Bernstein: BlackRock Tokenization Fund Brings Legitimacy to Public Blockchains

Bernstein analysts said BlackRock’s planned tokenization fund would “bring legitimacy” to public smart contract chains such as Ethereum. BlackRock launched its BUIDL tokenized private equity fund earlier this month, another move into the digital asset space following the launch of a spot Bitcoin ETF. BUIDL is a liquid fund that invests in U.S. Treasury bills, repurchase agreements (short-term borrowing agreements for dealers in government securities) and cash, according to SEC filings, which did not provide a launch date. Analysts explained that Anchorage, Coinbase, BitGo and Fireblocks will be ecosystem partners that facilitate custody and settlement of digital assets, while BNY Mellon will facilitate interoperability with traditional markets by hosting fund assets. (TheBlock)