GameSquare (Nasdaq: $GAME) has made a bold move into Web3 history books with the acquisition of CryptoPunk #5577, the legendary Cowboy Ape, in a landmark NFT-for-equity deal.
The seller? None other than Robert Leshner, founder of Compound and CEO of Superstate. The price? $5.15 million in preferred stock, convertible into common shares at $1.50 each — a rare public market swap of equity for digital culture.
“This isn’t just our first grail NFT — it’s a signal. We’re building a media company with crypto in its DNA, and we’re proud to have Robert Leshner on our cap table — and the Cowboy Ape in our family.”
Justin Kenna, CEO of GameSquare
“I’m excited to support GameSquare as a shareholder,” added Leshner. “Their ETH-native treasury strategy is a model for bridging public markets and onchain finance.”
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What Makes the Cowboy Ape Punk So Iconic?
CryptoPunk #5577 isn’t just another NFT — it’s one of only 24 Ape Punks in the original 10,000-unit collection, and one of the most memed, auctioned, and referenced NFTs in digital culture.
It will now serve three core roles inside GameSquare:
A strategic treasury asset
A cultural flex and brand signal
A yield-generating NFT, with annualized return targets of 6–10%
Building a Public Company with Ethereum at Its Core
This move is part of a broader vision: GameSquare aims to become one of the largest public holders of ETH, with a balance sheet strategy rooted in DeFi and cultural relevance.
Current digital asset stack:
$52M+ in ETH
$250M total treasury authorization
ETH yield strategy targeting 8–14%, powered by Dialectic’s Medici platform
NFT yield management via 1OF1 AG, led by collector Ryan Zurrer
GameSquare is also working with Superstate to explore tokenizing $GAME shares onchain, further blurring the line between Wall Street and Web3. With the Cowboy Ape now in its vault and Robert Leshner on board, GameSquare is proving it’s not just talking crypto—it’s built different.
