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

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, and climbed an additional 6.49% in after-hours trading. The company currently holds a market cap of $60.25 million.

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

GameSquare intends to allocate the proceeds toward its Ethereum treasury strategy, which will operate on Medici—a platform developed by investment partner Dialectic. The initiative targets annual yields between 8% and 14%, the company stated.