iShares Ethereum Trust ETF (NASDAQ: ETHA) Completes 1-for-3 Reverse Split

• The iShares Ethereum Trust ETF (NASDAQ: ETHA) began trading on a split-adjusted basis on October 6, 2026, following a 1-for-3 reverse split.
• Demand for spot Ethereum funds remains mixed, with $690 million in inflows during the week of September 21 followed by approximately $118 million in outflows over three consecutive trading days.
• Institutional activity in ETHA has also varied, with some investment firms reducing their holdings while others increased their positions.

The iShares Ethereum Trust ETF (NASDAQ: ETHA) began trading on a split-adjusted basis on Tuesday, October 6, 2026. The trust provides exposure to ether through a traditional brokerage account without requiring investors to purchase and hold the cryptocurrency directly.

Under the 1-for-3 reverse split, every three existing ETHA shares were combined into one share. The number of outstanding shares decreased proportionately, while the net asset value per share increased by the same ratio. The split did not change the aggregate value of the trust or, by itself, the total value of an investor’s holdings. Fractional shares will be redeemed for cash, which may have tax consequences. 

The previously reported trading price of $20.43 should not be treated as a post-split price unless its recording time is confirmed. Historical prices and shareholding figures may also be presented on a pre-split basis.

Demand across U.S. spot Ethereum funds has been mixed. The funds attracted $690 million during the week of September 21, including approximately $326 million for ETHA. That was followed by roughly $118 million in total outflows between September 29 and October 1. These movements indicate fluctuating short-term demand rather than a clear long-term trend. 

As of September 29, ether was approximately 46% below its 2025 peak of $4,946. Although a recovery in ether’s price could benefit ETHA, future price appreciation is not guaranteed. ETHA does not currently provide staking income.

Institutional holdings have also varied. Squarepoint Ops LLC sold 36,837 ETHA shares during the second quarter, reducing its position by 63.1% to 21,587 shares valued at approximately $257,000. Macquarie Group increased its position during the fourth quarter by approximately 2.35 million shares, bringing its reported holding to about 3.63 million shares. These historical figures were reported before the reverse split and do not explain the reason for the corporate action.