BlackRock has seen its tokenized BUIDL fund near $500 million in assets under management (AuM). The $9 trillion asset management firm has seen the fund already capture nearly 30% of the market, according to Dune analytics data, just four months after launching the fund.
The fund is represented by the BUIDL token, which has launched on the Ethereum network. Moreover, it officially holds $491 million, closing in on the landmark figure. All the more impressive is that the performance has taken place as the crypto market has struggled mightily in recent months.
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BlackRock BUIDL Fund Already Holds 30% of the Market
Since the start of 2024, BlackRock has increased its exposure to the crypto market. That began in January when it was one of the nine issuers of the debuting Spot Bitcoin ETFs. Six months after they launch, the asset manager already holds more than $2.1 billion in BTC.
Its positive performance has now expanded to its tokenized fund. Indeed, BlackRock has seen its BUIDL fund near the $500 mark in assets under management. The fund was created by Securitize, the tokenization platform. Moreover, it invests 100% of all assets in cash, US treasury bills, and repurchase agreements
Also Read: BlackRock’s Spot Bitcoin ETF Now Holds More Than $21B in BTC
Although it has dominated the market since it launched in March, data shows a lack of interest in its BUIDL token. Etherescan data shows that only 16 wallets hold BUIDL tokens. Additionally, 75% of the supply is concentrated in just five wallets.
Still, the success of the fund shows increased interest in the tokenization of real-world assets. An Ernst & Young survey shows that 50% of institutional investors are interested. Moreover, the report notes that the sector “has the potential to enable access to a broader array of investors,” and drive liquidity.
The success amid an overall market lull is the most interesting. Leading crypto Bitcoin has fallen to a price of $56,000 since reaching an all-time high of $73,000 earlier this year. Over the last 30 days, BTC has dropped more than 18%, according to CoinMarketCap.