The size of BlackRock BUIDL Fund has reached $2.5 billion, with 80% of the funds concentrated in four locations According to DL News, the asset management scale of BlackRock's on chain tokenization fund BUIDL has reached $2.5 billion, of which about 80% of the funds are concentrated in four wallet addresses. On chain data shows that Ethena, a stablecoin protocol, holds $1.3 billion in related addresses, Spark Protocol holds $500 million, and another major holder is Crypto Relief Fund founded by Polygon co-founder Sandeep Nailwal, holding approximately $140 million. Michael Sonnenshein, Chief Operating Officer of Securitize, pointed out that BUIDL's high concentration stems from its institutional product positioning, with a minimum investment threshold of $5 million and no intention of pursuing "investment democratization". He emphasized that on chain tokenization is still in its early stages and is only the second half of the first game. At present, Securitize is collaborating with traditional private equity giants such as Apollo and KKR to launch on chain funds, but the minimum investment amount for such products is still between $20000 and $50000, only targeting high net worth investors.