BlackRock Takes Bold Leap to Tokenize $150B Treasury Fund
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- BlackRock is tokenizing its $150B Treasury Trust Fund, offering blockchain-based shares tracked via distributed ledger technology (DLT).
- BNY Mellon will serve as the sole distributor, requiring a $3M minimum initial investment from institutional investors.
- CEO Larry Fink champions tokenization, calling it a revolution in investing with potential for faster transactions and broader financial inclusion.
BlackRock, the world’s largest asset manager, has filed to offer blockchain-based shares of its $150 billion Treasury Trust Fund, marking a significant step forward in the tokenization of traditional financial products.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), BlackRock plans to introduce Distributed Ledger Technology (DLT) digital fund shares whose ownership will be tracked using blockchain technology. The move signals the growing interest from traditional finance players in adopting blockchain infrastructure to improve transparency, speed, and efficiency in fund management.
Wow! BlackRock filed for Digital share class (DLT Shares) of their $150 billion money market fund (not an ETF)
BlackRock Liquidity Funds | DLT Shares
ticker/fees: tbaThe DLT Shares are to be sold via BNY Mellon only, who intend to use Blockchain to mirror ownership, possibly… pic.twitter.com/RkVU8XmEkU
— ETF Hearsay by Henry Jim (@ETFhearsay) April 29, 2025The DLT shares will be offered exclusively through BNY Mellon, BlackRock’s long-time custodian partner. Institutional investors looking to access this new share class will be required to make a minimum initial investment of $3 million. Notably, there will be no minimum for subsequent investments, offering flexibility for future capital deployment.
While the fund itself does not invest in cryptocurrencies or currently operate on blockchain rails, the filing clarifies that BNY Mellon will maintain a “mirror record of share ownership” using blockchain technology. This innovative setup bridges the gap between traditional financial instruments and emerging digital infrastructure without altering the underlying investment strategy of the fund.
As of April 29, 2025, the BlackRock Treasury Trust Fund, part of the broader BlackRock Liquidity Funds, reported assets totaling approximately $150.1 billion, according to data from the company’s website. The SEC is still reviewing the prospectus, and details are subject to change pending regulatory feedback.
BlackRock Backs Blockchain as Fink Champions Tokenization
This move aligns closely with the public stance of BlackRock CEO Larry Fink, who has become one of the most prominent voices advocating for blockchain innovation in global markets. In his March 2025 annual letter to investors, Fink wrote, “Tokenization will revolutionize investing. Markets wouldn’t need to close. Transactions that currently take days would clear in seconds.”
Fink further highlighted how tokenized assets could unlock billions in idle capital, enhance financial inclusion through fractional ownership, and streamline shareholder rights through digital voting mechanisms. However, he also acknowledged that challenges remain, particularly around digital identity infrastructure, which he described as the final hurdle before tokenized funds can go mainstream.
The tokenization of BlackRock’s Treasury Trust Fund follows a broader trend in the financial sector. Industry giants like JPMorgan, State Street, and Franklin Templeton have already integrated blockchain technology into various parts of their asset management operations. Most recently, London-based Calastone announced a partnership with Fireblocks to allow fund managers to tokenize any fund on its global platform.
Though BlackRock’s DLT shares do not offer direct exposure to crypto assets, they represent a pivotal shift in how investment products can be structured, settled, and serviced. The initiative underscores a growing belief among top asset managers that blockchain will play a foundational role in the next generation of capital markets.
By tokenizing one of its most prominent money market funds, BlackRock is not just exploring blockchain; it is actively reshaping the infrastructure of traditional finance for the digital age.
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