Apeiron Capital exits iShares Ethereum Trust ETF ETHA, sells 285,400 shares for $8.99M
Apeiron Capital Limited fully liquidated its holdings in the iShares Ethereum Trust ETF (ETHA) in Q4 2025, selling 285,400 shares for approximately $8.99 million, according to its latest disclosure. The ETHA position previously represented about 4.3% of Apeiron's assets under management and has now been reduced to zero. Data show ETHA closed at $20.17 on Jan. 30, down 17.7% over the past year and underperforming the S&P 500 Index by roughly 32 percentage points, with its net asset value falling over 11% in 2025. Analysts noted that Apeiron's exit reflects portfolio reallocation in a high-volatility environment rather than a rejection of Ethereum's long-term value, with the firm now more focused on companies such as On Holding, Summit Therapeutics and QFIN.