BlackRock to Reverse Split Its Ethereum ETF Shares This October

BlackRock is preparing a major structural change to its Ethereum ETF, aiming to make trading smoother for investors.

What the Reverse Split Means for ETHA Holders

According to a filing with the US Securities and Exchange Commission, BlackRock will carry out a one for three reverse share split on its Ethereum Trust ETF, known by its ticker ETHA, effective Oct. 6. In simple terms, every three existing shares will be combined into a single share. This raises the value of each individual share, but it does not change how much money investors actually have in the fund, and the total assets held by the ETF stay exactly the same.

Why BlackRock Is Making This Move

BlackRock hasn’t publicly explained its reasoning, but industry analysts believe the goal is to reduce trading costs. Bloomberg’s senior ETF analyst Eric Balchunas commented that the change could lower trading costs from around 7 basis points down to roughly 2 basis points, calling it a notable example of issuers fine-tuning even small spreads to improve efficiency for traders.

The move comes as ETHA shares have fallen nearly 40% since the start of the year, mirroring Ethereum’s own price decline. As of Tuesday, ETHA was trading around $14 per share.

BlackRock Remains the Dominant Player in ETH ETFs

Despite the price drop, ETHA remains the largest Ethereum ETF in the market, holding more than $5 billion in assets under management. Grayscale’s Ethereum fund ranks second in size. BlackRock first launched ETHA, its non staking Ethereum fund, back in 2024, and later introduced a separate staking-enabled option, the iShares Staked Ethereum Trust ETF, which began trading in March 2026.