The BlackRock BUIDL fund has a scale of 2.5 billion USD, with 80% of the funds concentrated in 4 addresses.

On April 25, BlackRock's on-chain tokenization fund BUIDL has currently reached an asset management scale of $2.5 billion, with approximately 80% of the funds concentrated in 4 wallet addresses. On-chain data shows that the stablecoin protocol Ethena-related addresses hold a total of $1.3 billion, Spark Protocol holds $500 million, and another major holder is the Crypto Relief Fund created by Polygon co-founder Sandeep Nailwal, which holds approximately $140 million. Michael Sonnenshein, Chief Operating Officer of Securitize, stated that the main reason for the high concentration of the fund is that it is an institutional product, with a minimum investment threshold of $5 million, not aimed at "democratizing investment." He pointed out that on-chain tokenization is still in its early stages, "just the second half of the first game." Securitize has also collaborated with traditional private equity giants like Apollo and KKR to launch on-chain funds, but the minimum investment threshold remains between $20,000 and $50,000, only targeting high-net-worth investors.