cryptonews.net
The Ethereum-based BUIDL fund from the leading asset manager BlackRock has gulped over $5 mln in assets over the past week despite the ongoing market turbulence. Market analytics resource IntoTheBlock (ITB) reported this in a recent post, highlighting that the fund has attracted significant interest among investors. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in March on Ethereum, became the company’s first tokenized fund. This allows qualified investors to procure yields in US dollars by subscribing through the fintech company Securitize.
According to data sourced by ITB, BUIDL currently has assets under management (AUM) of $491 million amid a strong growth trajectory. The broader global cryptocurrency market lost $290 billion in July, with Bitcoin crashing below $57,000. AUM BUIDL as of July 2 was $486.46 million. That figure has since increased to $491.83 million. The growth rate indicates an addition of $5.37 million in the last week despite the bearish atmosphere.
Thanks to these optimistic results, BUIDL maintained its position as the largest blockchain-based money market fund. BUIDL surpassed Franklin Templeton’s BENJI fund to become the largest money market fund in May when its AUM rose to $375 million. Thus, BUIDL recorded an inflow of funds totaling $116.83 million. BENJI has seen $33.97 million in capital inflows within the same period.
Image: Investopedia