BlackRock's ETHA ETF Gets 1-for-3 Reverse Share Split on Oct. 6

Crypto ETF News

BlackRock has filed notice with the US Securities and Exchange Commission disclosing a one-for-three reverse share split for its iShares Ethereum (ETH) Trust ETF, trading under the ticker ETHA. The split is scheduled to take effect on Oct. 6.

Every three ETHA shares will be consolidated into one following the split. The fund's per-share net asset value will rise proportionally, but the total value of any investor's position and the fund's overall assets will remain unchanged.

Lower Spread Is the Practical Effect

BlackRock did not state a reason for the split in its SEC filing. Bloomberg Senior ETF Analyst Eric Balchunas offered an interpretation on social media, noting that consolidating shares at a higher price should reduce the proportional bid-ask spread investors pay when trading. "This will lower cost to trade from 7bps to 2bps-ish," Balchunas wrote, adding that the willingness of ETF issuers to treat a seven-basis-point spread as a problem worth fixing reflects well on how the industry approaches cost efficiency.

ETHA was trading at roughly $14 per share in early August 2026, down about 40% year-to-date, broadly in line with ETH's own price decline over the same period. A higher per-share price after the reverse split will make each basis point of spread a smaller fraction of the trade value, which is the mechanism behind the lower cost Balchunas described.