Grayscale Ethereum Trust ETF (NYSEARCA:ETHE) Shares Gap Down – Here’s Why

Shares of Grayscale Ethereum Trust ETF (NYSEARCA:ETHE) gapped down prior to trading on Monday. The stock had previously closed at $17.83, but opened at $16.95. Grayscale Ethereum Trust ETF shares last traded at $16.9710, with a volume of 636,081 shares traded.

Grayscale Ethereum Trust ETF Stock Down 4.4%

The company’s fifty day moving average is $19.98 and its 200 day moving average is $17.60. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 2.06 and a beta of 2.61.

Grayscale Ethereum Trust ETF Cuts Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, November 4th. Shareholders of record on Tuesday, November 3rd were paid a $0.0246 dividend. This represents a $0.30 annualized dividend and a yield of 1.7%. The ex-dividend date was Tuesday, November 3rd. This is a decrease from Grayscale Ethereum Trust ETF’s previous monthly dividend of $0.0320.

Institutional Investors Weigh In On Grayscale Ethereum Trust ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jacobi Capital Management LLC bought a new stake in shares of Grayscale Ethereum Trust ETF during the 3rd quarter worth approximately $82,000. Lido Advisors LLC boosted its holdings in shares of Grayscale Ethereum Trust ETF by 85.9% in the 3rd quarter. Lido Advisors LLC now owns 36,697 shares of the company’s stock valued at $786,000 after buying an additional 16,961 shares during the last quarter. StoneX Group Inc. acquired a new stake in shares of Grayscale Ethereum Trust ETF in the 3rd quarter valued at approximately $816,000. Formidable Asset Management LLC boosted its holdings in shares of Grayscale Ethereum Trust ETF by 2.6% in the 3rd quarter. Formidable Asset Management LLC now owns 26,210 shares of the company’s stock valued at $562,000 after buying an additional 665 shares during the last quarter. Finally, Heritage Family Offices LLP bought a new position in shares of Grayscale Ethereum Trust ETF in the third quarter valued at $58,000.

Grayscale Ethereum Trust ETF Company Profile

Grayscale Ethereum Staking ETF (ETHE) is an exchange-traded fund designed to provide exposure to Ether (ETH), with shares intended to reflect the value of the fund’s ETH holdings, minus fees and expenses. The fund may stake a portion of its Ether to seek additional returns through staking rewards, which can enhance total return but may also introduce additional risks and variability. ETHE is a commodity-based product and is not registered under the Investment Company Act of 1940.