GameSquare Holdings Inc. (NASDAQ: GAME ) announced the pricing of an underwritten public offering of 8,421,054 shares of common stock at $0.95 per share, generating expected gross proceeds of approximately $8.0 million before fees and expenses.

The company plans to use the majority of proceeds to launch an Ethereum-based treasury strategy through a partnership with Dialectic, a crypto-native capital management firm. GameSquare’s board has approved up to $100 million in Ethereum allocations over time while maintaining adequate working capital for operations.

The treasury strategy utilizes Dialectic’s proprietary platform Medici, which applies machine learning models and automated optimization to generate yields. The company targets returns of 8-14%, compared to current Ethereum staking benchmarks of 3-4%.

"This new treasury management strategy enhances our financial flexibility and allows us to support a defined capital allocation plan that is focused on pursuing additional ETH asset purchases, funding potential share repurchases and reinvesting in our growth initiatives," said Justin Kenna, GameSquare’s CEO.

Lucid Capital Markets serves as the sole book-running manager for the offering. The company has granted the underwriter a 45-day option to purchase up to an additional 1,263,157 shares at the same price. The offering is expected to close on or about July 9, 2025.

GameSquare operates as a media, entertainment, and technology company focused on connecting brands with gaming audiences. The company owns FaZe Clan Esports and operates one of the largest gaming media networks in North America.