Ethereum holding company GameSquare purchases CryptoPunk NFT as treasury asset for $5.15 million in preferred shares
GameSquare has acquired a CryptoPunk NFT. The firm says it will now hold the “iconic” piece as a “strategic treasury asset.” GameSquare purchased the token — Punk #5577, one of just 24 “Ape Punks” — for $5.15 million in an equity trade with its previous owner, DeFi OG Robert Leshner. The
GameSquare has acquired a CryptoPunk NFT. The firm says it will now hold the “iconic” piece as a “strategic treasury asset.”
GameSquare purchased the token — Punk #5577, one of just 24 “Ape Punks” — for $5.15 million in an equity trade with its previous owner, DeFi OG Robert Leshner. The preferred stock will be convertible into common shares at $1.50 per share.
Leshner, the founder of Superstate and Compound, appears to have purchased CryptoPunk #5577 in February 2022 for 2,501 ETH, equivalent to approximately $7.7 million at the time. The asset is distinguished by its cowboy hat.
The 10,000 token CryptoPunks series was one of the earliest experiments with non-fungible tokens when launched in 2017. Yuga Labs, which bought the CryptoPunks IP from creator Larva Labs in March 2022, sold the project to the nonprofit Infinite Node Foundation in May of this year.
