GameSquare, a firm operating with Ethereum-based assets, has acquired one of the rarest NFTs from the CryptoPunks collection. The purchase is part of the company’s new strategy to allocate funds into digital assets. The token will be held as part of GameSquare’s corporate treasury.
Acquisition of Punk #5577 in Exchange for Equity
The purchase involves Punk #5577, one of only 24 NFTs in the Ape Punks subcategory. The token stands out due to its cowboy hat and was bought for $5.15 million in exchange for preferred shares in GameSquare, which are convertible to common stock at a price of $1.5 per share.
The seller of the asset is Robert Leshner, founder of Superstate and Compound. He originally acquired the NFT in February 2022 for 2,501 ETH, which was then worth approximately $7.7 million.
CryptoPunks and the Changing Hands
CryptoPunks is one of the first and most recognizable NFT collections, launched in 2017. In 2022, the rights to the project were acquired by Yuga Labs. In May 2025, the collection was acquired by the nonprofit Infinite Node Foundation.
Digital Strategy and NFT Plans
According to GameSquare CEO Justin Kenna, the purchase reflects not just an interest in NFTs but a broader strategic vision focused on "the media of the future" embedded in digital culture.
As its crypto treasury grows, GameSquare approved an increase in its Ethereum fund from $100 million to $250 million in July. As of July 21, the company holds approximately 10,170 ETH, with a market value of $52 million.
Unlike many competitors, GameSquare does not plan to use ETH solely for staking. Instead, the company intends to deploy assets via the DeFi platform Medici by Dialectic and has launched an NFT yield strategy with an expected annual return of 6-10%. A total of $10 million has already been allocated to this initiative.
Leshner Joins as Advisor to Lead Stock Tokenization
Following the deal, Leshner joined GameSquare as an advisor. He will assist in launching the company’s stock tokenization initiative through the Superstate platform.
Previously, Leshner attempted a hostile takeover of a small liquor company, intending to use it as a foundation for a new crypto treasury strategy. However, the company’s management blocked the move by diluting his equity stake.
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