Ethan Allen Interiors Inc., a New York Stock Exchange (NYSE)-listed company, has changed its ticker symbol from “ETH” to “ETD” to avoid confusion with Ethereum and to acknowledge crypto’s ascendancy.
Apart from the London hard fork, Ethereum reached another milestone this week, with a 90-year-old New York Stock Exchange (NYSE) listed company changing its ticker to avoid confusion with Ethereum.
Ethan Allen, a home decor and furniture retailer with more than 300 locations across the United States, announced on Aug. 4 that it had changed its NYSE ticker from “ETH” to “ETD.” The company stated that it added a “D” to reflect design and changed its ticker to avoid investor confusion and to strengthen its online keyword searches:
“We also believe this change will better differentiate Ethan Allen news from Ethereum news in search results, as Ethereum is often abbreviated as ETH.”
In 1932, the manufacturer and retailer of home furnishings began operations. Investors interested in holding both versions of ETH have until August 16 to do so before Ethan Allen’s symbol is permanently changed.
As published in The Wall Street Journal, the interior design firm’s stock experienced a surge in interest in May due to erroneous retail investors who believed they were purchasing Ethereum.
“We’ve definitely seen a massive increase on a percentage basis in mistaken activity on the Ethan Allen stream,” Rishi Khanna, CEO of social investing site Stocktwits, told the Wall Street Journal.
According to Yahoo Finance data, the NYSE version of ETH was priced at $20 in January and had increased by more than 50% to $32 by May 7. The price has since fallen to around $23 at the time of writing.
Numerous users have expressed confusion, irritation, or have discovered the humorous side of the name confusion between the two in the comments section of Yahoo’s stock overview.
On Aug. 1, one user identified as “Terry” wrote beneath the stock that “$ETH has increased $800+ since July 20th” and that “in less than 12 weeks, this bill run is taking off.” It’s looking very bullish right now, and we’re only getting started. Quite a distance from the ATHs.”
On the other hand, “Chris L” wrote on Aug. 4 that; “Ethan Allen should really change their stock symbol. It would be nice to discuss an actual great business.”
Ethereum’s price has recovered significantly over the last three weeks as anticipation has grown for the London hard fork, or EIP-1559, which went live on Aug. 5.