A 1-for-3 reverse split on BlackRock's spot Ethereum ETF, ticker ETHA, is set for October. Three existing shares will consolidate into one. Per-share net asset value rises by the same factor while total fund value stays flat.
The ratio, unpacked
In a 1-for-3 structure, shares outstanding fall by two-thirds while per-share NAV expands proportionally. That is the full arithmetic the announcement gives. BlackRock has not disclosed the current ETHA per-share price or a post-split target level, so no dollar figure is available from the filing.
What changes for existing holders
Shareholders holding ETHA before the October consolidation will see their unit count drop to one-third of the pre-split figure when the split takes effect. The dollar value of each position is unchanged at that moment. The fund's holdings, and by extension its $ETH exposure, are unaffected. A unit consolidation of this type is a redenomination of shares, not a change to underlying assets.
BlackRock has not specified a precise date within October for the consolidation.
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