BlackRock plans to implement a 1-3 reverse stock split for ETHA on October 6th

According to The Block, BlackRock plans to implement a 1:3 reverse stock split for the Ethereum Trust ETF (ETHA) on October 6th, merging every 3 shares into 1 share, increasing the net asset value per share without changing the total value of investor holdings and fund asset size. Bloomberg senior ETF analyst Eric Balchunas stated that this will reduce trading costs from 7 basis points to approximately 2 basis points. The current price of ETHA is about $14, down about 40% within the year. The BlackRock Ethereum ETF manages assets exceeding $5 billion.