Grayscale Investment moves to sell all ETHPOW tokens

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Grayscale investment has announcement plans to sell the ETHPoW tokens it received from the PoW hard-fork after Ethereum transitioned to proof-of-stake (PoS).

Shortly after the September 15th merger, miners forged Ethereum to launch the Ethereum PoW network. As offers, ETHPoW tokens have been distributed to eligible ETH holders.

Two funds held by Grayscale Investment received a cumulative sum of 3,100,629 ETHPoW tokens. Grayscale Ethereum Trust (ETHE) received approximately 3,059,976 ETHPoW tokens, while Grayscale Digital Large Cap Fund (GDLC) received 40,653 ETHPoW tokens.

ETHE funds and GDLC will transfer ownership of their ETHPoW tokens to Grayscale Investment by close of business on September 26. Grayscale Investment is expected to retain custody of the tokens until it is able to sell them.

If public listing and significant liquidity are developed for ETHPoW tokens, Grayscale will proceed with the sale of its holdings and redistribute the proceeds to shareholders.

Grayscale added that it is unable to determine the value of ETHPoW tokens as little liquidity has been created for trading on crypto exchanges.

Open spot trading for the ETHW token

Shortly after the merger, several major crypto exchanges launched spot trading for the EthereumPoW (ETHW) token.

FTX announcement its spot trade for ETHW and has so far executed trades worth $28.7 million. Other exchanges that have opened spot trading for ETHW tokens include Bybit, MEXC Global, Bitfinex, Kraken, and Huobi.

OKX moved to launch USDT marginal perpetual trading for ETHW. According Coinmarketcap data, OKX handles 38.19% of ETHW’s trading, which is worth approximately $39.7 million.

At press time, ETHW’s price is trade at $11, indicating an over 80% drop from its 24-hour high of $60.68.

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