BlackRock’s Ethereum Trust ETF filed an application for a 1-for-3 reverse stock split, which will take effect on October 6. Every 3 shares are consolidated into 1 share, and the share price jumps from roughly $14 to about $42, with total assets staying exactly the same. Bloomberg ETF analyst Eric Balchunas estimates that the trading price spread will narrow from 7 basis points to around 2 basis points. The fund is currently the largest spot Ethereum product in the U.S., with assets under management of more than $5 billion, but it has fallen by nearly 40% this year, and its share price is almost the lowest among its peers. The reverse split doesn’t change the holdings or strategy—its sole purpose is to make trading more cost-effective.