PrinceofKHB
07/24 18:42
NFT treasury talk gathers steam as GameSquare acqu
NFT treasury talk gathers steam as GameSquare acquires CryptoPunks in preferred shares deal
GameSquare (GAME) struck a deal to acquire CryptoPunk #5577, a rare NFT that is one of the 25 special edition Ape Punks. The previous owner, Compound’s founder Robert Leshner, sold the NFT in exchange for $5.15M in preferred shares.
The NFT, also known as Cowboy Ape, is already used for GameSquare’s X profile. The rare Punk was first claimed in 2017 and has received multiple bids over the years. The highest bid was for $122.82M in August 2021. Leshner held out through multiple other offers, offering higher valuations in USD and ETH terms. Even during crypto winter, the NFT received regular offers.
Leshner acquired the NFT in early 2022, when the market was already unraveling. The rare item then spent years in “crypto winter,” where NFTs were seen as a failed experiment. However, several collections held short-term rallies and responded to positive news.
Leshner will receive payment in the form of preferred GameSquare shares valued at $5.15M. The shares are convertible into GameSquare common stock at $1.50 per share. Currently, GameSquare trades at $1.30, incentivizing Leshner to keep the preferred shares. The rare Cowboy Ape has already been transferred to a new wallet, which holds three other Punks. 
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