Key Takeaways
- • BlackRock filed two applications with the U.S. SEC on May 9, 2026, to launch tokenized investment funds on Ethereum, representing the firm's largest blockchain-based product expansion since launching its BUIDL fund in 2024.
- • The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle requires a $3 million minimum investment and will hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries, with institutional access only.
- • The BlackRock Select Treasury Based Liquidity Fund (BSTBL) will migrate approximately $7 billion in assets onto Ethereum using the ERC-20 token standard, with BNY Mellon Investment Servicing maintaining shareholder records on-chain alongside off-chain identity verification.
- • BUIDL, BlackRock's existing tokenized money-market fund launched in 2024, has accumulated $2.5 billion in assets and generated unexpected institutional demand through secondary use cases as collateral and leveraged trading vehicles across crypto markets.
- • The filings operationalize CEO Larry Fink's public thesis that blockchain-based settlement can compress transaction cycles, enable 24/7 trading, and increase capital market transparency.
Summary
BlackRock submitted two SEC filings on Friday, May 9, 2026, to expand its tokenized finance offerings on Ethereum, marking a significant escalation of the asset manager's blockchain strategy. The dual filings demonstrate BlackRock's intentional scaling of institutional-grade crypto products following the success of its 2024 BUIDL launch, which has grown to $2.5 billion in assets.
The first filing introduces the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cash-management product designed to hold cash equivalents, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund will require a $3 million minimum investment, restricting participation to institutional buyers. The filing did not specify which blockchain networks the vehicle will initially support beyond the general reference to tokenized infrastructure.
The second filing pertains to the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a traditional money-market product currently managing nearly $7 billion in assets. Under the new structure, BNY Mellon Investment Servicing will maintain shareholder records directly on the Ethereum blockchain using the ERC-20 token standard, with blockchain transactions paired alongside off-chain identity verification serving as the official shareholder registry. This approach marks the first time one of BlackRock's largest cash-management products will be placed directly on a public blockchain.
Both filings extend the strategy BlackRock initiated in 2024 through its partnership with Securitize to launch BUIDL. That fund's unexpected traction in secondary use cases—particularly as collateral for borrowing and leveraged trading in crypto markets—has driven institutional adoption well beyond the product's original mandate. BlackRock CEO Larry Fink has publicly advocated for blockchain-based settlement as a mechanism to reduce transaction cycles, enable continuous 24/7 trading, and enhance capital market transparency. These twin filings position the firm to operationalize that thesis at institutional scale.
The first filing introduces the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cash-management product designed to hold cash equivalents, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund will require a $3 million minimum investment, restricting participation to institutional buyers. The filing did not specify which blockchain networks the vehicle will initially support beyond the general reference to tokenized infrastructure.
The second filing pertains to the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a traditional money-market product currently managing nearly $7 billion in assets. Under the new structure, BNY Mellon Investment Servicing will maintain shareholder records directly on the Ethereum blockchain using the ERC-20 token standard, with blockchain transactions paired alongside off-chain identity verification serving as the official shareholder registry. This approach marks the first time one of BlackRock's largest cash-management products will be placed directly on a public blockchain.
Both filings extend the strategy BlackRock initiated in 2024 through its partnership with Securitize to launch BUIDL. That fund's unexpected traction in secondary use cases—particularly as collateral for borrowing and leveraged trading in crypto markets—has driven institutional adoption well beyond the product's original mandate. BlackRock CEO Larry Fink has publicly advocated for blockchain-based settlement as a mechanism to reduce transaction cycles, enable continuous 24/7 trading, and enhance capital market transparency. These twin filings position the firm to operationalize that thesis at institutional scale.
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