BlackRock's BUIDL Doubles on Avalanche to $900M in a Week

BlackRock's tokenized fund BUIDL now keeps close to a third of its assets on Avalanche. The network's share more than doubled in a week, from about $464 million to over $900 million, an increase of roughly $436 million, or about 105%. The RWA.xyz dashboard recorded the move, and Wu Blockchain surfaced it on Sunday. Against the fund's $2.87 billion in total assets, that makes Avalanche the second-largest network for BUIDL behind Ethereum. Nothing about the fund itself changed in the process. The same pool of assets is simply represented by tokens on a different set of ledgers than a week earlier.

A $1.00 share price and a daily dividend

BUIDL is a tokenized fund: its shares are issued and tracked as blockchain tokens instead of living only in a conventional register. It runs to a target share price of $1.00, with dividends accruing daily to holders, the same convention money-market funds use, so the return arrives as a stream of payments and not as a rising price. Its seven-day annualized yield, the past week's distributions extrapolated to a full year and the standard comparison measure for that category, stood at 3.40%. Management fees run between 0.20% and 0.50%. In effect, the token count is dollars at par.

One fund, eight ledgers

A tokenized fund that lives on more than one chain is not several funds. There is one portfolio and one set of assets; what varies is which ledger records a given investor's shares. Alongside Ethereum and Avalanche, BUIDL is supported on Aptos, Arbitrum, Optimism, Polygon, Solana and BNB Chain, so the per-chain figures published by data providers describe distribution, not size. That matters for reading a jump like this one. A $436 million weekly increase on one network is consistent with new subscriptions arriving there, with existing holders relocating shares over from another chain, or with both. The dashboard records where tokens sit, not why they moved, and we could not establish the split from the published figures. That is also why the total across all networks, $2.87 billion, is the number that describes the fund's actual scale.

The register behind the tokens

Products of this kind depend on a transfer agent, the regulated role that keeps the official record of who owns which shares, to reconcile on-chain balances with the fund's books, and on issuance infrastructure that can mint and burn share tokens across several networks without the totals drifting apart. That machinery is what turns a cross-chain allocation shift into a routine operation instead of a corporate action. Other asset managers bringing funds on-chain lean on the same infrastructure, and the competitive question in the sector is increasingly which networks those managers distribute on, not whether tokenized share classes work at all.

Whether a third stays a third

A doubling inside seven days is by definition a fast move. Fast moves in per-chain figures can reverse just as quickly, since relocating tokens between supported networks does not require a redemption. The durable questions are whether Avalanche holds a third of the fund's assets over a longer stretch, and whether the concentration reflects demand from applications settling on that network rather than a single large allocation. A one-week snapshot answers neither. What it does establish, as of Sunday, is that a $2.87 billion BlackRock fund can shift hundreds of millions of dollars of share representation from one public blockchain to another in a week, with nothing happening to the underlying portfolio.