BlackRock's BUIDL Ethereum fund, initiated with $5 million, has surged to $245 million within a week of its launch on March 20. Ten transactions, starting with $5 million, have flowed into the BlackRock USD Institutional Digital Liquidity Fund, as per Etherscan data.
Ordo Finance Fund Inflows Surge to $239.8 Million, Driven by BlackRock's BUIDL Project Advancing Securities Tokenization Investments
Additional $239.8 million, including $92 million from Ondo Short-Term US Government Treasuries via Ordo Finance, flooded into the ERC-20-based fund over the subsequent seven days.
Ordo Finance expressed enthusiasm for BlackRock's venture into securities tokenization through BUIDL, highlighting its collaborative efforts within the ecosystem. They see it as a validation of tokenized US Treasury fund and a step forward in financial market evolution.
Though not a stablecoin, BUIDL aims to maintain a 1-to-1 value parity with the US dollar, providing stability akin to stablecoins, facilitating fiat or token exchanges.
BlackRock allocates 100% of fund assets to cash, US Treasury bills, and repurchase agreements, ensuring a conservative investment approach.
BlackRock Files for Digital Currency Fund Amidst Market Hopes for Ethereum ETF Approval
BlackRock filed documents for the BlackRock USD Institutional Digital Liquidity Fund in the British Virgin Islands on March 14, sparking optimism for an Ethereum ETF despite regulatory hurdles.
The SEC delayed a decision on Grayscale’s Ethereum ETF until late May, reflecting the regulatory scrutiny surrounding cryptocurrency ETFs.
BlackRock's BUIDL Fund Becomes Second-Largest Ethereum Fund, With Fink Seeing Ethereum ETF as a Key Step Toward Tokenization
BlackRock's BUIDL stands as the second-largest Ethereum fund after Franklin Templeton's Franklin OnChain U.S. Government Money Fund, with a market capitalization of $106.5 million.
BlackRock CEO Larry Fink expressed interest in Ethereum ETFs as stepping stones towards tokenization, aligning with the evolving financial landscape.
While demand exists for an Ethereum spot ETF, it's unlikely to match the frenzy of Bitcoin ETFs, which amassed $4.5 billion on their debut day.