It took less than six weeks for the BlackRock USD Institutional Digital Liquidity Fund to surpass Franklin Templeton’s one year old tokenized treasury fund.
BlackRock's first tokenized offering, created with Securitize, has captured almost 30% of the $1.3 billion tokenized Treasury market in just six weeks.
A BlackRock spokesperson confirmed the firm wasn’t directly involved in Archax and Ownera’s decision to tokenize shares of BlackRock’s ICS Treasury Fund on Hedera.
In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday. The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol. Not Directly Connected To Hedera? Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization. Related Reading: Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend? Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price. Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy. Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds. It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space. Analyst Clarifies Misconception Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM). Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund. An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product. Related Reading: Analysts Identify Key Scenario For Bitcoin Hitting $100,000 Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes. Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days. CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement. Featured image from Shutterstock, chart from TradingView.com
Asset management firm Grayscale has disclosed new details about its new Bitcoin Mini Trust fund, a “spin-off” of the GBTC exchange-traded fund (ETF). The new fund, which was first announced in March, is expected to operate independently and offer a cost-effective investment option to GBTC shareholders. Grayscale Offers Industry-Low Fee With New Fund According to […]
Popular economist and vocal opponent of Bitcoin Peter Schiff has issued a warning to the cryptocurrency community, predicting that BTC Spot Exchange-Traded Funds (ETFs) buyers will soon start bailing out as they become overwhelmed by the volatility in the market. Bitcoin ETF Buyers Will Soon Bail Out Being known for holding unconventional opinions, investors are […]
Asset manager Blackrock has emerged as the frontrunner in the Bitcoin ETF race in terms of inflows with its IBIT ETF, which is increasingly attracting institutions’ attention as a key development showing its success. Many fund managers have flocked to invest in BlackRock’s ETF, signaling a growing interest in digital assets among traditional financial institutions. […]
Amid the buzzing excitement following the approval of Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs) in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas has made a post highlighting the explosive growth of the products in the United States. US Bitcoin ETFs Assets Surpasses Hong Kong’s According to Eric Balchunas, the combined asset pool held by […]
At a recent gathering of investors in Miami, skepticism remained high even after finance titan BlackRock's shift toward touting the original cryptocurrency.
Bitcoin sets up another run at the key $69,000 zone as U.S. banks including Goldman Sachs are revealed as BlackRock ETF “Authorized Participants.”
BlackRock’s CEO Larry Fink says he’s been “pleasantly surprised” at the level of retail demand for his firm’s spot Bitcoin ETF.
BlackRock CEO believes an Ethereum spot ETF could be viable even if the SEC wants to classify Ethereum as a security.
Fidelity’s Bitcoin ETF posted its largest day of gains over the last two weeks, leading the pack with $279 million in daily inflows.
Tony “The Bull” Severino, the Head of Research at NewsBTC and a certified CME, has identified an “Evening Star” candlestick pattern on the monthly chart of the Bitcoin CME futures. This formation, which traditionally indicates a potential trend reversal, is forming at a critical point for Bitcoin. According to Severino, there could be tell-tale signs suggesting […]
On-chain activity within Ethereum layer-2 protocols and ETH derivatives data suggests that the altcoin will hold the $3,200 level.
On Wednesday, BlackRock, the world’s largest asset manager, announced the launch of its first tokenized fund on the Ethereum blockchain, marking a significant stride in bridging the gap between traditional finance and digital assets. The BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL, aims to provide qualified investors with US dollar yields through blockchain […]
Asset management firm BlackRock selected Coinbase as the key infrastructure provider for its tokenized investment fund, BlackRock USD Institutional Digital Liquidity Fund (BUIDL). According to BlackRock: “BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month. The Fund invests 100% […]
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The transfers ranged from Bitcoin-based Ordinals Pepe (PEPE) coin to a CryptoDickbutts S3 NFT.
"This is the latest progression of our digital assets strategy," said Robert Mitchnick, BlackRock’s Head of Digital Assets.
The ETF’s record outflow day came as Bitcoin hit a U.S. trading day low of nearly $62,000 as it continues to slide after hitting a high last week.
The SEC wants to know if the applications for ETFs that hold Ethereum's ether (ETH) are supported by the same arguments that led to the approval of spot bitcoin ETFs.
U.S.-listed spot bitcoin ETFs had their busiest day ever on Tuesday as bitcoin's run for all-time high price turned into a bloodbath, the price tumbling more than 10% after hitting a record above $69,000.
Kole Lee, the leader of Stanford’s Blockchain Club pitched the student-run fund to invest in BlackRock's spot Bitcoin ETF as early as February.
U.S. spot bitcoin {{BTC}} exchange-traded funds (ETF) experienced another massive trading session Wednesday with BlackRock's bitcoin ETF (IBIT) breaking its volume record for the third consecutive day.
BlackRock's ETF also notched a new record $1.3 billion in daily volume in what an analyst described as “another intense volume day” for the funds.
BlackRock’s IBIT made up more than 50% of the daily trading volume and even smashed its own daily record by more than 30%.
Some Bitcoin ETF issuers will pull their funds as the tussle for market share and low fees heats up, while investors reap the rewards in the meantime, say analysts.
GBTC is expected to lose further funds to newly created ETFs unless there is a meaningful cut to its fees, the report said.
BlackRock’s IBIT fund is leading the spot Bitcoin ETF pack as February 7 sees billion dollars in trading volume.
The spot Bitcoin ETF issuer said it will still use Coinbase’s custodian services as part of a move to diversify custodians.