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

BlackRock's tokenized fund BUIDL more than doubled its Avalanche holdings in a single week, rising from about $464 million to over $900 million, an increase of roughly $436 million or about 105%. The move was recorded on the RWA.xyz dashboard and surfaced by Wu Blockchain on Sunday. It leaves close to a third of the fund's $2.87 billion in total assets sitting on Avalanche, making it 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 recorded on a different set of ledgers than it was a week earlier.

The Fund: A $1.00 Share Price and Dividends Accrued Daily

BUIDL is a tokenized fund, meaning its shares are issued and tracked as blockchain tokens rather than as entries in a conventional register alone. It is run to a target share price of $1.00, with dividends accruing daily to holders rather than being reflected in a rising price, the same convention used by money-market funds. Its seven-day annualized yield — the past week's distributions extrapolated to a full year, the standard comparison measure for that category — stood at 3.40%. Management fees run between 0.20% and 0.50%. The design means a holder's token count effectively represents dollars at par, with the return arriving as a stream of payments rather than as capital appreciation.

The Multi-Chain Structure: One Fund Across Eight Networks

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 rather than 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 from another chain, or with both, and the dashboard records where tokens sit rather than why. It also explains why the total across all networks, $2.87 billion, is the number that describes the fund's actual scale.

The Plumbing: A Register That Has to Match the Chain

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 makes a cross-chain allocation shift a routine operation rather than a corporate action. The same infrastructure has been used by other asset managers bringing funds on-chain, and the competitive question in the sector is increasingly about which networks those managers choose to distribute on rather than whether tokenized share classes work at all.

What to Watch: Whether the Allocation Holds

A doubling inside seven days is by definition a fast move, and 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 retains 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. Neither can be answered from a one-week snapshot. What the snapshot does establish 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, without anything happening to the underlying portfolio.