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ETH Why did BlackRock do this and what is the significance?
BlackRock has submitted an application with the U.S. Securities and Exchange Commission to implement a 1:3 reverse stock split on its iShares Ethereum Trust ETF (code: ETHA). The adjustment will take effect on October 6.
This reverse stock split will merge every three shares of ETHA into one share, thereby increasing the net asset value of the fund per share, but it will not change the total value of investors 'shares, nor will it affect the fund's assets. scale.
No zero shares will be issued; any remaining zero shares will be redeemed and paid in cash to shareholders 'securities accounts.
BlackRock did not explain the reason for the split in its filing with the SEC. However, the actual effect is obvious.
Eric Balchunas, senior ETF analyst at Bloomberg, said the move would reduce transaction costs from 7 basis points to about 2 basis points. After the reverse split, the price per share increased, making the spread per basis point a smaller proportion of transaction value-this is the mechanism behind the cost reduction described by Balchunas.
Background: depressed stock prices and familiar operations
At the beginning of August 2026, the trading price of ETHA was approximately US$14 per share, and the cumulative decline during the year was approximately 40%, roughly in line with the price decline of Ethereum itself during the same period. Despite the decline, ETHA still has more than US$5 billion in assets under management, making it the largest Ethereum ETF on the market.
This move follows a precedent in the crypto ETF field. Gray Investment completed a similar reverse stock split on its Bitcoin mini trust and Ethereum mini trust in November 2024, increasing the net asset value per share by 5 times and 10 times respectively. Gray said the reverse splits of these ETFs are designed to make securities trading more cost-effective.
This reverse stock split is only applicable to unpledged ETHA funds and will not affect the independently pledged Ethereum ETF launched by BlackRock in March 2026.
The reverse stock split will take effect after the close of trading on October 5, 2026, and the adjusted shares will begin trading on October 6, 2026.
