The crypto company Grayscale Investments has declared “distribution of rights to Ethereum Proof of Work Tokens.”
according to data supplied by the mining pool 2miners. Grayscale has two funds that will reap the benefits of obtaining the ETHW coins referred to in the filing as “ETHPoW tokens.”it will remit the cash proceeds after taking into account the fees incurred from the sale. The filing notes that the ETHW rights stem from the Grayscale Digital Large Cap Fund and the Grayscale Ethereum Trust.
“The Trust currently holds rights to approximately 3,059,976.06309448 ETHPoW tokens,” Grayscale’s filing notes. “The Fund currently holds rights to approximately 40,653.24325763 ETHPoW tokens,” the crypto asset manager’s SEC filing adds. However, the digital currency asset manager’s sale of the new token may not be easy and it will depend on liquidity.
“The trading venues for ETHPoW tokens are not broadly established given that the Ethereum Proof of Work Network was publicly launched on September 15, 2022, and there is uncertainty as to whether digital asset custodians will support ETHPoW tokens or if trading markets with meaningful liquidity will develop,” Grayscale explains. The company also says it’s not possible right now to predict the current value of the net sale.
“In the event digital asset custodians do support ETHPoW tokens and trading markets do develop, it is expected that there will be widely fluctuating values for ETHPoW tokens for some time,” Grayscale’s filing says. “As a result of this uncertainty and the potential for significant volatility in prices it is not possible to predict the value of rights to ETHPoW tokens.”
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