📍 Summary: According to PANews, BlackRock's on-chain tokenized fund, BUIDL, has reached an asset management scale of $2.5 billion, with approximately 80% of the funds concentrated in four wallet addresses. On-chain data reveals that the Ethena stablecoin protocol holds $1.3 billion, the Spark Protocol has $500 million, and another significant holder is the Crypto Relief Fund, founded by Polygon co-founder Sandeep Nailwal, which holds around $140 million.
Michael Sonnenshein, Chief Operating Officer of Securitize, pointed out that the high concentration of BUIDL is due to its institutional product positioning, with a minimum investment threshold of $5 million, indicating that there is no intention to pursue the 'democratization of investment.' He emphasized that on-chain tokenization is still in its early stages, describing it as 'only the second half of the first inning.' Currently, Securitize is collaborating with traditional private equity giants like Apollo and KKR to launch on-chain funds, but these products still require a minimum investment of $20,000 to $50,000, aimed at high-net-worth investors.