BlackRock, the world's largest asset manager, has officially launched its first tokenized asset fund through a Form D filing with the US Securities and Exchange Commission (SEC).
The fund, called the BlackRock USD Institutional Digital Liquidity Fund, was created in 2023 and seeks an exemption under Section 3(c) of the Investment Company Act to avoid certain SEC regulations.
The fund, which operates under the jurisdiction of the British Virgin Islands, will have a minimum investment of $100,000 and will be offered through Securitize, a US-based digital asset-backed securities firm.
BlackRock has indicated that the size of the fund is "undefined," and disclosed $525,000 in sales commissions in the submitted filing.
The fund's token, called BUIDL, is an ERC-20 token on the Ethereum blockchain.