Investors Mistake Ethereum for Ethan Allen’s Stock

Since the start of 2021, Ethan Allen’s stock has risen about 50% due to investors’ inattention. Some investors confused the securities under the ticker ETH with Ethereum, the second-largest cryptocurrency.

Founded in 1932, the American furniture maker Ethan Allen’s trades on the New York Stock Exchange. This year, ETH shares rose from $20.34 in January to $31.99 in May. At the time of writing, quotes sit around $29.90.

Stocktwits head Rishi Khanna, in an interview The Wall Street Journal noted that the rise was driven not only by an economic rebound. In his words, some investors hear the call ‘Buy ETH’ and purchase Ethan Allen’s shares instead of Ethereum.

“We are definitely seeing a significant uptick in erroneous activity,” Khanna said.

According to the publication, over the last month ETH turnover increased by 56%, higher than the five-year average. This suggests that far more people are opening and closing positions.

On May 12 Ethereum hit an all-time high at $4350. On May 17 the price fell below $3480 amid a Bitcoin correction. At the time of writing, the second cryptocurrency trades around $3500.

As a reminder, Coinbase went public on Nasdaq under the ticker COIN — in 2015 a similar identifier was assigned to the shares of Coinsilium, a London-based investment company.

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