Grayscale Investments, a subsidiary of CoinDesk parent company Digital Currency Group, has filed with U.S. regulators to distribute Ethereum proof-of-work tokens (ETHPoW) or the cash equivalent to owners of some of its products.
Holders of ether were granted ETHPoW when the fork happened. As a result, the Grayscale Ethereum Trust now holds more than 3 million ETHPoW tokens, and the Grayscale Digital Large Cap Fund holds 40,000, according to a press release. Grayscale said it wants the right to sell the tokens and distribute the cash proceeds to shareholders “in its sole discretion,” provided there’s a market for the coin.
ETHPoW was trading at $11 on Friday afternoon, according to CoinMarketCap.
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In its press release, Grayscale warned of ETHPoW’s “uncertainty” because it isn’t established, saying there’s doubt whether custodians will support the token and whether it will have a liquid market.