GameSquare closes $70 million public offering to expand ETH treasury

Media and technology firm GameSquare (ticker GAME) has closed a $70 million public offering, bringing its total raised to $90 million thus far to build out an Ethereum cryptocurrency treasury. 

GameSquare sold 46,666,667 shares of common stock at $1.50 per share, with Lucid Capital Markets acting as the offering's only book-running manager, according to a release shared with The Block. The firm targets yields between 8% to 14% through its partnership with the crypto investment firm Dialectic. 

"This raise marks a pivotal milestone for GameSquare," GameSquare CEO Justin Kenna said in a statement. "It enables us to move with speed and scale to continue to build what we believe is one of the most ambitious Ethereum treasury strategies in the public markets. Our goal is to transform a traditional treasury function into a high-performance business vertical generating durable, recurring cash flows."

GAME shares decreased nearly 21% immediately following the news, falling from about $1.90 to $1.50, Nasdaq data shows as of writing. GAME shares fell about 30% in the past 24 hours to trade at $1.63 as of publication. GameSquare has a $49.4 million market capitalization. 

The completed $70 million public offering comes nearly two weeks after GameSquare's board approved a $100 million Ethereum treasury initiative on July 9. The firm's stock rose around 60% at the time of the announcement, The Block previously reported. 

As of July 10, GameSquare held 1,818.84 ETH, valued at $6.2 million at current prices. The company also completed a public offering valued at $9.2 million on that same day. 

GameSquare competes with other publicly traded companies such as SharpLink Gaming in building out an ETH-focused cryptocurrency treasury. SharpLink is the largest corporate holder of ether, owning 280,706 ETH as of July 15 — surpassing even the Ethereum Foundation in ETH owned. 

Ether traded at $$3,424 as of publication, increasing 5.93% within the past 24 hours, according to The Block's ETH Price Page. Ether's $413.1 billion market capitalization makes it the second most valuable cryptocurrency behind bitcoin, with ETH bringing in $65.7 billion in trading volume in the past day. 

The Block reached out to GameSquare for additional comment. 

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