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- BlackRock expands its BUIDL product to Aptos, Avalanche, and Layer 2s like Polygon and Arbitrum, enhancing its reach in the crypto space and offering more institutional investment opportunities.
- BlackRock’s substantial presence in crypto ETFs, including Bitcoin and Ethereum products, signals growing institutional interest, with potential for future offerings in top altcoins like Solana.
BlackRock has expanded its BUIDL product to multiple blockchain networks, broadening its reach beyond Bitcoin. Now available on networks like Aptos, Avalanche, and Ethereum Layer 2s—including Optimism, Arbitrum, and Polygon—this update aims to make BUIDL accessible to more institutional investors.
As recently highlighted in a CNF update, the BUIDL token provides stable value and monthly dividends, with over $500M in assets under management, making it the largest tokenized fund. BlackRock’s Larry Fink emphasizes that these integrations will allow investors to interact with BUIDL more easily, leveraging on-chain applications across various protocols.
Increased Assets Under Management for BUIDL
Since its launch, as shared in a recent tweet by Aptos, BUIDL has witnessed significant growth in assets under management (AUM), supported by entities like stablecoin issuer Circle, which recently contributed $11 million worth of USDC to the fund.
2/ After launching on Ethereum in March 2024 and quickly becoming the world's largest tokenized fund by AUM, BUIDL is integrating with Aptos via new share classes designed to leverage Aptos' features as the blockchain for finance—with sub-second finality, 99.99% uptime, and gas…
— Aptos (@Aptos) November 13, 2024
BlackRock’s multi-chain support strategy enables BUIDL to interact with decentralized finance (DeFi) ecosystems on each supported blockchain, potentially enhancing yield opportunities and adding operational flexibility.
BlackRock’s Influence in Crypto ETFs
Beyond the existence of BUIDL, BlackRock’s presence in the digital asset sector has been underscored by its Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has gained substantial traction since SEC approval in January.
With a combined ETF market exceeding $90 billion, BlackRock’s influence in crypto is ever-expanding. The company also manages a spot Ethereum ETF, drawing in institutional capital, and there is speculation about potential future offerings for other top altcoins, such as Solana, as demand from institutional investors grows.
In a similar situation last year, as CNF reported, Aptos’ cryptocurrency was up 11.6% since announcing a partnership with Microsoft, leveraging their AI tools to enhance Web3 adoption within the financial sector. Today, Aptos (APT) is trading at $11.92, having surged by 2.97% in the past day and 24.42% in the past week. See the APT price chart below.
