BlackRock Files Second Tokenized Fund with SEC, Renews Securitize Partnership
Breaking News: BlackRock Files for New Tokenized Fund
The world's largest asset manager, BlackRock, has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for a new tokenized fund structure. The firm has again selected Securitize, a leading tokenization platform, to provide the underlying infrastructure.
The filing comes after the resounding success of BUIDL, BlackRock’s first tokenized fund launched with Securitize in 2024. That fund has grown to approximately $2.3 billion in assets under management.
“BlackRock’s second filing signals that tokenization is no longer an experiment—it’s a strategic pillar,” said Jameson Lopp, chief security officer at Casa, a crypto custody firm. “The speed of adoption is remarkable.”
The SEC filing, made public on March 20, 2025, does not specify the name or investment strategy of the new fund. However, sources familiar with the matter indicate it will likely focus on short-term U.S. Treasury securities, similar to BUIDL.
A BlackRock spokesperson declined to comment on the specifics but emphasized the firm’s commitment to leveraging blockchain technology for institutional client needs.
“We are encouraged by the regulatory clarity and market demand for tokenized real-world assets,” the spokesperson said in a statement.
Background: The Success of BUIDL
BUIDL (BlackRock USD Institutional Digital Liquidity Fund) was launched in March 2024. It was the first tokenized fund from a major traditional asset manager, allowing institutional investors to hold a representation of short-term U.S. Treasuries on a blockchain.
The fund grew rapidly, surpassing $2 billion within its first year. Analysts attribute this to the efficiency of tokenization—faster settlement, 24/7 trading, and transparency.
“BUIDL demonstrated that there is real demand for on-chain exposure to traditional fixed income,” said Susan Lee, a senior analyst at The Defiant. “BlackRock is now doubling down.”
The new filing uses the same structure—a private fund exempt from certain SEC registration requirements—but with an updated legal framework. Securitize will again handle the smart contract development, investor onboarding, and secondary market management.
What This Means
The second filing from BlackRock reinforces the thesis that tokenization is the next frontier in asset management. It signals that the industry’s largest players are moving beyond pilot projects into scalable, recurring products.
For the broader crypto ecosystem, this brings increased legitimacy and institutional capital flows. However, it also raises regulatory questions—the SEC has not yet issued formal rules for tokenized securities, relying instead on no-action letters and existing exemptions.
“BlackRock is effectively putting pressure on regulators to create a clear framework,” Lopp noted. “If the SEC wants to support innovation, it needs to act.”
Competitors such as Franklin Templeton and Goldman Sachs are also exploring tokenized funds. But BlackRock’s scale and second-mover advantage could cement its lead in the emerging market for digital asset management products.
Investors and analysts will watch for the fund’s final prospectus, expected within weeks. If approved, trading could begin as early as Q2 2025.