BlackRock Expands BUIDL Fund to Solana, Launches Bitcoin ETP in Europe

BlackRock, the world's largest asset manager, has made significant strides in its crypto strategy by expanding its tokenized money market fund, BUIDL, to the Solana blockchain. This move is part of a broader initiative to integrate real-world assets with faster and more cost-efficient blockchain infrastructure. The BUIDL fund, originally launched on Ethereum in March 2024, allows investors to access tokenized U.S. Treasury bills and short-term cash instruments. The expansion to Solana is a pivotal step in this direction, as Solana's high throughput, scalability, and near-zero transaction fees make it an attractive option for institutional investors.

Carlos Domingo, CEO of Securitize, BlackRock’s partner in the initiative, highlighted that Solana’s integration supports the growing trend of tokenized assets. This move validates Solana as a serious contender in the institutional finance space, further boosting market confidence in the blockchain's infrastructure. The BUIDL fund, which has approximately $1.7 billion in assets under management, is expected to cross $2 billion in early April. It is now available on multiple blockchains, including Ethereum, Polygon, Arbitrum, Avalanche, Optimism, Aptos, and Solana.

In parallel, BlackRock unveiled the iShares Bitcoin ETP (IB1T) for European markets, allowing traditional investors to gain Bitcoin exposure via regulated exchanges. This Swiss-domiciled ETP, custodied by Coinbase, adds tax efficiency and convenience for investors. The ETP has an introductory fee of 0.15%, which will rise to 0.25% by the end of the year. This launch marks another milestone in legitimizing digital assets, as it bridges traditional finance with crypto markets and follows the record-breaking success of BlackRock’s U.S. Bitcoin ETF.

With approximately 25 million crypto users in Europe and rising demand for regulated access, the ETP launch is a significant development. It provides an institutional entry point for Bitcoin, allowing traditional investors to participate in the crypto market through regulated exchanges like Deutsche Boerse and Euronext. This move is expected to further boost market confidence in digital assets and contribute to their mainstream adoption.

The expansion of the BUIDL fund to Solana and the launch of the Bitcoin ETP in Europe signal a major shift toward institutional crypto adoption. These developments underscore BlackRock's commitment to integrating blockchain technology with traditional finance, providing investors with new opportunities to access digital assets. The moves are particularly significant for Solana, as they signal trust in the blockchain's infrastructure and catalyze bullish momentum as demand for real-world asset tokenization continues to grow.