According to a Securities and Exchange Commission filing on September 16, a company called Grayscale Investments “distributed the rights to the Ethereum Proof of Work Token.” It shows that the company declared The newly launched ETHW blockchain went live on September 15, with hash rates of approximately 50-60 terahashes per second (TH/s) dedicated to the new network. Grayscale notes that it is “unclear whether custodians of digital assets will support” the newly launched ETHW coin.
Two Grayscale funds declare rights to the ETHW fork
Grayscale Investments, the world’s largest crypto asset manager by assets under management (AUM), has filed adeclarationwith the U.S. Securities and Exchange Commission (SEC) regarding its newly launched ETHW rights.
During the past 24 hours on September 16,ETHW’s24-hour price rangeranged between $8.06 and $14.20 per unit. Additionally, the hash rate for ETHW is around. 56.95 TH/saccording to data provided by mining pool 2miners. Grayscale has two funds that benefit from obtaining ETHW coins, referred to as “ETHPoW tokens” in the filing.
Grayscale details that if it is able to sell the ETHPoW tokens, it will remit the cash proceeds after taking into account any fees generated by the sale. The filing notes that the rights to ETHPoW originate from the Grayscale Digital Large Cap Fund and the Grayscale Ethereum Trust.
“The Trust currently holds approximately 3,059,976.06309448 ETHPoW token rights.” The Grayscale filing noted that ” The Fund currently holds rights to approximately 40,653.24325763 ETHPoW tokens.” The crypto asset manager’s SEC filing adds. However, selling new tokens on Digital Currency Asset Manager may not be easy, and it will depend on liquidity.
“An exchange for ETHPoW tokens is not widely established, given that the Ethereum Proof of Work network was publicly launched on September 15, 2022, and it is unclear if digital asset custodians will support ETHPoW tokens or if a meaningful liquid It is unclear whether a trading market with any liquidity will develop.” Grayscale explains. He also states that it is impossible to predict the current value of the net sale at this time.
“If digital asset custodians support ETHPoW tokens and the trading market develops,” Grayscale’s filing states, “we expect the value of ETHPoW tokens to fluctuate widely for some time.” As a result of this uncertainty and the potential for significant price volatility, it is impossible to predict the value of the rights to the ETHPoW token.”
Grayscale is not the only company with an Ethereum (ETH)based fund that will do something with the ETHW fork. Last week, Etc Group detailed that it will list a newly launched digital asset-based exchange-traded product (ETP). There are a handful of other Etc (ETH) based funds, and if they holdETH; if they hold ETH
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