BlackRock is stepping deeper into blockchain. The asset management titan just filed for a new share class that could reshape how massive funds are recorded and transacted.
On April 29, 2025, BlackRock quietly submitted a Form N-1A to the U.S. Securities and Exchange Commission (SEC). The filing proposes a blockchain-based share class called “DLT Shares” for its mammoth $150 billion Treasury Trust Fund, potentially setting a new standard for institutional money market funds.
A Traditional Giant Tiptoes Into Blockchain—Without Touching Crypto
This isn’t about crypto. There’s no Bitcoin or Ethereum held in these shares.
Instead, BlackRock’s plan is to use blockchain to reflect ownership records, not store value. These “Distributed Ledger Technology Shares” won’t disrupt how the fund invests—still mainly short-term U.S. Treasury securities—but they might change how those investments are tracked.
BNY Mellon will take charge of maintaining a blockchain “mirror” ledger. That’s right, a parallel blockchain-based ledger that reflects what’s on the fund’s traditional books. The official record will still be conventional book-entry, but the mirror aims to add more clarity, faster updates, and maybe a little less paperwork down the line.
Big Money, Bigger Requirements
Here’s where it gets interesting. The DLT Shares will require a $3 million minimum to get in. After that, no minimum for additional purchases.
So it’s not for mom-and-pop investors, at least not yet. This is a product aimed squarely at institutions, family offices, and high-net-worth entities looking for a modern take on old-school liquidity.
$3 million minimum initial investment
No minimum for subsequent buys
Same portfolio exposure as the traditional Treasury Trust Fund
BNY Mellon maintains the blockchain ledger
Still, the fund itself won’t function differently. It’ll just look different—digitally.
Who Else Is in the Tokenization Arena?
BlackRock’s move didn’t happen in a vacuum. Other major firms have been tinkering with fund tokenization too.
Franklin Templeton was one of the first to tokenize a money market fund. JPMorgan and State Street have been experimenting with blockchain for clearing and settlement. Fidelity recently joined the party by filing for an Ethereum-based “OnChain” share class.
All these projects reflect a broader shift—institutions want more efficient ways to manage traditional assets. Tokenization doesn’t mean tossing out the old playbook; it means rewriting a few chapters using tech.
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In fact, BlackRock’s own blockchain-native BUIDL fund has already racked up more than $2.5 billion in assets since its launch with Securitize, running entirely on Ethereum.
The Bigger Picture: Tokenizing the Financial Backbone
This isn’t just about one fund or one firm. The market for tokenized real-world assets—think bonds, funds, even real estate—is already over $6 billion and growing.
Tokenized assets on public blockchains like Ethereum are getting more attention from both Wall Street and Silicon Valley. Transparency, instant settlements, and programmable features are driving adoption.
Let’s break this down:
| Company | Tokenization Effort | Blockchain Used | Assets Involved |
|---|---|---|---|
| BlackRock | DLT Shares, BUIDL Fund | Private + Ethereum | $150B fund + $2.5B BUIDL |
| Franklin Templeton | Tokenized Money Market Fund | Stellar + Ethereum | ~$300M |
| Fidelity | Ethereum-based OnChain Share Class | Ethereum | TBD |
| JPMorgan | Tokenized Repo, Onyx Digital Assets | JPM Coin (private) | $1B+ in transactions |
So yes, it’s getting crowded. But it’s also getting real.
What’s Next? SEC, Scrutiny, and Slow Steps
BlackRock’s filing is just the first move. The SEC still needs to weigh in, and regulatory green lights don’t come fast or easy.
There’s no timeline yet for when—or if—these DLT Shares will go live. But the filing sends a strong signal: BlackRock sees blockchain as more than hype.
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And remember, this is the Treasury Trust Fund we’re talking about. One of the biggest money market funds in the world. Not a test run.
Blockchain Without the Buzzwords
What’s striking here is how quietly revolutionary this is. BlackRock isn’t waving the crypto flag. There’s no “Web3,” no NFTs, no decentralized jargon. Just a smarter, perhaps more future-proof way to do recordkeeping.
This could be the blueprint for what comes next in finance: blending the old with the new without throwing either out the window.
It’s not about flipping the system. It’s about fine-tuning it.
