BlackRock’s BUIDL Fund Sees Share on Ethereum Drop 60% – Crypto News – Crypto News
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BlackRock's BUIDL Fund Sees Share on Ethereum Drop 60% BlackRock's BUIDL Fund Sees Share on Ethereum Drop 60%

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BlackRock’s BUIDL Fund Sees Share on Ethereum Drop 60% – Crypto News

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2 months ago

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While the fund’s total value hasn’t change, BUIDL is now more evenly distributed across Aptos, Polygon, and Avalanche, instead of the vast majority being on Ethereum.

BlackRock’s tokenized fund BUIDL saw its market capitalization on the Ethereum network drop by roughly 60%, while allocations on several other supported blockchains grew more than tenfold.

Data from RWAxyz shows that the $2.8 billion fund’s holdings on Avalanche, Aptos, and Polygon jumped to around $554.7 million, $544.1 million, and $530.9 million as of Oct. 30, up from just $54.3 million, $43.4 million, and $30.7 million respectively as of Oct. 19. Over the same time period, the $2.4 billion of the fund on the Ethereum network dropped to about $990 million.

BUIDL was originally launched only on Ethereum in March 2024, before beginning its expansion to other blockchains just under a year ago, with the vast majority of the fund remaining on Ethereum until this month.

BlackRock declined to comment on the network shift, while its tokenization partner Securitize told The Defiant that “chain selection and allocation decisions for tokenized assets like BUIDL are entirely determined by investors,” while also declining to comment further on the sudden change.

BUIDL market cap across blockchains. Source: RWAxyz

BlackRock is the world’s largest asset manager with over $13.4 trillion in assets under management as of Q3. BUIDL remains the largest tokenized real-world asset (RWA) product, holding over $2.85 billion in assets.

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Total RWA value. Source: RWAxyz

BUIDL’s network diversification comes as the total value of tokenized RWAs continues to surge this year, currently at more than $35.6 billion, up about 8.8% over the past 30 days, according to RWAxyz.

Ethereum remains the most popular blockchain for RWAs, with nearly $12  billion in tokenized RWA value, or about 53% of the sector.

Launched by BlackRock in partnership with Securitize, BUIDL lets qualified investors hold and earn dividends on blockchain‑based tokens backed by U.S. Treasuries, cash, and repurchase agreements.

Earlier this week, Securitize announced plans to become a publicly listed company via a business combination with Cantor Equity Partners II, Inc., a SPAC backed by Cantor Fitzgerald, a firm formerly led by Howard Lutnick before he became U.S. Secretary of Commerce.

The deal values the company at about $1.25 billion, and the combined entity is expected to trade on Nasdaq under the ticker SECZ.

Disclaimer: This article has been updated to include responses from BlackRock and Securitize. It has also been updated to clarify that BUIDL investors, not its managers or partners, determine market cap allocation across supported networks.

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