GameSquare’s Bold Move: Spends Over $5 Million on a Single NFT 

TradingKey – In a headline-grabbing move, Nasdaq-listed GameSquare (GAME） has acquired CryptoPunk #5577, a rare NFT known as the “Cowboy Ape,” for $5.15 million from Compound founder Robert Leshner.

At the time of the deal, the floor price for CryptoPunks was just 50 ETH, or roughly $180,000, making this purchase nearly 30x above market average. The premium valuation has stirred debate among investors and analysts alike.

CryptoPunk #5577 – Source: OpenSea

Earlier this week, GameSquare announced a massive expansion of its crypto treasury authorization from $100M to $250M, with a new focus on NFT yield strategies.

• The company now holds 12,913 ETH, valued at over $52 million, ranking #19 globally among corporate ETH holders.
• The Cowboy Ape NFT will be used for branding, licensing, and community engagement, signaling GameSquare’s commitment to Ethereum-native digital culture.

Top 20 ETH-Holding Entities – Source: Strategic Eth Reserve