PANews reported on April 25 that according to DL News, the on-chain tokenized fund BUIDL under BlackRock has reached $2.5 billion in assets under management, with approximately 80% of funds concentrated in 4 wallet addresses. On-chain data shows that addresses related to the stablecoin protocol Ethena hold $1.3 billion, Spark Protocol holds $500 million, and another major holder is the Crypto Relief Fund established by Polygon co-founder Sandeep Nailwal, which holds approximately $140 million.
Securitize's Chief Operating Officer Michael Sonnenshein pointed out that BUIDL's high concentration stems from its institutional product positioning, with a minimum investment threshold of $5 million, and has no intention of pursuing "investment democratization". He emphasized that on-chain tokenization is still in its early stages, "just the second half of the first game". Currently, Securitize is collaborating with traditional private equity giants like Apollo and KKR to launch on-chain funds, but such products still have a minimum investment of $20,000 to $50,000, targeting only high-net-worth investors.
