BlackRock, the world’s largest asset manager, has filed with the U.S. Securities and Exchange Commission to launch a blockchain-based share class for its $150 billion BLF Treasury Trust Fund, signaling a major step toward integrating digital technology into traditional finance, the company announced April 28, 2025.
The new “DLT Shares,” short for Distributed Ledger Technology, will use blockchain to mirror share ownership records, aiming to enhance transparency and streamline operations for the money market fund, which invests in short-term U.S. Treasury securities. The Bank of New York Mellon, the fund’s exclusive distributor, will manage the blockchain infrastructure, maintaining a digital ledger alongside traditional records.
“BlackRock has shown they want to be a leader in using blockchain to improve traditional finance processes,” said Matt Apkarian, associate director of product development at Cerulli Associates.
The filing, submitted on April 28, 2025, requires SEC approval and targets institutional investors with a $3 million minimum investment. The DLT Shares carry a management fee of 0.18%, with a temporary waiver until June 2027, according to the SEC document. Unlike BlackRock’s $2.5 billion BUIDL fund, which tokenizes assets on Ethereum, the DLT Shares will not hold cryptocurrencies.
BlackRock’s move builds on its blockchain-native BUIDL fund, launched in 2024 with Securitize, which has grown to $2.5 billion in assets. CEO Larry Fink has championed tokenization, writing in his March 2025 shareholder letter that it “will revolutionize investing” by enabling faster transactions and broader access. He noted that tokenized assets could clear in seconds, unlocking billions in idle capital.
The initiative aligns with industry trends, as firms like JPMorgan and Franklin Templeton explore blockchain for asset management. BNY Mellon, which has worked with Ethereum-based solutions, may leverage similar technology, though the filing does not specify the blockchain platform.
Some analysts see the filing as a milestone for blockchain adoption. “This could set off a domino effect with other asset managers,” an X post by AlvaApp stated on April 30, 2025, reflecting market optimism. However, critics argue the centralized approach lacks the decentralization blockchain enthusiasts advocate.
If approved, the DLT Shares could reshape fund infrastructure, offering real-time transparency and cost efficiencies. The SEC’s review, expected to conclude in coming months, will determine the pace of this transformation.
For more details, see BlackRock’s SEC filing at www.sec.gov.
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