Grayscale to sell ETHW tokens obtained after Ethereum PoW fork launch

Digital asset manager Grayscale Investments will sell ETHW, the cryptocurrency obtained after the Ethereum fork on the Proof-of-Work (PoW) consensus algorithm. The proceeds will be distributed among the shareholders of the Ethereum Trust (ETHE) and the Digital Large Cap Fund (GDLC).

Our funds $ETHE & $GDLC have passively received the rights to forked ETHPoW tokens. To the extent it is practicable, we will look to sell these tokens & distribute net cash proceeds to record date shareholders.
Read our release for important details: https://t.co/0subq36to0

— Grayscale (@Grayscale) September 16, 2022

«Our ETHE and GDLC funds passively received rights to the fork-tokens ETHW. To the extent possible, we will attempt to sell these assets and distribute net profits among the holders on the record date,» the statement says.

According to the press release, Grayscale expects to liquidate the cryptocurrency within 180 days of the initiative’s announcement. After the EthereumPoW blockchain launch, the ETHE trust received more than 3 million ETHW, and GDLC about 40,000 ETHW.

According to the company, the Ethereum Trust manages assets worth more than $4.37 billion and is one of the largest funds in the structure. The Digital Large Cap Fund’s assets are valued at $190 million.

Back on September 15, 2022, developers encountered issues due to selecting an incorrect Chain ID that had already been used by the Bitcoin Cash testnet.

According to OKLink, as of September 17, the blockchain is successfully producing blocks. In the last 24 hours the network processed more than 11 million transactions.

According to CoinGecko, at the time of writing ETHW trades near $10.2. Since listing on centralized exchanges, the cryptocurrency’s price has fallen by almost 75%.

Back in September 15, 2022, developers activated The Merge in the Ethereum mainnet. The blockchain was switched to the Proof-of-Stake consensus algorithm.

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