According to a filing with the Securities and Exchange Commission on September 16, the company announced that Grayscale Investments will “distribute rights to proof-of-work for Ethereum.” The new ETHW blockchain went live on September 15th and approximately 50-60 terabytes per second (TH/s) hashrate has been allocated to the new network. Grayscale described the new ETHW coin as “uncertainty over whether digital asset custodians will support it.”
The Greyscale 2 Fund Announces Rights For ETHW Fork.
The world’s largest crypto asset manager by assets under management (AUM), Greyscale Investments, has filed a statement with the US Securities and Exchange Commission (SEC) for its newly launched ETHW rights.
In the last 24 hours on September 16, ETAW’s 24-hour price range was between $8.06 and $14.20 per unit. According to data provided by mining pool 2miners, the ETHW hashrate is around 56.95 TH/s. Grayscale has two funds that reap the benefits of acquiring ETHW coins, described in the file as “ETHPoW Tokens”.
Grayscale states that if it can sell ETHPoW tokens, it will transfer the proceeds, taking into account the fees from the sale. The filing notes that ETHW rights come from Grayscale Digital Large Cap Fund and Grayscale Ethereum Trust.
“The Trust is currently entitled to approximately 3,059,976.06309448 ETHPoW tokens,” Grayscale’s filing notes. “The fund is currently entitled to approximately 40,653.24325763 ETHPoW tokens,” the crypto asset manager SEC added. However, the digital currency asset manager’s new token sale may not be easy and will depend on liquidity.
“The trading venues for ETHPoW tokens are not widely established, given the public launch of the Ethereum Proof of Work Network on September 15, 2022, and uncertainty as to whether digital asset custodians will support ETHPoW tokens or whether trading markets will continue to be meaningfully liquid,” Grayscale explained. He said it is not possible.
“If digital asset custodians support ETHPoW tokens and trading markets develop, it is expected that there will be widely fluctuating values for ETHPoW tokens for some time,” the grayscale filing says. “Due to this uncertainty and possible price volatility, it is impossible to estimate the value of ETHPoW token rights.”
Grayscale isn’t the only company with an ethereum (ETH)-based fund doing something with the ETHW fork. Last week, Etc Group listed its newly launched digital asset-based exchange-traded product (ETP). There are a handful of other ethereum (ETH) based currencies and if you hold ETH you will be entitled to ETHW tokens on a 1:1 basis.
What do you think about Greyscale’s newly launched ETHW coin rights announcement? Let us know what you think about this in the comments section below.
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