The rising reputation of Ethereum (CRYPTO: ETH) has prompted furnishings retailer Ethan Allen Interiors Inc. (NYSE:ETH) to vary its ticker image on the New York Inventory Change.
What Occurred: Connecticut-based Ethan Allen stated it’s altering its ticker image from “ETH” to “ETD” to keep away from confusion with the native cryptocurrency on the Ethereum community. The ticker change will take impact on Monday, August 16.
The “D” within the new ticker image stands for “design,” in response to Farooq Kathwari, Ethan Allen’s CEO.
“We additionally consider this modification will higher differentiate Ethan Allen information from Ethereum information in search outcomes, as Ethereum is commonly abbreviated as ETH,” Kathwari added.
See Additionally: How To Purchase Ethereum (ETH)
Why It Issues: Ethan Allen’s inventory value had surged practically 60% on a year-to-date foundation earlier this 12 months as traders apparently mistook the corporate’s ticker for the Ethereum blockchain token’s abbreviation.
The channel devoted to Ethan Allen on Stocktwits is stuffed with messages concerning the namesake crypto fairly than the furnishings firm.
In the meantime, Ethereum’s year-to-date returns are 279.8% and it’s at present the second-largest cryptocurrency by market capitalization.
Worth Motion: Ethan Allen’s shares closed 2.1% greater on Thursday at $23.79.
Ethereum is up greater than 3% over the past 24 hours, buying and selling at $2,784.31 at press time.
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