The Ethereum-based BUIDL fund from asset manager BlackRock has amassed over $5 million in assets over the past week despite market turbulence. Market analytics resource IntoTheBlock (ITB) revealed this in a recent disclosure, stressing the fund’s considerable investor interest.
The Ethereum-based BUIDL fund from the leading asset manager BlackRock has gulped over $5 million in assets over the past week despite the ongoing market turbulence.
BUIDL, BlackRock’s USD Institutional Digital Liquidity Fund, launched in March on Ethereum. It allows qualified investors to procure yields in U.S. dollars by subscribing through fintech firm Securitize.
Two months after BUIDL’s launch, Securitize garnered a $47 million funding round from various investors, including BlackRock.
The fund invests in U.S. Treasury bills, cash, and repurchase agreements, enabling investors to generate yield while maintaining holdings as blockchain tokens. Despite correlation with the volatile crypto industry, BUIDL has shown resilience.
According to ITB, BUIDL now boasts $491 million in assets under management (AUM). This growth comes as the global crypto market suffered a $290 billion loss in July, with Bitcoin (BTC) dropping below $57,000.
On-chain data shows BUIDL’s AUM was $486.46 million on July 2. It has since risen to $491.83 million, reflecting a $5.37 million increase in the last week despite the bearish market.
Consequently, BUIDL remains the largest blockchain-based money market fund. It surpassed Franklin Templeton’s BENJI fund in May, when BUIDL’s AUM soared to $375 million.
BUIDL has recorded capital inflows of $116.83 million. In comparison, BENJI saw $33.97 million in the same period.
