Digital media company GameSquare (GAME) said it bought Cowboy Ape #5577 of the CryptoPunk non-fungible token (NFT) collection from Robert Leshner for $5.15 million.

The Frisco, Texas-based company, which described the purchase a strategic investment, also said it added just over $10 million worth of ether (ETH) to its treasury. Leshner, the founder of Compound Labs, an open-source protocol for algorithmic money markets on Ethereum, received the company's preferred stock in payment

CryptoPunks are one of the earliest and among the most influential NFT projects. Created in 2017, they inspired much of the modern crypto art movement and set a precedent for digital ownership on the blockchain.

"GameSquare plans to leverage CryptoPunks for marketing activations, community building, and potential licensing opportunities," the company said in a Thursday announcement.

The firm's purchase of 2,742.75 ETH takes its total holdings to 12,913.49 ETH, valued at around $48.5 million.

A number of companies have unveiled ether treasury strategies in recent months as a means of generating passive yield through ETH staking. Foremost among them is SharpLink Gaming(SBET), now the largest corporate ether holder, with over 360,000 ETH.

Firms in the media, entertainment and gaming sectors like SharpLink and GameSquare may see an ether treasury strategy as a means of advancing their Web3 aspirations through investing in the Ethereum ecosystem and thereby gaining exposure to NFTs, decentralized finance (DeFi) and more.

GAME shares spiked to $1.44, an intraday gain of nearly 8%, following the announcement, before pulling back. At the time of writing, it was trading 4.8% higher at $1.33.

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