Key Points
- The Ethereum-based BUIDL fund from BlackRock has attracted over $5 million in assets in the past week.
- Despite market turbulence, the fund has maintained a positive performance, boasting $491 million in assets under management.
BlackRock’s Ethereum-based BUIDL fund has seen an increase of over $5 million in assets in the past week.
This is despite the ongoing market instability.
Investor Interest in BUIDL Fund
Market analytics resource IntoTheBlock (ITB) disclosed this information, highlighting the fund’s significant interest among investors.
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) was launched on Ethereum in March.
It is BlackRock’s first tokenized fund, allowing qualified investors to earn yields in U.S. dollars via the fintech company Securitize.
Two months after the fund’s inception, Securitize secured $47 million in funding from several investors, including BlackRock.
Positive Performance Amid Market Turbulence
The BUIDL fund invests in U.S. Treasury bills, cash, and repurchase agreements.
This allows investors to generate yield while keeping their holdings as tokens on the blockchain.
Despite its ties to the crypto industry, the fund has remained on a positive path amid the current market turmoil.
ITB data reveals that BUIDL now has $491 million in assets under management (AUM) after consistent growth.
This achievement comes as the broader global crypto market lost $290 billion in July, with Bitcoin (BTC) falling below $57,000.
On-chain data confirms that BUIDL’s AUM was $486.46 million as of July 2.
This figure has since risen to $491.83 million, showing a growth of $5.37 million in the last week despite the bearish atmosphere.
BUIDL has retained its position as the largest blockchain-based money market fund with this bullish performance.
In May, BUIDL surpassed the BENJI fund from Franklin Templeton to become the largest money market fund when its AUM reached $375 million.
BUIDL has since seen inflows totaling $116.83 million, while BENJI has only received $33.97 million in capital inflows during the same period.
