[Apeiron Capital Sells Entire BlackRock Ethereum ETF Holdings, Valued at Nearly $9 Million] According to Deep Tide TechFlow, on February 4, documents disclosed on the Nasdaq official website show that Hong Kong-based fund company Apeiron Capital Limited submitted filings to the U.S. Securities and Exchange Commission indicating that it sold its entire holdings (approximately 285,400 shares) of BlackRock's Ethereum exchange-traded fund, iShares Ethereum Trust ETF (ETHA), in the fourth quarter of 2025. The estimated transaction value was $8.99 million, representing 4.3% of its assets under management. Reportedly, ETHA's net asset value in 2025 fell by over 11% due to increased market volatility and reduced risk appetite. Analysts pointed out that the ETF charges a 0.25% management fee and does not distribute dividends, making the holding costs extremely high when prices stagnate or decline.