BlackRock and its tokenization partner Securitize have reallocated a large portion of the asset manager’s tokenized fund BUIDL across several blockchains, quietly reducing the market capitalization on Ethereum by around 60%.
RWAxyz data shows the fund’s investments rose from $2.8 billion in Avalanche, Aptos and Polygon to approximately $554.7 million, $544.1 million and $530.9 million as of Oct. 30, up from $54.3 million, $43.4 million and $30.7 million, respectively, on Oct. 19. the Ethereum network dropped to around $990 million.
BUIDL originally launched on Ethereum only in March 2024, before beginning its expansion to other blockchains just under a year ago, with the vast majority of the fund remaining on Ethereum until this month. Both BlackRock and Securitize did not immediately respond to The Defiant’s request for comment on the measure.
BUIDL market cap for blockchains. Source: RWAxyz
BlackRock is the world’s largest asset manager with more than $13.4 trillion in assets under management in the third quarter. BUIDL remains the largest tokenized real-world asset (RWA) product, with more than $2.85 billion in assets.
Total RWA value. Source: RWAxyz
BUIDL’s network diversification comes as the total value of tokenized RWAs continues to rise this year, currently at more than $35.6 billion, up about 8.8% in the past 30 days, according to RWAxyz.
Ethereum remains the most popular blockchain for RWAs, with nearly $12 billion in tokenized RWA value, or approximately 53% of the industry.
Launched by BlackRock in partnership with Securitize, BUIDL offers qualified investors the opportunity to hold and earn dividends on blockchain-based tokens backed by US Treasury bonds, cash and repurchase agreements.
Earlier this week, Securitize announced plans to become a publicly traded company through a business combination with Cantor Equity Partners II, Inc., a SPAC backed by Cantor Fitzgerald, a company previously led by Howard Lutnick before he became U.S. Secretary of Commerce.
The deal values the company at approximately $1.25 billion, and the combined entity is expected to trade on Nasdaq under the ticker SECZ.