BlackRock's BUIDL Fund Reaches $2.5 Billion, with 80% Concentrated in 4 Addresses

According to DL News, BlackRock's on-chain tokenized fund, BUIDL, has reached $2.5 billion in assets under management, with approximately 80% of the funds concentrated in 4 wallet addresses.

On-chain data shows that addresses related to the stablecoin protocol Ethena hold $1.3 billion, Spark Protocol holds $500 million, and another major holder is the Crypto Relief Fund, founded by Polygon co-founder Sandeep Nailwal, holding approximately $140 million.

Securitize COO Michael Sonnenshein pointed out that BUIDL's high concentration stems from its institutional product positioning, with a minimum investment threshold of $5 million, and no intention of pursuing "investment democratization."

He emphasized that on-chain tokenization is still in its early stages, "only the bottom of the first inning." Currently, Securitize is partnering 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, targeting only high-net-worth investors.