GameSquare Stock Soars 60% Following Approval of $100M Ethereum Treasury Plan

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GameSquare Holdings (GAME) surged nearly 60% on the Nasdaq Tuesday after its board greenlit a $100 million Ethereum-based treasury initiative.

According to Google Finance, GAME closed at $1.54, up 58.76% for the day, then climbed another 6.49% in after-hours trading. The company currently holds a market cap of $60.25 million.

The media and entertainment firm also announced a public offering of 8.42 million common shares priced at $0.95 each, aiming to raise approximately $8 million. Additionally, underwriter Lucid Capital Markets secured the option to purchase an extra 1.26 million shares at the same price.

Proceeds will fund GameSquare’s new Ethereum treasury strategy, developed in partnership with investment firm Dialectic. The treasury will operate on Dialectic’s Medici platform, targeting annual yields between 8% and 14%.