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Digital asset manager Grayscale Investments will sell the ETHW cryptocurrency received after the launch of the Ethereum fork on the Proof-of-Work (PoW) consensus algorithm. The profit will be distributed between the shareholders of Ethereum Trust (ETHE) and Digital Large Cap Fund (GDLC).
Our funds $ ETH & $ GDLC they passively received the rights to the forked ETHPoW tokens. To the extent possible, we will seek to sell these tokens and distribute the net proceeds in cash to registered shareholders.
Read our press release for important details: https://t.co/0subq36to0– Grayscale (@ Grayscale) September 16, 2022
“Our ETHE and GDLC funds have passively acquired the rights to the ETHW token forks. To the extent possible, we will try to sell these assets and distribute the net profit among the unitholders on the date of registration, ”the statement said.
According to a press release, Grayscale plans to roll out the cryptocurrency within 180 days of the initiative’s announcement. After the launch of the EthereumPoW blockchain, the ETHE trust received over 3 million ETHW, GDLC – around 0.04 million ETHW.
According to company data, the Ethereum Trust manages assets worth over $ 4.37 billion and is one of the largest funds in the structure. The assets of the Digital Large Cap Fund are estimated at $ 0.19 billion.
On September 15, the ETHW team announced the launch of the project’s core network. Early developers having trouble due to choosing the wrong chain ID, which was already taken from the Bitcoin Cash testnet.
According to OK Link, as of September 17, the blockchain is successfully producing blocks. In the past 24 hours, the network has processed over 11 million transactions.
According to CoinGecko, as of this writing, ETHW is trading close to $ 10.2. Since the start of trading on centralized platforms, cryptocurrency prices have fallen by almost 75%.
Recall that on September 15, 2022 the developers activated The Merge update on the main Ethereum network. Blockchain has been transferred to the Proof-of-Stake consensus algorithm.
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