BlackRock’s Ethereum-based BUIDL fund has attracted over $5 million in assets in the past week despite market turbulence. The fund, which launched in March, now holds $491 million in assets under management (AUM).
Launched as BlackRock’s first tokenized fund, BUIDL allows qualified investors to earn yields in U.S. dollars through the fintech company Securitize. It invests in U.S. Treasury bills, cash, and repurchase agreements, offering stability amid crypto market volatility.
Despite the broader global crypto market losing $290 billion in July, BUIDL has shown resilience and growth. From July 2 to the present, its AUM grew by $5.37 million. This fund surpassed Franklin Templeton’s BENJI to become the largest blockchain-based money market fund in May.
BUIDL’s sustained growth and strategic asset allocation highlight its importance as a stable investment option within the volatile crypto landscape.
