BlackRock's ETHA ETF to undergo reverse split reducing trading costs

BlackRock has announced a one-for-three reverse share split for its iShares Ethereum (ETH) Trust ETF, trading under the ticker ETHA. The split is set to take effect on October 6, meaning every three shares will be consolidated into one. This adjustment will increase the fund's per-share net asset value, though the total value of investors' positions and the fund's assets will remain unchanged.

The reverse split is expected to reduce the proportional bid-ask spread investors pay when trading. Bloomberg Senior ETF Analyst Eric Balchunas noted on social media that this should lower trading costs from 7 basis points to around 2 basis points. He emphasized that the industry's focus on cost efficiency is a positive development.

As of early August 2026, ETHA was trading at approximately $14 per share, reflecting a roughly 40% year-to-date decline, in line with Ethereum's price movement. The higher per-share price post-split will make each basis point of spread a smaller fraction of the trade value, effectively reducing costs.

ETHA holds over $5 billion in assets under management, making it the largest Ethereum-based exchange-traded fund currently trading. Grayscale's Ethereum fund is the second-largest in the category. BlackRock launched ETHA as a non-staking fund in 2024 and later introduced the iShares Staked Ethereum Trust ETF in March 2026, which is unaffected by the upcoming reverse split.