GameSquare Holdings, Inc. (Nasdaq: GAME) is reshaping how publicly traded companies engage with crypto. With board approval to allocate up to $100 million into Ethereum and over $90 million raised in two weeks, the company is executing a new on-chain treasury model designed around yield, cash flow, and long-term business integration.
It has already purchased 1,818 ETH at an average price of $2,749. That first $5 million tranche is part of a broader Ethereum-native plan that CEO Justin Kenna calls “one of the most ambitious Ethereum treasury strategies in the public markets.”
“This raise marks a pivotal milestone for GameSquare,” Kenna said. “It enables us to move with speed and scale.”
GameSquare is not a crypto company by origin. It operates at the intersection of gaming, digital entertainment, and youth culture. With FaZe Clan Esports, one of the most recognized esports organizations in the world, and one of the largest gaming media platforms in North America, according to Comscore, its strategy leverages an audience already deeply embedded in online and digital ecosystems.
The company’s move into Ethereum is a continuation of that foundation. Unlike firms that enter the space through mining or blockchain infrastructure, GameSquare is bringing a crypto strategy to an existing ecosystem of content, community, and brand IP. Ethereum is being treated not as a speculative play, but as a working asset with direct financial utility.
“Our crypto strategy reinforces our existing foundation in gaming, technology, and media, and is aligned with the broader trend of institutional adoption of digital assets,” Kenna said.
At the center of this strategy is a partnership with Dialectic, a Swiss-based crypto investment firm led by Ethereum pioneer Ryan Zurrer. GameSquare is deploying its ETH holdings through Dialectic’s proprietary Medici platform to generate targeted risk-adjusted yields of 8-14%. That’s significantly above the standard 3-4% seen in many decentralized finance models.
“We are leveraging Medici, Dialectic’s proprietary platform that combines machine learning, automated optimization, and multi-layered risk controls, to target best-in-class risk-adjusted yields,” said Kenna.
These yields aren’t just theoretical. GameSquare plans to reinvest profits back into Ethereum, fund new growth initiatives, or return capital to shareholders through stock buybacks. Kenna says the strategy has the potential to deliver more than $10 million in incremental annual profitability.
“This is not just a balance sheet investment, but a yield-generating business vertical with real cash flow,” he said.
GameSquare’s approach stands out in a space that is still largely defined by speculative or infrastructure-heavy models. Firms like Bit Digital and SharpLink have shifted toward Ethereum, but their roots are in mining or blockchain operations. GameSquare is different: a consumer-facing media and entertainment business with real revenue, brand deals, and a digital-native audience. The ETH strategy is built to support that momentum, not distract from it.
That positioning has already caught the attention of investors. The company’s market capitalization more than doubled following the announcement of its Ethereum strategy, signaling confidence in both the financial and operational impact.
Ethereum was chosen over Bitcoin for clear reasons. Its programmability, DeFi integration, and ability to generate yield through smart contracts made it more aligned with GameSquare’s broader technology vision. For a company focused on speed, interactivity, and culture-driven engagement, Ethereum offered the flexibility and financial architecture required.
“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,” said Kenna.
GameSquare’s path forward now involves continued ETH accumulation, on-chain deployment, and integration of crypto performance into the company’s broader earnings structure. For a digital media group already embedded in internet culture, it’s a logical next step.
