The world’s largest digital asset manager, Grayscale Investments, announced a distribution of rights to 3.1 Million ETH proof of work tokens (“ETHPoW”) and also declared the record date of September 26.
These tokens worked as a “fork” in the wake of the Ethereum Merge which happened on Thursday. Consequently, holders of Ether were given ETHPoW when the fork happened.
Thus, the Grayscale Ethereum Trust now owns more than 3 million ETHPoW tokens, and the Grayscale Digital Large Cap Fund holds 40,000.
Grayscale states that the firm wants to have the right to sell the tokens and distribute the cash earnings to shareholders “in its sole discretion,”only if there’s a market for the coin.
The trading venues for ETHPoW tokens are not broadly established as there is still ‘uncertainty’ if digital asset custodians will support ETHPoW tokens or if trading markets with meaningful liquidity will develop.