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GameStop meme-stocks its crypto partner

The video game retail company was accused of leveraging its NFT announcement to dump about $47 million worth of IMX tokens.

GameStop meme-stocks its crypto partner
Big day for GameStop.
Image: JJBers/Flickr

After announcing its long-awaited NFT marketplace yesterday powered by Immutable X, Gamestop has already dumped almost one-third of the tokens it received as part of the deal. The video game retailer is poised to receive over 56.2 million IMX tokens, used to operate the Immutable X blockchain, from Immutable as part of their partnership, according to a document it filed with the SEC.

GameStop has only received about 37.5 million IMX tokens so far, and has already dumped 15 million of them, worth about $47 million total, across three transactions. The tokens were sold on the Huobi, Binance and OKX crypto exchanges.

The three transactions were timed with its NFT marketplace teasers and announcements, with GameStop selling its tokens right when the price of IMX surged, resulting in a crash after the sale. Yesterday’s rally saw the token value hit a high of $4.25, but the IMX token is now valued at $2.99, down 16.5% over the last 24 hours, with a high of $3.58.

As of publication, GameStop still holds about 22.5 million IMX tokens, valued at about $67 million. GameStop shares rose 3% today, leaving the company worth $7.8 billion.

Lindsey Choo
Lindsey Choo is a former Protocol reporter covering fintech. She is a graduate of UC San Diego, where she double majored in communications and political science. She has previously covered healthcare issues for the Center for Healthy Aging and was a senior staff writer for The UCSD Guardian. She can be reached at lchoo@protocol.com.
gamestopnftimmutable ximxcryptocurrency
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