This post was originally published on this site
Ethan Allen, a U.S.-based furniture company, has been getting strange traction in markets this year, due to an interesting coincidence. The company’s stock ticker is the same as ethereum’s ticker, something it shares with one of the hottest cryptocurrencies right now. This has caused confusion among investors, who have bought Ethan Allen without doing research and thinking they are buying ethereum.
Ethan Allen Enjoys Ethereum’s Market Ticker
Ethan Allen, a Nasdaq-listed custom furniture company based in Vermont, has been getting a special kind of attention in the market this year, as its shares are going up for no apparent reason. But what’s the cause of all this? Confusion it seems. It turns out that Ethan Allen’s shares its ticker (ETH) with ethereum, one of the most popular cryptocurrencies in the market right now, making investors ape in furniture company shares rather than in digital currency.
And while this might sound incredible to some, the comments on the social boards of stock investing sites confirm this fact: most of the messages posted are related to ethereum, instead of talking about Ethan Allen. Messages like:
“Sideways for the next few days. Load up now #eth.”
“Sold everything for a 10k profit, now parked in $Eth till the next dip, LOVE IT!”
The aforementioned comments are just a couple of instances that illustrate how investors are indeed confusing the two tickers.
However, there are other savvy investors that mock this confusion, with comments like:$ETH to the moon! – give us something to sit in when we get there!In the year 2030, all transactions will be settled digitally with Ethan Allen interiors stock
But, even with all this confusion, Ethan Allen has nothing to regret from this. The firm’s stock has been trading 50% over its 5-year price average, an unexpected blessing for Ethan Allen investors.
Other Instances Where This Has Happened
While Ethan Allen has profited from its coincidental relation with ethereum (ETH), there are other companies that have pivoted their names to benefit from this relation. This is the case of Long Island Iced Tea, a company that changed its name to “Long Blockchain Corp.” during the 2017 bull run. This created a wave of buyers aping in, with its stock surging more than 200% in just one day.
However, this change didn’t help the company in the long run. The company had its ticker delisted from the stock market last year, with the SEC stating it had failed to file financial reports since 2018.