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CoinDesk To Sell 3.1 Million ETH PoW Tokens

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Grayscale Investments, a subsidiary of CoinDesk parent company Digital Currency Group has applied to the U.S. regulators

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For the distribution of Ethereum proof-of-work tokens (ETHPoW), or the cash equivalent, to some owners of its products.

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This token was created in response to the "Merge" major software update on the Ethereum blockchain that was completed on Thursday.

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Holders of ether received ETHPoW at the fork. According to a press release, the Grayscale Ethereum Trust

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Now has more than 3,000,000 ETHPoW tokens, and the Grayscale Digital Large Cap Fund has 40,000. 

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Grayscale stated that it would like the right to sell tokens and to distribute cash proceeds to shareholders at its discretion, provided there is a market.

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According to CoinMarketCap, ETHPoW traded at $11 Friday afternoon. In a press release,

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Grayscale warned that ETHPoW is "uncertain" as it isn't yet established. 

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It stated there's doubt about whether custodians support the token and whether it will have a liquidity market.

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