Data: BlackRock $2.5 billion BUIDL fund concentrates 80% of its funds in 4 addresses.

According to DL News, BUIDL, an on-chain tokenization fund launched by BlackRock, currently has $2.5 billion in assets under management, of which about 80% of the funds are concentrated in 4 wallet addresses. On-chain data shows that stablecoin protocol Ethena-related addresses hold a total of $1.3 billion, Spark Protocol holds $500 million, and the other major holder is the Crypto Relief Fund, created by Polygon co-founder Sandeep Nailwal, which holds about $140 million. Michael Sonnenshein, chief operating officer of Securitize, said the main reason for the fund's high concentration is that it is an institutional product with a minimum investment threshold of $5 million and does not aim to "democratize investing". He pointed out that on-chain tokenization is still in its early stages, and "it's only the second half of the first game." Securitize has also partnered with traditional private equity giants such as Apollo and KKR to launch on-chain funds, but the minimum investment threshold is still between $20,000 and $50,000 and is only available to high-net-worth investors.