BlackRock's BUIDL fund has a size of $2.5 billion, with 80% of the funds concentrated in four addresses

Mars Finance News, on April 25, BlackRock's on-chain tokenized fund BUIDL currently manages assets of $2.5 billion, with approximately 80% of the funds concentrated in 4 wallet addresses. On-chain data shows that the Ethena stablecoin protocol-related addresses collectively hold $1.3 billion, Spark Protocol holds $500 million, and another major holder is the Crypto Relief Fund created by Polygon co-founder Sandeep Nailwal, holding about $140 million. Securitize's Chief Operating Officer Michael Sonnenshein stated that the high concentration of the fund is primarily because 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 in 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, targeting only high-net-worth investors.