Furniture retailer Ethan Allen Interiors is changing its ticker symbol to prevent confusion with the cryptocurrency ethereum.
Beginning August 16, the company will trade on the New York Stock Exchange under the symbol “ETD” and will no longer use “ETH.”
Ethan Allen said using the letter “D” stands for design, which better reflects the company’s focus. It also noted some traders were getting confused with the cryptocurrency.
“We also believe this change will better differentiate Ethan Allen news from ethereum news in search results, as ethereum is often abbreviated as ETH,” said Ethan Allen CEO Farooq Kathwari.
Ethereum, or ether for short, is the world’s second-most valuable cryptocurrency after bitcoin. Ether’s value has soared some 275% so far this year — even more than bitcoin — thanks to growing interest in non-fungible tokens and increased adoption of cryptos generally.
Ether is the currency of choice used to purchase non-fungible tokens, or NFTs, the digital assets that have become increasingly popular in the art and sports collectibles world.
Meanwhile, Ethan Allen’s shares have jumped 20% this year because of strong sales.
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