An exchange-traded fund managed by US-based Invesco Investment Management sold 2.4 percent in Nexon GT just a day after its founder Kim Jung-ju stepped down from the top post of gaming giant Nexon’s holding company NXC, a filing showed Sunday.

The instrument, Invesco Elwood Global Blockchain UCITS ETF, unloaded 837,817 common shares of Nexon GT -- the only South Korea-listed subsidiary of NXC -- to cash in 10.3 billion won ($9 million) on July 30.

The equity ETF dedicated to blockchain industries had $1 billion by assets under management as of Friday. Its portfolio had some 12 percent of geographical exposure to Korea as of June.

The selloff came three months after the US investor had become a blockholder of Nexon GT in April through its two funds -- Invesco Elwood Global Blockchain UCITS ETF and Invesco Global Blockchain Equity Mother Fund. Invesco was subsequently given a disclosure obligation by holding over 5 percent of Nexon GT ordinary shares.

Over the course of three months, Invesco’s ownership in Nexon GT shrank to 2.25 percent as of July 30, from 5.02 percent in April, as Invesco Global Blockchain Equity Mother Fund, a contractual fund, also divested all its shares in Nexon GT on June 30, in exchange for 1.2 billion won in cash.

The transaction came amid founder Kim’s appetite for cryptocurrency and the blockchain industry, including Tokyo-listed Nexon’s $100 million purchase of bitcoin in April. Privately-held holding firm NXC acquired Korean digital asset exchange Korbit in 2017, took over Luxembourg-based exchange BitStamp in 2018 and launched its fintech arm Arques in 2020.

Kim, holding over 47 percent of NXC stake, resigned from the post of NXC Chief Executive Officer on July 29 and was replaced by Lee Jae-kyo, the then Nexon Foundation director.