Grayscale to Sell ETHW Tokens, Files for Declaration of Rights

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Grayscale Investments filed a distribution of rights declaration with the US Securities and Exchange Commission over ETHW tokens.

According to a press release from the biggest digital belongings supervisor, the agency established September 26 because the document date for the distribution of rights for the ETH Proof-of-Work (PoW) tokens. 

On the document date, Grayscale will assume the function of agent for the product eligible for the ETHW tokens, and the rights of the product to ETHW tokens will likely be transferred to Grayscale Investments.

According to the agency, the Trust has a declare to over 3 million ETHW tokens and the Fund to 40.6 million ETHW tokens. It intends to purchase the tokens after which promote them inside a interval that will possible not exceed 180 days.

However, the agency added that it will have full discretion in the way it decides to promote the and should select to abandon the tokens.

If it sells the tokens, the agency will distribute the money proceeds among the many shareholders of the Product after eradicating any markup payment or value needed for the sale.

The ETHW tokens are anticipated airdrops from the ETH laborious fork post-merge. While there was some curiosity within the laborious fork led by Chandler Guo earlier than the merge, the community has had a reasonably dangerous begin, and so has the asset.

ETHW Token Value Declines

The ETHW token is at the moment value $9.585 on CoinMarketCap, an 83.3% drop from its itemizing value of $58.54 on September 3. In addition, it’s over 20% down because it grew to become public on September 15.

The grayscale press launch even talked about this, stating that due to “uncertainty and the potential for vital volatility in prices, it isn’t potential to predict the worth of rights to ETHPoW tokens.”

However, the ETHW continues to be IOUs, and those that finally migrate to the laborious forks could have the worth of ETH mirrored within the new tokens. But considerations stay as to which ETH proof of work token will likely be listed.

Poloniex Lists EthereumHonest

Most exchanges say they’ll consider every token individually. But Poloniex has already announced it’ll record EthereumHonest (ETF), a forked chain supported by ClassZZ and BitCoke, as its core Ethereum PoW token.

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