BlackRock has just filed documents with the SEC for a new tokenized fund structure that uses Securitize’s blockchain infrastructure to handle on-chain ownership records. The application, filed on May 12, represents the latest move by more than $10 trillion in asset managers to weave blockchain rails into traditional financial institutions.
What filing actually does
The new fund structure relies on Securitize Transfer Agent, LLC to maintain blockchain-based ownership records. Instead of tracking who owns what through traditional systems, ownership is recorded on-chain. The role of the transfer agent is very important here. This is because the transfer agent is a regulated entity responsible for ensuring that the right people own the right shares and that everyone meets investor eligibility requirements.
Securitize is not a hit-or-miss cryptocurrency startup. The two companies have a deep relationship. BlackRock led a $47 million funding round in Securitize, effectively making it the preferred blockchain infrastructure partner for asset managers in their tokenization efforts.
This relationship has already resulted in the creation of the BUIDL Fund, which was launched in March 2024 and has since grown to $2.3 billion in assets under management. BUIDL (short for BlackRock USD Institutional Digital Liquidity Fund) was one of the first major tokenized money market products from a traditional financial giant.
The big picture: Tokenized assets reach $30 billion
BlackRock’s latest move comes at a time when the tokenized real-world asset market has surpassed $30 billion. This number includes tokenized treasuries, private credit, real estate, and other traditional assets brought on-chain.
Tokenization can reduce settlement times from days to almost instantaneously. This makes fractional ownership easy. Compliance can be automated through smart contracts rather than manual checks. You can also create 24/7 markets for assets that currently only trade during business hours in a specific time zone.
What this means for investors
For crypto-native investors, the signals are clear. The biggest players in the traditional financial industry are not only accepting blockchain technology, but are actively building on it. Projects focused on the tokenization of real-world assets, compliant infrastructure, and institutional-grade blockchain tools can benefit from the demand that companies like BlackRock are generating.
Regulatory clarity regarding tokenized securities is still evolving. While the SEC’s receptiveness to these applications is encouraging, the framework for how tokenized funds will interact with existing securities laws, custody requirements, and investor protection rules is being developed in real time.
One indicator to track is whether the new fund structure expands beyond U.S. Treasuries and money market instruments into higher-yield or illiquid asset classes. BUIDL has proven this model works with $2.3 billion in assets under management. A new application could prove it expands in size.
