Institutional Exodus from Ethereum ETF: Apeiron Liquidates ETHA, Cashing Out Around $9 Million

**Crypto Market Downturn Drives Apeiron Capital to Liquidate ETHA Stake** On February 4, as the crypto market downturn deepened, another institution exited its position in the Ethereum ETF. Per latest disclosure filings, Hong Kong’s Apeiron Capital Limited liquidated its entire stake in the iShares Ethereum Trust ETF (ETHA) in Q4 2025, selling 285,400 shares for roughly $8.99 million. ETHA had previously made up ~4.3% of Apeiron’s assets under management (AUM)—that share has now fallen to zero. The move is another clear sign of position reduction amid a sharp pullback in Ethereum and related assets. As of January 30, data shows ETHA traded at $20.17: down 17.7% over the past year, lagging the S&P 500 by ~32 percentage points. Following the recent crypto selloff, its 12-month decline has widened to over 30%. For 2025 year-to-date, ETHA’s net asset value (NAV) has dropped more than 11%. Analysts note Apeiron’s ETHA liquidation does not signal a rejection of blockchain or Ethereum’s long-term value. Instead, it appears to be an asset reallocation move amid a high-volatility, low-yield environment. As a single-asset ETF, ETHA’s returns are almost entirely tied to ETH’s price movements, leaving it vulnerable during market downturns. Apeiron’s current portfolio is more concentrated in operating companies like On Holding, Summit Therapeutics, and QFIN—indicating the firm is shifting capital from crypto assets to investments focused on fundamental performance.