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Grayscale files for rights to ETHPoW tokens after The Merge

Grayscale files for rights to ETHPoW tokens after The Merge

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Grayscale Investments will have rights to Ethereum Proof of Work tokens as a result of the merger and may or may not distribute them to holders as a cash payment, the asset manager told the Securities and Exchange Commission. filing on Friday.

ETHPoW, a fork of work on the Ethereum chain, went live on Thursday as Ethereum moved to proof-of-stake. As a result of the fork, Grayscale Ethereum Trust and Grayscale Digital Large Cap Fund received rights to ETHPoW tokens. The former got the rights to about 4 million, while the latter owns the rights to about 41,000 ETHPoW tokens.

However, it is not clear how much these properties are worth.

“There is uncertainty as to whether digital asset custodians will support ETHPoW tokens or whether a market with meaningful liquidity will develop,” the filing says.

Trading venues for ETHPoW tokens are not widely established because the Ethereum Proof of Work network is so new, the filing stated. The price of ETHPoW tokens is expected to fluctuate.

“If digital asset custodians support ETHPoW tokens and the trading market develops, it is expected that the values ​​of ETHPoW tokens will fluctuate for some time,” the document says. “Due to this uncertainty and the potential for significant price volatility, it is not possible to predict the value, if any, of the rights to ETHPoW tokens.”

Announced future forks or airdrops of the Ethereum network will be evaluated on a case-by-case basis and may not be treated in the same way as an ETHPoW fork.

Holders of each fund are entitled to receive the proceeds at the close of business on September 26.

© 2022 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

Source: https://www.theblock.co/post/170749/grayscale-files-for-rights-to-ethpow-tokens-after-the-merge?utm_source=rss&utm_medium=rss

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