GameStop Sold $47M IMX Tokens Right After Announcing Partnership For Its Ethereum NFT Marketplace

American video game retailer GameStop Corp. GME cashed out $47 million worth of Immutable X IMX/USD tokens shortly after announcing it had partnered with the blockchain platform for its upcoming NFT marketplace.

What Happened: On February 3, GameStop said it had partnered with Ethereum ETH/USD Layer 2 solution Immutable X for its new NFT marketplace.

Following the news, Immutable X’s native crypto token IMX rallied by 47% to a high of $4.13 over a 24-hour period.

According to on-chain data shared by Twitter user “polka”, GameStop immediately sold 8 million IMX tokens worth $27.4 million from the $100 million grant it received from Immutable X after the partnership.

Today in Crypto;
Gamestop received a grant from @Immutable on the sum of ~100M$ on signing the partnership, and goes on to immediately dump 30M$ on Huobi, OKex and Binance.
Proof is on-chain:https://t.co/ekyCBmclu6
The wallet received the exact awards as in the milestones below. pic.twitter.com/IKQeLZPqz7

— polka (@polarply) February 4, 2022

Blockchain explorer Etherscan revealed that GameStop had sold close to 15 million IMX tokens over the week in a series of three transactions. The company has cashed out $47 million worth of IMX tokens so far.

The price of IMX is now down by 30% since GameStop’s partnership announcement. At press time, IMX was trading at $2.83.

So GME basically used the announcement that they're now involved with Immutable to dump on holders, gg

— polka (@polarply) February 4, 2022

An SEC filing last Thursday revealed the terms of the grant, which detailed how GameStop is scheduled to receive $150 million worth of IMX tokens from Immutable X “upon the achievement of certain milestones.”

Also Read: If You Invested $1,000 In GameStop Stock One Year Ago, Here's How Much You'd Have Now

Photo by Clay Banks on Unsplash