How GameSquare is monetizing a $38.00M Ether treasury with NFTs

While most firms treat NFTs as marketing gimmicks, GameSquare is flipping the script, deploying them as financial instruments. Its new $10.00 million yield program transforms Ethereum-based digital assets into revenue generators, marking a risky but innovative leap in corporate crypto strategy. On July 21, GameSquare announced the expansion of its crypto treasury program to $250.00 million, including a dedicated $10.00 million allocation toward a novel NFT yield strategy. The move follows a $30.00 million purchase of Ether ( $ETH ), bringing its total holdings to over 10,000 tokens. Rather than holding these assets passively, the company plans to actively deploy them across Ethereum-native DeFi protocols, using NFTs not as collectibles but as yield-bearing instruments. The strategy is backed by risk management infrastructure developed in partnership with Swiss crypto firm Dialectic. The announcement positions GameSquare among a rare breed of public companies experimenting with NFTs as functional components of corporate finance. It reflects a broader evolution in digital asset strategy, moving away from speculative balance sheet positioning toward operational capital deployment. GameSquare’s decision to focus its digital asset strategy on Ethereum signals a fundamental shift in how the company views the role of capital within a modern media business. Ethereum’s capacity to be programmed, staked, lent, or locked in smart contracts is being used as the backbone of a treasury system that does more than just store value. With $35.00 million already deployed into $ETH and another $215.00 million authorized, GameSquare is treating its crypto holdings not as hedges, but as financial infrastructure. The NFT angle reveals GameSquare’s deeper play. Rather than chasing hype-driven collectibles, the company is strategically acquiring Ethereum-native digital assets that align with its gaming and media roots. By locking NFTs into DeFi protocols, GameSquare can mint yield-bearing stablecoins while retaining ownership of the underlying assets. “We are excited to be among the first public companies to include NFTs as part of a diversified digital asset strategy,” the company’s CEO, Justin Kenna, said. “This reflects the innovative approach to our treasury management initiatives. With deep experience building in-game and real-world creative environments, GameSquare is uniquely positioned to understand the cultural and economic value of these digital assets.” According to the press release, GameSquare has established a dedicated crypto investment committee reporting directly to its board, with strict controls to prevent conflicts of interest.