BlackRock’s rare ETHA reverse split is about to make trading Ethereum 70 times cheaper than Coinbase
BlackRock plans a one-for-three reverse split of its iShares Ethereum Trust ETF (ETHA). The split was approved July 31, with Oct. 5 as the record date and Oct. 6 as the start of split-adjusted trading. Each three shares will become one, lifting the price from about $14.15 to roughly $42.45 while leaving investors’ total value unchanged. ETHA has fallen more than 37% this year, reflecting Ethereum’s price drop, even though the fund remains the largest spot Ethereum ETF with about $5.4 billion in net assets and over $11 billion in cumulative inflows. The move could improve ETHA’s nominal price profile and potentially narrow its bid-ask spread, with one analyst estimating a drop from about seven basis points to two. The reverse split does not reverse losses, but it may make ETHA’s trading costs look more competitive versus direct crypto purchases.
