tl;dr
BlackRock Inc has expanded its BUIDL product beyond Bitcoin to include support for various layer-1 and 2 networks, such as Aptos, Avalanche, and Ethereum L2s like Optimism, Arbitrum, and Polygon. This move aims to enhance accessibility for institutional investors and increase the product's diversity...
BlackRock Inc. has expanded its BUIDL product to include support for various layer-1 and 2 networks, such as Aptos, Avalanche, and Ethereum L2s like Optimism, Arbitrum, and Polygon. This move aims to enhance accessibility for institutional investors and increase the product's diversity, broadening its scope beyond Bitcoin as the supported platform.
The BlackRock USD Institutional Digital Liquidity Fund, since its launch, has grown significantly in Assets Under Management (AUM) and has received funding from entities like stablecoin issuer Circle. BlackRock also controls the largest spot Bitcoin ETF (iShares Bitcoin Trust) and spot Ethereum ETF, both experiencing substantial capital inflows. There is speculation that the firm may consider filing for a Solana or other top altcoin ETF product in the future.
The expansion of the BUIDL product to different layer-1 and 2 networks, as well as the significant role BlackRock plays in Bitcoin and Ethereum ETF products, underscores the firm's evolving presence in the digital currency ecosystem. This strategic expansion aims to leverage the features of various blockchains, enhance accessibility, and attract more institutional capital into the cryptocurrency space.