Apeiron liquidates ETHA, cashing out approximately 9 million USD
As the decline in the cryptocurrency market intensifies, another institution has chosen to exit the Ethereum ETF. According to the latest disclosed documents, Hong Kong's Apeiron Capital Limited has completely liquidated its holdings in the iShares Ethereum Trust ETF (ETHA) in the fourth quarter of 2025, selling a total of 285,400 shares for approximately $8.99 million.This ETHA position previously accounted for about 4.3% of Apeiron's assets under management (AUM) and has now been reduced to zero. This is another clear "de-risking signal" disclosed against the backdrop of a significant pullback in Ethereum and related assets. Data shows that as of January 30, ETHA was priced at $20.17, down 17.7% over the past year, underperforming the S&P 500 index by about 32 percentage points; following a recent sharp decline in the cryptocurrency market, its one-year decline has now expanded to over 30%. For the entire year of 2025, ETHA's net asset value has fallen by more than 11%. Analysts point out that Apeiron's liquidation of ETHA does not equate to a denial of the long-term value of blockchain or Ethereum, but rather resembles a reallocation choice in a high-volatility, low-return environment.As a single-asset ETF, ETHA's returns are almost entirely dependent on the price movements of ETH, which is significantly pressured during market downturns. Currently, Apeiron's portfolio is more concentrated in companies with tangible operations such as On Holding, Summit Therapeutics, and QFIN, indicating that its funds are shifting from crypto assets to targets that emphasize fundamentals.