BlackRock’s USD Institutional Digital Liquidity Fund had $375 million in assets under management.
The fund, known as BUIDL, beat its closest rival, Franklin Templeton’s FOBXX, by nearly $8 million, according to data from Dune Analytics. FOBXX is a U.S. registered mutual fund using the Polygon and Stellar blockchains, with over $368 million in assets under management as of April 30.
According to the FOBXX website, “The Fund invests more than 99.5% of its total assets in U.S. government securities, cash and repurchase agreements collateralized by U.S. government securities or cash.” “The fund seeks to preserve shareholders’ capital and liquidity while providing a high level of current income. The fund also seeks to maintain a stable dollar-for-dollar share price.”
BlackRock agreed to launch BUIDL with real-world asset tokenization company Securitize in March, The Block previously reported. BUIDL raised $160 million in inflows in its first week of launch.
BlackRock is one of the world’s largest asset managers, and its spot Bitcoin ETF IBIT had $10 billion in assets under management in early March. IBIT had raised nearly $766 million in funding as of April 29, according to The Block’s data dashboard.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.