BlackRock’s Tokenized Fund Draws $240 Million Since Debut (1)

BlackRock Inc.’s money-market fund that records share ownership on the Ethereum blockchain has attracted more than $240 million since its debut a week ago.

The BlackRock USD Institutional Digital Liquidity Fund invests in cash, US Treasury bills and repurchase agreements. Holders of the fund receive a cryptocurrency called BUIDL that is valued at $1 per token. Digital wallets approved by Securitize, BlackRock’s partner for the investment vehicle, can transfer the tokens to other validated addresses.

BlackRock has been among the biggest advocates of crypto among mainstream financial firms, with Chairman and CEO Larry Fink saying that every ...