans to build a $100 million Ethereum treasury.
According to Google Finance data, GAME rose 58.76% on Tuesday to close at $1.54 and gained an additional 6.49% in after-hours trading. GameSquare has a market capitalization of $60.25 million.
On Tuesday, the media and entertainment company announced its public offering of 8.42 million shares of common stock at $0.95 per share, with expected proceeds of around $8 million. Gamesquare also gave its underwriter, Lucid Capital Markets, the right to buy up to an additional 1.26 million shares of its common stock at the same price as the public offering.
The company plans to use the proceeds to launch its new Ethereum-based treasury strategy, according to its statement. The treasury would be built on Medici, a platform from partnering investment firm Dialectic, targeting yields of 8% to 14%, GameSquare said.
"GameSquare's Board has approved an ETH allocation of up to $100 million, based on staged investments over time, while keeping adequate working capital for the operating business," the release said.
The company may incorporate additional yield-generating strategies within the Ethereum ecosystem, potentially utilizing stablecoins and non-fungible tokens.
In a flurry of companies rushing to build corporate treasuries with bitcoin, a few have opted to accumulate the second-largest cryptocurrency. Earlier this week, affiliate marketing company and ether treasury firm SharpLink Gaming disclosed holding 205,634 ETH.
ETH rose 2.31% in the past 24 hours to trade at $2,594, according to The Block's Ethereum price page.
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