GameSquare buys 8,351 ETH amid approval for additional $150 million towards its crypto treasury

GameSquare (ticker GAME) recently purchased $30 million of ether, acquiring approximately 8,351 ETH at a weighted average price of $3,592 per token.

The Nasdaq-listed media and entertainment company said Monday that its board of directors has increased its digital asset treasury management authorization from $100 million to $250 million. As part of this program, the board approved a new NFT yield strategy, with an initial $10 million allocation. The company has also formed a strategic partnership with Dialectic's Ryan Zurrer and Goff Capital's Rhydon to manage and optimize its crypto treasury program.

The updated treasury framework enables GameSquare to actively deploy capital into high-quality Ethereum-based assets and generate sustainable stablecoin yields targeting a 6% to 10% return, according to a press release .

"We are excited to be among the first public companies to include NFTs as part of a diversified digital asset strategy," CEO Justin Kenna said in a statement. "This reflects the innovative approach to our treasury management initiatives. With deep experience building in-game and real-world creative environments, GameSquare is uniquely positioned to understand the cultural and economic value of these digital assets."

The success of corporate bitcoin treasures from the likes of Strategy has led to a surge in both BTC and ETH treasuries . To date, GameSquare has purchased $35 million of ETH under its $250 million authorization. The company has approximately 10,170.74 ETH as of July 21.

GameSquare stock surged earlier this month after the board approved its original $100 million Ethereum treasury initiative. Last week, the company closed a $70 million public offering to buy more ETH.

GAME shares traded down 9% to $1.38 at publication time, according to Yahoo Finance data, although shares are still up nearly 90% over the past month. Its market cap sits near $67 million.