The initiative covers 12 classes of tokenized shares in BlackRock Institutional Cash Series (ICS). It includes Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity, and U.S. Dollar Liquidity. The launch was supported by JPMorgan’s Kinexys blockchain project. Each token represents a corresponding ICS fund share. At the same time, the official shareholder register continues to be maintained through traditional infrastructure. ICS shares support round-the-clock transfers, banking distribution channels, and integration with broader tokenized financial ecosystems across 15 markets. BlackRock will also carry out a reverse stock split of its ETH ETF, ETHA, on October 6, with assets of $5.5 billion. Every 3 shares will be converted into 1, and any fractional remainder will be redeemed. Bloomberg ETF analyst Eric Balchunas noted that the change will reduce the spread from 7 bps to 2 bps. He also stressed that on crypto exchanges this figure can be as high as 140 bps.