Blackrock Seeks Approval for Blockchain-Enabled Shares in $150 Billion Money Market Fund

BlackRock, the world's largest asset manager, filed with the SEC on April 28 to introduce blockchain-enabled "DLT Shares" for its $150 billion money market fund. The Bank of New York Mellon (BNY Mellon) will manage the sale and maintain a mirrored record of ownership using blockchain technology. The minimum investment for this new share class is $3 million. BlackRock's interest in blockchain technology has grown following the success of its Bitcoin and Ethereum ETFs and BUIDL fund. Michael Saylor, executive chairman of Strategy, suggested BlackRock's iShares Bitcoin Trust (IBIT) could become the largest ETF globally within ten years. BlackRock CEO Larry Fink envisions all assets being digitized and transacted via blockchain, already utilizing these ideas through its blockchain-native BUIDL fund launched in 2024.