Grayscale Investments Declares Distribution of Rights to ETHPoW Tokens

The corporation will allocate ETHW’s net sales to ETHE and GDLC stockholders. Grayscale, a prominent asset manager for digital currencies, has revealed that two of its funds have passively acquired the rights to forked EthereumPoW (ETHW) tokens. Because Grayscale operates two Ethereum-related funds, Grayscale Ethereum Trust (ETHE) and Grayscale Digital Large Cap Fund (GDLC) give investors indirect exposure to ETH, the company now holds rights to ETHW, according to a statement. Ethereum Proof-of-Work Tokens Grayscale is entitled to roughly 3,059,976.06309448 ETHPoW tokens for ETHE, which equates to 0.00986585 ETHPoW tokens per share of the Trust’s total of 310,158,500 shares. On September 26, 2022, Grayscale said it would choose which platform to sell the tokens on and give the net cash revenues to owners of ETHE and GDLC items. The business also said that to facilitate trading ETHW tokens, it might engage connected dealers like Genesis Global. The top asset manager for cryptocurrencies anticipates significant price fluctuations for ETHW because there is little chance of developing trading markets with sufficient liquidity for the freshly forked Ethereum coins. For GDLC, there will be 40,653.24325763 ETHPoW tokens, or 0.00256206 ETHPoW tokens per share based on 15,867,400 shares. As designated agents of the funds, Grayscale will take delivery of the forked Ethereum tokens on behalf of its customers. Launch of EthereumPoW Follow...