On the Record Date, pursuant to the terms of the Trust Agreement or LLC Agreement, as applicable, governing each Product, each Product will appoint
The Agent may determine, in its sole discretion, whether, when, and in what manner to sell the ETHPoW tokens it holds on behalf of the Record Date Shareholders of the applicable Product. In addition, the Agent may choose to abandon the ETHPoW tokens held by it on behalf of the applicable Product.
If the Agent is able to sell the ETHPoW tokens it holds on behalf of the Record Date Shareholders of the applicable Product, the Agent will remit the cash proceeds from such sales, net of any administrative and other reasonable expenses incurred by the Agent in its capacity as agent of such Record Date Shareholders and not in its capacity as Sponsor or Manager of the Products, ratably to such Record Date Shareholders, upon completion of the sales. In this case, the Agent would subsequently announce one or more dates for the remittance of such net cash proceeds.
The Agent reserves the right to remit any net cash proceeds from the sale of the applicable ETHPoW tokens to Record Date Shareholders of the applicable Product on more than one occasion. The Agent may use an affiliated dealer, including
The Trust currently holds rights to approximately 3,059,976.06309448 ETHPoW tokens, or approximately 0.00986585 ETHPoW tokens per share based on 310,158,500 shares of the Trust outstanding as of the date hereof, and is expected to be outstanding as of the Record Date.
The Fund currently holds rights to approximately 40,653.24325763 ETHPoW tokens, or approximately 0.00256206 ETHPoW tokens per share based on 15,867,400 shares of the Fund outstanding as of the date hereof and expected to be outstanding as of the Record Date.
The trading venues for ETHPoW tokens are not broadly established given that the Ethereum Proof of Work Network was publicly launched on
Shareholders of each Product should note that any future forks or airdrops on the Ethereum Network may not be addressed by the Sponsor or the Manager in the same manner as the ETHPoW fork. The Sponsor and the Manager intend to evaluate each future fork or airdrop on a case-by-case basis, in consultation with the Products’ legal advisors, tax consultants, and custodian.
The Sponsor and the Manager will communicate material new information to the market and to investors in the Products as it becomes available.
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