BlackRock, the world’s largest asset manager, has filed Form D with the Securities and Exchange Commission (SEC) for the BlackRock USD Institutional Digital Liquidity Fund. This marks the launch of BlackRock’s first tokenized asset fund.
According to the filing, BlackRock established the fund in 2023, but it has yet to be launched. Form D is used to obtain various exemptions. BlackRock indicated that it is seeking an exemption under Section 3(c) of the Investment Company Act, which exempts it from certain SEC regulations. The fund was created under the jurisdiction of the British Virgin Islands.
The fund will have a minimum investment of $100,000 and will be offered by Securitize, a U.S. digital asset securities firm, which will also conduct the token sale.
The fund will be tokenized on the Ethereum blockchain and will use the ERC-20 token standard named BUIDL, which currently has one owner and an on-chain market capitalization of $0, according to Etherscan. The blockchain explorer’s website also indicated that the fund received a transfer of $100 million on March 4.
BlackRock’s spot bitcoin ETF was among the first to receive SEC approval in January. The CEO of the investment giant, Larry Fink, who has generally been optimistic about bitcoin, told Bloomberg shortly after the ETF approval that the next step is tokenization.
– “We believe the next step forward will be the tokenization of financial assets, meaning that every share, every bond will be on the blockchain,” Fink stated.
