BlackRock will execute a one-for-three reverse share split on ETHA, its spot Ethereum ETF, on Oct. 6, according to a securities filing. The split raises the fund's per-share net asset value without changing the value of investors' holdings, and a Bloomberg analyst says the adjustment should cut ETHA's trading cost.
BlackRock will merge every three shares of ETHA into one on Oct. 6, according to a filing with the U.S. Securities and Exchange Commission. The reverse split raises the fund's per-share net asset value without changing the value of investors' holdings or the fund's assets, the filing said.
However, the price adjustment should make trading ETF shares cheaper, as suggested by Bloomberg Senior ETF Analyst Eric Balchunas. According to Balchunas: "This will lower cost to trade from 7bps to 2bps-ish."
Like Ethereum, ETHA's price is down about 40% year-to-date, changing hands at about $14 on Tuesday.
As with the spot bitcoin ETFs, BlackRock's ether fund is by far the largest, with assets under management of over $5 billion. Grayscale's Ethereum fund is the market's second-largest ETH-based fund.
BlackRock launched ETHA, its non-staking ether fund, in 2024. The firm also issues the iShares Staked Ethereum Trust ETF, which began trading in March 2026.
Sources: SEC filing, The Block
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