Following the footsteps of SharpLink Gaming (NASDAQ: SBET), Nasdaq-listed GameSquare also announced its $100 million Ethereum treasury strategy on July 8, leading to a 58% rally in its stock price. ETH as a Treasury vehicle is gaining much prominence these days amid strong institutional demand, ETF inflows, and overall growth of the ecosystem. On Tuesday, the GAME stock closed at $1.54, while gaining an additional 7% in after-market hours.

GameSquare Stock Rallies on Ethereum Treasury Plans

As soon as the Minneapolis-based digital media firm announced its ETH Treasury plans on July 8, the GameSquare share price gained 58%, amid strong buying activity. The announcement came as the largest corporate holder of ETH, SharpLink Gaming (NASDAQ: SBET), expanded its portfolio with an additional $19.2 million worth of ETH purchases.

On Tuesday, GameSquare announced the pricing of an underwritten public offering of 8,421,054 shares of its common stock at $0.95 per share. The offering is expected to raise approximately $8.0 million in gross proceeds, before deducting underwriting discounts, commissions, and other offering expenses.

The company announced that the proceeds of the same would go towards executing its $100 million Ethereum treasury strategy by partnering with Dialectic, a crypto-native capital management firm. Speaking on the development, Justin Kenna, CEO of GameSquare stated:

“We’ve partnered with one of the world’s top crypto investment firms to generate real, on-chain yield while deepening our expertise in decentralized finance, pursuing new revenue streams, and strengthening our balance sheet. This new treasury management strategy enhances our financial flexibility and allows us to support a defined capital allocation plan that is focused on pursuing additional ETH asset purchases”.

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