Furniture Retailer Ethan Allen, Tired of Its Search Traffic Going Into the Ether, Changes Stock Ticker

Ethan Allen’s stock prices soared earlier this year as traders confused its ticker for the symbol for ether.

AccessTimeIconAug 5, 2021 at 5:34 p.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

U.S. furniture maker and retailer Ethan Allen Interiors wants you to know that its vision of American design is meant to evoke "Classic, Country & Coastal and Modern." It does not do crypto.

To make this clear, the company announced Thursday it is changing its New York Stock Exchange (NYSE) ticker symbol from “ETH” to “ETD” to avoid confusion with the cryptocurrency ether.

  • Three Major Ethereum Stories to Watch in 2024
    02:12
    Three Major Ethereum Stories to Watch in 2024
  • Here's Why Ether Could Surge in 2024
    00:54
    Here's Why Ether Could Surge in 2024
  • Ether in the Spotlight; Trump NFTs on Bitcoin
    02:08
    Ether in the Spotlight; Trump NFTs on Bitcoin
  • Ether Surges Above $26K Following Spot Bitcoin ETF Approval
    01:36
    Ether Surges Above $26K Following Spot Bitcoin ETF Approval
  • The Danbury, Conn.-based company’s stock soared earlier this year, which many analysts attributed to retail traders confusing its symbol with the identical abbreviation for ether, the native currency of the Ethereum network.

    “We’ve definitely seen a massive increase on a percentage basis in mistaken activity on the Ethan Allen stream,” Rishi Khanna, CEO of Stocktwits, told the Wall Street Journal in May.

    Clearly, the retailer had had enough. “This change will better differentiate Ethan Allen news from Ethereum news in search results, as Ethereum is often abbreviated as ETH,” CEO Farooq Kathwari said in the press release.

    Farooq said the "D" in the new ticker symbol stands for “design.”

    Ticker confusion is not unique to Ethan Allen. Similar confusion has been seen in the stock market as retail traders mistake unrelated companies for chat application Clubhouse or encrypted messaging application Signal. Researchers have been finding correlations between corporation name changes and internet-related “dotcom” names for decades.

    In fact, Ethan Allen’s management could have perhaps been forgiven for going the other direction and trying to increase its association with the cryptocurrency. After all, while the furniture retailer’s stock price climbed nearly 80% since last August, the price of ether soared about 580% during the same time period.

    The change to “ETD” will take place on Aug. 16, ending 28 years of “ETH” for Ethan Allen since the company’s initial public offering in 1993

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.