GameSquare acquired ‘cowboy ape’ CryptoPunk for $5.15m

GameSquare decided to promote its NFT pivot with a CryptoPunk deal featuring DeFi pioneer Robert Leshner.

Ethereum (ETH) treasury firm GameSquare is doubling down on NFTs. On Thursday, July 24, the company acquired the ‘cowboy ape’ NFT from Compound founder Robert Leshner in an all-equity deal. In a move to promote its NFT pivot, GameSquare issued $5.15 million of preferred stock to Robert Leshner, convertible into approximately 3.4 million stock.

With the sale, Robert Leshner, a DeFi pioneer and the CEO of Superstate, will become a shareholder in GameSquare. He will work with the company on its Ethereum-focused treasury strategy and support its recent pivot to NFTs.

“I’m excited to work with GameSquare as a shareholder, and support Justin and the team as they innovate on the digital-native treasury strategy, in traditional markets and onchain,” Robert Leshner stated.

GameSquare buys CryptoPunk to showcase NFT pivot

The rare ‘Cowboy ape,’ one of just 24 CryptoPunk NFTs with an ape-like appearance, will be added to GameSquare’s treasury. According to Justin Kenna, CEO of GameSquare, the company chose this NFT to showcase its belief in the potential for NFT tech.

“Acquiring CryptoPunks showcases our belief in the long-term value of digital identity, decentralized ownership, and cultural capital onchain. CryptoPunks are digital artifacts that helped define an era. Adding the Cowboy Ape to our treasury is both a strategic investment and a statement of intent,” Justin Kenna, GameSquare.

Still, the NFT market is far from its highs in 2021, which applies even to popular collections such as CryptoPunks. The collection’s floor price is currently down 50% from its all-time high in October 2021. Smaller collections fared much worse, often losing 99% of their value.