Grayscale’s ETHE and GDLC funds received a total of about 3 million Ethereum Proof of Work (ETHPoW) units in the Ethereum Merge process. Now this investment company has announced that it plans to sell all of its ETHW.
According to Mehen Blockchain and quoted by Crypto Slate, Grayscale Investment Company Said which plans to sell the ETHW balance it received from the Ethereum Proof of Work hard fork (ETHPoW) after the Ethereum Marge update. This issue can cause selling pressure and the price of ETHW to fall.
Shortly after the Ethereum Marge update on September 15 (24 September), the miners of the Ethereum Proof-of-Work fork network struggled to keep the ETHPoW network afloat. Also, after this hard fork, ETH equivalent of each wallet, ETHW cryptocurrency was distributed to eligible users.
Two funds owned by Gary Scale received a total of 3,100,629 ETHW coins in the fork process. Grayscale Ethereum Trust (ETHE) received approximately 3,059,976 ETHW coins; While Grayscale Digital Large Cap or GDLC for short received 40,653 ETHPoW coins.
ETHE and GDLC funds will transfer ownership of their ETHW balance to Grayscale by September 26. Grayscale is expected to hold the coins until it can sell them. This time will come when the ETHW trading market reaches an acceptable volume of transactions, according to GarySkill’s announcement. After the sale of this asset, the resulting income will be distributed among the shareholders.
Gary Skille added that he cannot determine the value of his ETHW balance at this time; Because there is little liquidity to trade in crypto exchanges.
Ethereum proof-of-work trading has begun on the spot market
Shortly after the Ethereum Marge update, several major cryptocurrency exchanges launched EthereumPoW (ETHW) spot trading.
The FTX exchange announced the launch of its spot trading for ETHW and so far it has completed transactions worth $28.7 million. Other exchanges that have started spot trading for ETHW include; BayBit, MEXC Global, Bitfinex, Kraken and Hobby.
The OKX exchange is working to launch permanent USDT to ETHW trading. The data shows that the OKX exchange handles 38.19% of ETHW transactions, which is approximately $39.7 million.
At the time of writing, ETHW is trading around $8, representing a drop of over 87% from its weekly high of $60.68. Therefore, it can be said that Grayscale currently has about 24 million dollars of this cryptocurrency.
- How many proof-of-work ethereum coins does GaryScale’s investment fund have?
The two funds owned by Grayscale hold a total of 3,100,629 ETHW.
- What does GaryScale hedge fund plan for its Ethereum Proof-of-Work (ETHPoW) holdings?
Grayscale is expected to sell coins until they find a suitable market size; keep and then start selling them.