BlackRock headquarters entrance and building signage

BlackRock’s Tokenized Fund Is Near $3 Billion. The Wallet Count Is the Real Story

By Isaac • July 12, 2026 9:30 pm • Comments

BlackRock’s tokenized Treasury fund is closing in on $3 billion.

It has 113 holders.

Those two numbers explain more about institutional tokenization than the usual promises of instant access and financial democratization.

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BUIDL has become enormous by onchain fund standards. It is also concentrated, permissioned and built for investors who can clear a $5 million minimum.

The blockchain makes the fund visible. It does not make the fund retail.

A fresh update put BlackRock’s multi-chain footprint near the $3 billion line:

The rounded headline was $2.93 billion. The live underlying dashboard was slightly lower.

RWA.xyz’s BUIDL dashboard showed $2,868,917,405.92 in total asset value. That was a $640.86 million increase in seven days and a $500.01 million increase over 30 days.

In percentage terms, BUIDL grew 28.8% in one week and 21.1% in one month.

The same dashboard kept BUIDL’s net asset value at $1 and showed a 3.40% seven-day annualized yield. Supply expanded while the token’s target value stayed fixed, indicating new fund shares rather than a speculative price increase.

RWA.xyz classifies BUIDL as an onchain distributed U.S. Treasury debt product. It tracks the fund across eight networks and nine native token contracts, allowing the total to be checked against the individual chain balances.

Its holder count grew much more slowly.

RWA.xyz counted 113 addresses holding BUIDL, up from 110 a week earlier and 108 one month earlier.

Five additional holding addresses accompanied half a billion dollars of net asset growth over 30 days.

A simple division works out to more than $25 million of BUIDL per holding address. The calculation should not be mistaken for a typical investor balance because contracts, service providers and institutions can control very different amounts.

It does reveal the scale of the allocations behind a small address base.

The activity figures tell the same story.

The dashboard recorded 29 active addresses over the trailing 30 days, 127 transfers and about $380.69 million in transfer volume.

That is substantial money moving through a narrow institutional lane. BUIDL is not behaving like a retail stablecoin distributed across millions of wallets.

It was never designed to.

Securitize’s official BUIDL page is the access point for the fund. The structure uses Securitize as the tokenization platform and transfer agent while BlackRock manages the underlying investment product.

Securitize presents BUIDL as a tokenized fund for investors seeking dollar liquidity and income on blockchain rails. The platform handles the digital ownership record and investor process while the fund continues to operate through formal subscription and redemption procedures.

RWA.xyz lists eligible U.S. investors as qualified purchasers. The minimum subscription is $5 million, identity checks are required and transfers are limited to whitelisted participants.

Subscribers complete the fund paperwork and anti-money-laundering process before the transfer agent approves an address. Tokens are minted after funds arrive.

Approved addresses can hold and transfer BUIDL inside the whitelist. An ordinary wallet cannot buy the token from a decentralized exchange and bypass the fund’s eligibility rules.

Redemptions run through the same controlled structure. The dashboard lists daily subscriptions and daily redemptions, with a $250,000 minimum redemption.

BUIDL targets a $1 net asset value and distributes the income generated by its underlying short-term assets. The live RWA.xyz reading showed a 3.40% seven-day annualized yield.

The fund combines blockchain settlement with the eligibility rules of a private institutional product.

That combination is the point.

Public blockchains can expose balances, contracts and transfers without allowing the public to buy the asset. Transparency and access are separate design choices.

BUIDL chooses broad settlement visibility and narrow investor eligibility.

The latest growth has also changed the competition among blockchains.

Ethereum remained the largest home for BUIDL, with about $1.023 billion across two contracts in the RWA.xyz data.

Avalanche was close behind at $902.71 million after an extraordinary week of inflows. Solana held $616.59 million and BNB Chain held $245.66 million.

Optimism, Arbitrum, Aptos and Polygon divided the remaining roughly $80.82 million.

The Avalanche jump was large enough to become its own market story:

Avalanche’s BUIDL balance increased by roughly $500 million over the preceding seven-day snapshot in the live data, pushing it close to Ethereum’s position.

That does not mean BlackRock has picked a winning public blockchain.

The multi-chain design points in the opposite direction. BUIDL is available on eight networks, allowing approved investors and financial applications to use the version that fits their settlement environment.

Capital can shift between those deployments without changing the fund’s underlying economic exposure.

For Ethereum, the lead still matters. More than $1 billion of BlackRock’s flagship tokenized fund sits on its rails.

For Avalanche, the weekly increase proves a network outside Ethereum can attract an institution-sized allocation quickly.

For Solana and BNB Chain, hundreds of millions of dollars in BUIDL show that the institutional tokenization market is already multi-chain.

The fund’s overall scale fits BlackRock’s larger strategy.

BlackRock’s 2026 annual investor letter said the firm had nearly $150 billion in assets under management connected to digital assets as of December 31, 2025.

That total included nearly $80 billion in digital-asset exchange-traded products and $65 billion of stablecoin reserves under management. BlackRock described BUIDL as the world’s largest tokenized fund and said it was studying ways to expand further.

The figures sit inside a company that entered 2026 with $14 trillion in total assets under management. BlackRock also reported nearly $700 billion of net new assets during 2025 and more than $5 trillion across its iShares platform.

Tokenization is still a small piece of that machine. BUIDL’s scale shows it has moved well beyond a demonstration project inside the world’s largest asset manager.

The letter framed tokenization as a way to bring traditional investment products into digital wallets.

BUIDL shows the first stage of that transition clearly.

The product is onchain. It settles through wallets.

Its supply and network distribution can be inspected in near real time.

The investor experience still begins with qualification, paperwork, KYC and a multi-million-dollar check.

There is no contradiction in that split. Institutions are adopting blockchain infrastructure before they open every product to ordinary investors.

BUIDL’s 113 holders do not weaken the $2.87 billion milestone.

They define it.

This is concentrated institutional capital moving onto public rails, one very large allocation at a time.

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