Institutional Exodus from Ethereum ETF: Apeiron Liquidates ETHA, Cashing Out Around $9 Million
BlockBeats News, February 4th, as the crypto market downturn intensified, another institution chose to exit the Ethereum ETF. According to the latest disclosure documents, Hong Kong's Apeiron Capital Limited liquidated its holdings of iShares Ethereum Trust ETF (ETHA) in the fourth quarter of 2025, selling a total of 285,400 shares with a transaction amount of approximately $8.99 million.
The ETHA position previously accounted for approximately 4.3% of Apeiron's assets under management (AUM), which has now dropped to zero. This is another clear "reduction signal" disclosed against the backdrop of a significant Ethereum and related asset pullback.
Data shows that as of January 30th, ETHA was trading at $20.17, down 17.7% in the past year, underperforming the S&P 500 index by about 32 percentage points; following the recent sharp decline in the crypto market, its one-year decline has expanded to over 30%. Throughout 2025, ETHA's net asset value has dropped more than 11%.
Analysis indicates that Apeiron's liquidation of ETHA does not mean a denial of the long-term value of blockchain or Ethereum, but rather seems more like an asset reallocation choice in a high-volatility, low-yield environment. As a single-asset ETF, ETHA's returns are almost entirely dependent on the price movement of ETH, putting significant pressure on it during market downturns.
Currently, Apeiron's portfolio is more concentrated in operating companies such as On Holding, Summit Therapeutics, and QFIN, showing that its funds are shifting from crypto assets to targets that emphasize fundamentals.
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