GrayScale Investment has announced plans to sell ETHPoW tokens it obtained from the PoW hard-fork following Ethereum’s transition to proof-of-stake (PoS).
Two funds owned by GrayScale Investment obtained a cumulative sum of three,100,629 ETHPoW tokens. Grayscale Ethereum Trust(ETHE) obtained roughly 3,059,976 ETHPoW tokens, whereas Grayscale Digital Large Cap Fund (GDLC) obtained 40,653 ETHPoW tokens.
The ETHE and GDLC funds will switch possession of their ETHPoW tokens to Grayscale Investment by the shut of enterprise on Sept. 26. Grayscale Investment is anticipated to retain custody of the tokens till it’s ready to sell them.
Our funds $ETHE & $GDLC have passively obtained the rights to forked ETHPoW tokens. To the extent it’s practicable, we’ll look to sell these tokens & distribute internet money proceeds to file date shareholders.
Read our launch for essential particulars: https://t.co/0subq36to0
— Grayscale (@Grayscale) September 16, 2022
If trade itemizing and deep liquidity are developed for ETHPoW tokens, Grayscale will transfer to sell its holdings and redistribute the proceeds to shareholders.
Grayscale added that it’s not ready to decide the worth of the ETHPoW tokens as little liquidity has been created for buying and selling throughout crypto exchanges.
Spot buying and selling opened for ETHW token
Shortly after the merge, a number of main crypto exchanges launched spot buying and selling for EthereumPoW (ETHW) token.
FTX announced its spot buying and selling for ETHW and to this point has executed $28.7 million price of trades. Other exchanges which have opened spot buying and selling for ETHW tokens embody Bybit, MEXC Global, Bitfinex, Kraken, and Huobi.
OKX moved to launch USDT-marginal perpetual buying and selling for ETHW. According to Coinmarketcap data, OKX is dealing with 38.19% of ETHW buying and selling, which quantities to roughly $39.7 million.
As of press time, ETHW’s price is trading at $11, indicating an over 80% fall from its 24-hour excessive of $60.68.