- Grayscale has announced today that it has more than 3 million ETHW tokens.
- Grayscale stated its “sole discretion” to sell or abandon the tokens in a filing.
Grayscale said in a press statement and SEC filing today that it intends to acquire and hold onto the rights to the new EthereumPoW (ETHW) tokens created by the Ethereum split after the merging, keep onto them, and potentially sell them or share their value to investors in the future.
This week saw the creation of a new cryptocurrency called ETHW as a consequence of a fork in the Ethereum network. This past Thursday, the second biggest digital asset by market size completed a long-awaited switch to proof of stake, thus doing away with the need for miners.
Consequence of the Split
However, a notable Chinese miner last month encouraged stragglers to keep mining, split Ethereum, and create a new proof-of-work cryptocurrency: ETHW. Grayscale manages a broad portfolio of digital assets, including Ethereum, and offers its clients the opportunity to acquire shares that closely match the price of cryptocurrencies. As a consequence of the split, it now has the rights to a number of ETHW tokens that is roughly equal to the number of ETH that it previously had.
Grayscale has announced today that it has more than 3 million ETHW tokens. When these tokens find a buyer, the asset management may pay out the cash value to its investors. According to CoinMarketCap, the current market price of ETHW is $9.30, valuing Grayscale’s position at more than $28.8 million.
Grayscale stated its “sole discretion” to sell or abandon the tokens in a filing and news statement on Friday. It also noted that there was no guarantee that digital asset custodians would accept the token and that the price of tokens may vary.
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