BlackRock and its tokenization collaborator Securitize have significantly diversified the blockchain distribution of their tokenized fund BUIDL, leading to a roughly 60% reduction in the fund’s market capitalization on the Ethereum network. This strategic reallocation moves a substantial portion of BUIDL’s assets onto Aptos, Polygon, and Avalanche, marking a notable shift in the fund’s exposure across blockchain ecosystems.
According to data from RWAxyz, as of October 30, BUIDL’s holdings across Avalanche, Aptos, and Polygon surged to approximately $554.7 million, $544.1 million, and $530.9 million respectively. This is a substantial increase compared to the fund’s assets on these blockchains reported on October 19, which stood at $54.3 million for Avalanche, $43.4 million for Aptos, and $30.7 million for Polygon. Meanwhile, the fund’s Ethereum-based assets, which totaled about $2.4 billion previously, declined to roughly $990 million during the same period.
First launched in March 2024 exclusively on Ethereum, BUIDL remained predominantly Ethereum-centric until this recent rebalancing. The tokenized fund, managed by BlackRock and facilitated through Securitize, offers qualified investors blockchain-based tokens that represent ownership in real-world assets (RWAs) such as U.S. Treasuries, cash holdings, and repurchase agreements. These tokens also provide dividend earnings tied to the underlying assets.
BlackRock is the world’s largest asset manager, overseeing more than $13.4 trillion in assets as of the third quarter. BUIDL remains the largest tokenized RWA product in the market, now holding assets valued at approximately $2.85 billion. The fund’s increased presence on Aptos, Polygon, and Avalanche highlights a trend toward diversifying blockchain infrastructure within the tokenized asset space.
The overall tokenized RWA sector continues to grow robustly. RWAxyz reports the total value of tokenized real-world assets surpassing $35.6 billion, reflecting an 8.8% increase over the last 30 days. Ethereum still dominates this sector with nearly $12 billion in tokenized RWA value, representing about 53% of the total market.
Separate from the fund’s redistribution activities, Securitize recently announced plans to go public via a special purpose acquisition company (SPAC) merger with Cantor Equity Partners II, Inc., a SPAC sponsored by financial services firm Cantor Fitzgerald. This business combination values Securitize at around $1.25 billion. Following the deal, the combined company is expected to be listed on Nasdaq under the ticker symbol SECZ.
Neither BlackRock nor Securitize provided immediate comments regarding the fund’s multi-chain expansion or the Ethereum market cap reduction when contacted by The Defiant. However, this move exemplifies growing interest among major institutional players in leveraging multiple blockchain platforms to optimize and scale tokenized real-world assets.
