Fidelity Ethereum Fund (BATS:FETH) Shares Down 3.1% – Here’s Why

Shares of Fidelity Ethereum Fund (BATS:FETH) dropped 3.1% on Friday . The stock traded as low as $32.8075 and last traded at $31.2510. Approximately 1,814,438 shares were traded during mid-day trading, an increase of 30% from the average daily volume of 1,398,789 shares. The stock had previously closed at $32.25.

Fidelity Ethereum Fund Price Performance

The company has a 50-day simple moving average of $40.29 and a two-hundred day simple moving average of $34.36.

Institutional Investors Weigh In On Fidelity Ethereum Fund

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in shares of Fidelity Ethereum Fund by 71.4% during the fourth quarter. Bank of America Corp DE now owns 1,800 shares of the company’s stock valued at $60,000 after acquiring an additional 750 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Fidelity Ethereum Fund by 233.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 39,582 shares of the company’s stock valued at $722,000 after purchasing an additional 27,713 shares during the period. IFP Advisors Inc increased its holdings in Fidelity Ethereum Fund by 502.2% during the 1st quarter. IFP Advisors Inc now owns 2,722 shares of the company’s stock valued at $50,000 after purchasing an additional 2,270 shares during the period. HighTower Advisors LLC raised its position in Fidelity Ethereum Fund by 24.4% during the 1st quarter. HighTower Advisors LLC now owns 13,778 shares of the company’s stock valued at $251,000 after purchasing an additional 2,702 shares during the last quarter. Finally, United Capital Management of KS Inc. purchased a new stake in Fidelity Ethereum Fund in the 1st quarter worth approximately $8,217,000.

About Fidelity Ethereum Fund

The Fidelity Ethereum Fund ETF (FETH) is an exchange-traded fund that mostly invests in long eth, short usd currency. The fund is passively managed, offering exposure to the daily USD spot price of ether (ETH) using an ether price feed, less trust expenses and liabilities. An investment in the fund is not a direct investment in ether.