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Crypto ETF issuer and asset manager BlackRock Announce On Wednesday, it expanded its USD Institutional Digital Liquidity Fund (BUIDL) to include five new blockchain ecosystems: Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
BUIDL was initially launched on the Ethereum network in March 2024, and quickly gained traction among investors, becoming the world’s largest token fund in terms of Assets under management (AUM) in just 40 days.
BNY Mellon to the nursery building
The expansion will allow BUIDL to interact with more blockchain-based financial products and infrastructure. BlackRock aims to enhance accessibility for investors, Decentralized autonomous organizations (DAOs), and digital asset companies, enabling them to leverage BUIDL within their chosen ecosystems.
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Carlos Domingo, CEO and co-founder of Securitize, the company responsible for BUIDL tokenization, emphasized the importance of this multi-chain approach in Wednesday’s press release by saying:
Asset tokenization is expanding in the real world, and we are excited to add these blockchains to further expand the potential of the BUIDL ecosystem. And with these new chains, we will start to see more investors looking to leverage the underlying technology to increase efficiency in all the things that have been difficult to do until now.
With the addition of these blockchains, BlackRock aims to provide more choice and access to investors, allowing developers to build applications that integrate seamlessly with the BUIDL fund.
Bank of New York Mellon, which was recently receive Bitcoin and Cryptocurrency Custody License for Institutional Services will play a key role in this initiative as fund manager and custodian of BUIDL.
The BlackRock Bitcoin ETF is achieving unprecedented growth
On the cryptocurrency ETF front, BlackRock’s Bitcoin ETF, IBIT, has reached a milestone, superior Mark $40 billion in assets under management (AUM) just two weeks after reaching $30 billion.
The milestone comes in a record 211 days, breaking the previous record of 1,253 days held by the iShares Core MSCI Emerging Markets Fund (IEMG).
IBIT now ranks in the top 1% of all ETFs by assets, and just 10 months ago, it outperformed all 2,800 ETFs launched in the past decade, according to ETF expert Eric Balchunas.
Balchunas as well Highlight Bitcoin ETFs have collectively crossed the $90 billion asset threshold, after a massive $6 billion surge in the past few days.
This increase includes $1 billion in new flows and $5 billion in market appreciation. The growing popularity of Bitcoin ETFs This suggests that they are now 72% of the way to surpassing gold ETFs in total assets.
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The rise in Bitcoin ETF assets has coincided with a rise in investor confidence, especially after Donald Trump’s recent victory over Kamala Harris in the presidential election.
This political shift has positively impacted market sentiment, contributing to a broader rise in cryptocurrency prices. Bitcoin, in particular, has seen a Big poolrising more than 24% to a record high of $93,000 in the past week alone.
Featured image of DALL-E, chart from TradingView.com