Ethereum Popularity Leads To NYSE-Listed Company Giving Up Its Ticker
The rising popularity of Ethereum (CRYPTO: ETH) has prompted furniture retailer Ethan Allen Interiors Inc. (NYSE:ETH) to change its ticker symbol on the New York Stock Exchange.
What Happened: Connecticut-based Ethan Allen said it is changing its ticker symbol from “ETH” to “ETD” to avoid confusion with the native cryptocurrency on the Ethereum network. The ticker change will take effect on Monday, August 16.
The “D” in the new ticker symbol stands for “design,” according to Farooq Kathwari, Ethan Allen’s CEO.
“We also believe this change will better differentiate Ethan Allen news from Ethereum news in search results, as Ethereum is often abbreviated as ETH,” Kathwari added.
See Also: How To Buy Ethereum (ETH)
Why It Matters: Ethan Allen’s stock price had surged nearly 60% on a year-to-date basis earlier this year as investors apparently mistook the company’s ticker for the Ethereum blockchain token’s abbreviation.
The channel dedicated to Ethan Allen on Stocktwits is filled with messages about the namesake crypto rather than the furniture company.
Meanwhile, Ethereum’s year-to-date returns are 279.8% and it is currently the second-largest cryptocurrency by market capitalization.
Price Action: Ethan Allen’s shares closed 2.1% higher on Thursday at $23.79.
Ethereum is up more than 3% during the last 24 hours, trading at $2,784.31 at press time.
Read Next: Ethereum Leads Crypto Market Rally As London Hard Fork Complete, Bitcoin Finds Way Back Above $40K, Dogecoin Muted