GMX DAO has added another 12,380 GMX tokens to its treasury, spending around $85,000 as part of its ongoing buyback drive. This recent acquisition pushes the total number of tokens repurchased above 384,000, with cumulative spending surpassing $2.4 million at an average price near $6.25 per token.
The program, which began earlier this year, has ramped up notably in the second quarter. From March 5, 2026, the DAO bought back 313,650 tokens for about $1.965 million, averaging $6.27 each. The acceleration in Q2 saw 228,030 tokens acquired for roughly $1.41 million, slightly below the overall average price at $6.18.
Funding Model and Market Impact
What sets this buyback effort apart is the funding route. Instead of distributing protocol fees directly to GMX stakers as yield, the DAO redirected 27% of these fees to open-market purchases of GMX tokens. This shift means that stakers' expected passive income is being funneled into growing treasury holdings, altering the tokenomics landscape.
Interestingly, earlier rounds of buybacks, including a notable tranche in late June where 23,280 tokens were bought for $125,000 at a discounted $5.37 average price, did not significantly lift GMX’s market price. The token remains around $6, far from the $90 threshold set by DAO governance to release rewards generated by these buybacks. This target price represents a roughly 14-fold increase from current levels.
The DAO is also working on consolidating liquidity by planning to withdraw about 600,000 GMX tokens from decentralized exchange pools and redeploying them into pools directly controlled by the protocol. Meanwhile, GMX is expanding beyond its Arbitrum base into Solana’s perpetuals market through the new platform GMTrade.xyz, signaling its ambition to widen market reach.
This information is provided for informational purposes and does not constitute financial advice.
