GameSquare is entering the increasingly crowded crypto treasury arena. 

The firm’s pick: ethereum, joining SharpLink Gaming (led by ethereum cofounder Joseph Lubin as its board’s chairman), Bit Digital, and BitMine Immersion, which has Fundstrat founder Thomas Lee as chairman of its board. 

On Tuesday, GameSquare announced that its board approved an ethereum allocation of $100 million “based on staged investments over time” and a public offering of $8 million worth of common stock to accelerate its newly formed ethereum treasury strategy. 

Shares of GameSquare were below the $1 level yesterday morning and have skyrocketed over 150% to trade as high as $2.66 at 10:00 a.m. ET. Ethereum has seen a 3.7% increase in the last 24 hours, data from CoinGecko shows. 

The company’s ethereum strategy also includes searching for yield-generating opportunities. GameSquare teamed up with crypto capital management company Dialectic, aiming “to generate real, on-chain yield while deepening our expertise in decentralized finance, pursuing new revenue streams, and strengthening our balance sheet,” GameSquare CEO Justin Kenna said in a statement.

GameSquare made headlines earlier in the year for fully divesting from FaZe Media, an internet media company led by streamers and creators.

Sportsbook marketing firm SharpLink Gaming is wasting no time stockpiling ethereum for its recently launched treasury, now holding 205,634 Ethereum. The company’s latest acquisitions were between June 28 and July 4, when it acquired 7,689 ethereum for $19.2 million, it said on a post on X.

Shares jumped 23% this morning as the news hit, and the stock is still trading up 16% as of 11:30 a.m. ET.

Between June 28 and July 4, it also earned 100 ethereum through staking rewards, “contributing to a total estimated reward yield of 322 ETH since initiating this program on June 2, 2025,” the company said in a press release. 

SharpLink, whose chairman of the board is Joseph Lubin, the founder and CEO of Consensys and cofounder of ethereum, raised approximately $64 million in net proceeds during the same period through its at-the-market facility, “selling 5,499,845 shares of its common stock.”

“Of these total net proceeds, approximately $37.2 million was raised on July 3, 2025, but has yet to be allocated to ETH purchases as of the close of business that same day. A large portion of this capital is expected to be deployed in the current week,” it added.

The company is the second-largest ethereum treasury, behind the Ethereum Foundation, which holds 244,479 ETH.

Ethereum is up 5.3% in the past week, yet down 47% from its all-time high of $4,878 on November 10, 2021.

Last month, the company announced “up to $1 billion” in shares of its common stock to buy ethereum.

On June 23, Sequans Communications, a developer and provider of 5G/4G Internet of Things semiconductors and modules, was a less than $50 million market cap company announcing plans to raise $384 million to launch a Bitcoin treasury initiative.

Today, it’s worth over $300 million, with shares up 30% on the session as the funds for its “bitcoin pivot” were successfully procured.

The Paris-based company said that all the proceeds will be used to acquire bitcoin.

The $384 million raise includes a $195 million private investment in public equity and $189 million in convertible debentures, with the participation of more than 40 institutional investors.

“With the closing of this financing, we are excited to begin executing our bitcoin treasury strategy,” Sequans Communications CEO Georges Karam said in the press release. “We believe bitcoin’s unique properties will enhance our financial resilience and create long-term value for our shareholders.”

Sequans partnered with Swan Bitcoin to leverage “its expertise to ensure secure execution, robust governance, and market transparency.”

While the “pivot to bitcoin” strategy looked a little wobbly for some firms a month ago, it looks like the game is back on.

Donald Trump is expanding his crypto footprint. 

The parent company of Truth Social, Trump Media & Technology Group, announced a new filing with the US Securities and Exchange Commission for an ETF that would hold a basket of cryptocurrencies.

Florida-based crypto asset manager Yorkville America Digital, which is the sponsor, filed an S-1 form for the “Truth Social Crypto Blue Chip ETF,” which will be made up of 70% bitcoin, 15% Ethereum, 8% solana, 5% cronos, and 2% XRP. 

Shares of Trump Media & Technology Group have increased roughly 5%, while cronos saw the largest price swing of the tokens included in the basket, jumping nearly 12% since 6:00 a.m. ET. 

The new fund is Trump Media’s third filing for an ETF rooted in digital assets. The social media company filed an S-1 document to launch a spot bitcoin ETF last week, and in June, the company announced plans to launch an ETF for bitcoin and ethereum.