BlackRock Submits Application To Introduce Blockchain-Linked Shares Of $150B Treasury Fund

BlackRock, the leading global asset manager, is advancing its efforts in blockchain technology with a recent regulatory submission targeting the launch of tokenized shares of its $150 billion Treasury Trust Fund.

The submission, filed with the US Securities and Exchange Commission (SEC) on April 29, details plans to issue digital shares via blockchain technology (DLT), marking a significant move towards incorporating distributed record into conventional finance.

These proposed shares will be exclusively issued by BNY Mellon, which will additionally keep a parallel distributed record ledger to record share ownership.

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BlackRock’s DLT Shares Set to Innovate Ownership

While BlackRock’s DLT shares do not involve cryptocurrency, they are aimed at enhancing ownership records and transaction efficiency.

Institutional investors will be required to invest a minimum of $3 million for the initial purchase. However, later investments will not have a minimum requirement.

As per the SEC submission, the fund—officially named the BlackRock Market fluidity Funds Treasury Trust Fund—currently does not utilize blockchain technology within its operations.

BNY Mellon intends to monitor ownership of the DLT shares using a blockchain replica database. As of April 29, 2025, the Treasury Trust Fund’s assets amounted to around $150.1 billion, positioning it as one of the largest money crypto market funds globally.

This move closely aligns with remarks made by BlackRock CEO Larry Fink, who has openly supported tokenization as a game-changer in financial markets.

BlackRock is going all-in RWA

Today, BlackRock filed to tokenize shares of its $150B money market fund.

It already launched BUIDL last year, which has $2.3B+ in TVL.

RWA tokens will explode in 2025. pic.twitter.com/wYgktZg82I

— Cas Abbé (@cas_abbe) April 30, 2025

In his 2025 annual letter to shareholders, Fink suggested that tokenization “will transform investing,” by allowing quicker settlement times, decreasing market friction, and unlocking capital that is currently ensnared in lengthy processes.

He also highlighted the inclusive potential of tokenization, such as fractional ownership, simplified shareholder voting, and wider access to yield-producing assets.

Despite this enthusiasm, Fink recognized that verifying identities is a significant obstacle before tokenized assets can achieve mainstream adoption. Nonetheless, he is confident that tokenized funds will become as prevalent as exchange-traded funds (ETFs).

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Major Financial Firms Embrace Tokenization Trend

BlackRock’s initiative follows similar actions by other prominent financial firms such as JPMorgan, Franklin Templeton, and State Street, all of which are investigating distributed record to enhance fund operations.

The trend of tokenization is swiftly popular. London-based Calastone recently integrated Fireblocks’ blockchain technology to enable fund managers to tokenize assets on its protocol.

Meanwhile, Libre, a blockchain initiative focused on real-world assets (RWAs), has announced plans to tokenize $500 million in bonds issued by Telegram on The Open Protocol (TON), providing institutional investors decentralized access to the messaging platform’s fixed-income offerings.

According to RWA.xyz, the crypto market value of tokenized RWAs has surged to $18.9 billion—an increase of 89% from the previous year—signifying rising institutional interest in bringing traditional assets onto the blockchain.

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