According to a PANews report on April 25, BlackRock's on-chain tokenized fund BUIDL has reached an asset management scale of 2.50 billion USD, with about 80% of the funds concentrated in four wallet addresses. On-chain data shows that addresses related to the stablecoin protocol Ethena hold 1.30 billion USD, the Spark protocol holds 500 million USD, and another major holder is the Crypto Relief Fund founded by Polygon co-founder Sandeep Nailwal, holding about 140 million USD. Michael Sonnenshein, COO of Securitize, pointed out that the high concentration of BUIDL funds stems from its product positioning targeting institutional investors, with a minimum investment threshold of 5 million USD, and no intention to pursue "investment democratization." He emphasized that on-chain tokenization is still in its early stages. Currently, Securitize is working with traditional private equity giants such as Apollo and KKR to launch on-chain funds, but the minimum investment amount for such products remains between 20 thousand and 50 thousand USD, targeting only high-net-worth investors.

PANews reported on April 25 that according to DL News, the asset management scale of BlackRock's on-chain tokenized fund BUIDL has reached US$2.5 billion, of which about 80% of the funds are concentrated in four wallet addresses. On-chain data shows that the addresses related to the stablecoin protocol Ethena hold US$1.3 billion, Spark Protocol holds US$500 million, and another major holder is the Crypto Relief Fund founded by Polygon co-founder Sandeep Nailwal, which holds about US$140 million.
 Michael Sonnenshein, COO of Securitize, pointed out that BUIDL's high concentration stems from its institutional product positioning, with a minimum investment threshold of $5 million, and no intention to pursue "investment democratization". He emphasized that on-chain tokenization is still in its early stages and "is only the second half of the first game". Currently, Securitize is working with traditional private equity giants such as Apollo and KKR to launch on-chain funds, but the minimum investment amount for such products is still $20,000 to $50,000, and is only for high-net-worth investors.

BlackRock BUIDL On-Chain Tokenized Fund Reaches $2.50 Billion, with Highly Concentrated Capital