BlackRock has filed with the SEC for a new tokenized fund structure, tapping Securitize again to build the infrastructure. The filing comes just over a year after the launch of BUIDL, the firm’s first tokenized fund, which has swelled to roughly $2.3 billion in assets.
The latest SEC filing
Details on the proposed fund remain thin — the filing is a preliminary registration statement, not a full prospectus. What is clear is that BlackRock is doubling down on the tokenized asset model, a structure that records fund shares on a blockchain rather than in traditional book-entry form. The SEC must still review and either approve or reject the offering before shares can be sold.
Why Securitize again
BlackRock selected Securitize as the technology partner for the new fund, marking the second collaboration between the two firms. Securitize specializes in tokenizing traditional securities — turning shares or bonds into digital tokens that can trade on blockchain networks. The company already handles the technical backend for BUIDL, and this new filing suggests BlackRock sees its platform as reliable enough to scale.
BUIDL’s track record
BUIDL launched in March 2024 as BlackRock’s first tokenized fund. It invests in short-term U.S. Treasury bills, repo agreements and cash, and its shares trade as digital tokens. The fund has attracted roughly $2.3 billion, making it one of the largest on-chain money-market funds. That success likely gave BlackRock confidence to file for a second tokenized structure, though the new fund’s investment strategy hasn’t been disclosed yet.
What’s next
The SEC will decide whether to clear the offering. No public comment period or hearing date has been set. If approved, BlackRock and Securitize will face the same question that hangs over every tokenized fund: can institutional and retail demand keep growing fast enough to make this more than a niche product?
