Information, not investment advice. Facts are copied from cited issuer and regulator documents with retrieval dates; anything we could not verify is marked unknown. Nothing here is a recommendation, ranking, or eligibility determination about you.
BUIDL minimum disputed: $100K (SEC Form D, 2026-07-27) vs $5M (2024 press releases). See the minimum section below for both sources.
Tokenized Treasury / money market fund. Issuer: BlackRock USD Institutional Digital Liquidity Fund Ltd. (British Virgin Islands); tokenized and placed by Securitize. Official page. 13 fields verified, 12 unknown, 1 disputed.
BUIDL has no public prospectus. Facts come from SEC Form D filings and BlackRock, Securitize and Circle releases. Redemption cutoffs, settlement and fees are in private offering documents and stay unknown.
As of 2026-10-25, who can invest for BUIDL: Accredited investors who are qualified purchasers (US), per SEC EDGAR filing.
As of 2026-10-25, minimum initial investment for BUIDL: USD 100,000 (sources disagree), per SEC EDGAR filing.
As of 2026-10-25, redemption limits or gates for BUIDL: Tokens can be transferred only to pre-approved (whitelisted) investors. Lock-ups, notice periods and any redemption gates are not stated publicly., per Securitize press release.
As of 2026-10-25, management fee / expense ratio for BUIDL: 0.50% (Ethereum, Arbitrum, OP Mainnet share classes); 0.20% (Aptos, Avalanche, Polygon share classes), per BlackRock press release.
As of 2026-10-25, we could not confirm this for BUIDL in an issuer or regulator document.
13 of 26 fields on this page are confirmed in an issuer or regulator document. Unknown fields were not stated in the documents below (checked 2026-10-25). We do not fill gaps from aggregators.
| Field | Value | Status | Source | Note |
|---|---|---|---|---|
| Issuer | BlackRock USD Institutional Digital Liquidity Fund Ltd. (British Virgin Islands); tokenized and placed by Securitize | verified | SEC EDGAR filing, retrieved 2026-10-25 | Entity name and jurisdiction from SEC Form D/A filed 2026-07-27 (accession 0002013810-26-000002) |
| Product type | Tokenized private fund shares; seeks a stable value of USD 1 per token and pays daily accrued dividends to investors' wallets as new tokens each month | verified | Securitize press release, retrieved 2026-10-25 | BlackRock/Securitize launch release, Mar 20, 2024 |
| Legal framework | Private placement under Reg D Rule 506(c); Investment Company Act exemptions 3(c)(1)/3(c)(7) claimed on Form D | verified | SEC EDGAR filing, retrieved 2026-10-25 | SEC Form D/A filed 2026-07-27 lists exemptions 06c, 3C and 3C.7 |
| Blockchains | Ethereum, Aptos, Arbitrum, Avalanche, OP Mainnet, Polygon, Solana | verified | BlackRock press release, retrieved 2026-10-25 | Ethereum (launch, Mar 2024); Aptos, Arbitrum, Avalanche, OP Mainnet, Polygon share classes per BlackRock release Nov 13, 2024; Solana per Securitize release Mar 25, 2025. Later additions not confirmed in an issuer document. |
| Open to US persons (per issuer) | Yes | verified | SEC EDGAR filing, retrieved 2026-10-25 | US offering under Rule 506(c) with 3(c)(7): US buyers must be accredited and qualified purchasers (Form D/A 2026-07-27 reports no non-accredited investors) |
| Who can invest | Accredited investors who are qualified purchasers (US) | verified | SEC EDGAR filing, retrieved 2026-10-25 | Form D/A (2026-07-27): 28 investors, none non-accredited. Qualified purchaser test for individuals is at least $5M in investments (15 U.S.C. 80a-2(a)(51)). |
| KYC required | Yes | verified | Securitize press release, retrieved 2026-10-25 | Securitize Markets places the fund with eligible investors and tokens transfer only to pre-approved investors (launch release, Mar 20, 2024). UniswapX users must be pre-qualified and whitelisted through Securitize (release, Feb 11, 2026). |
| Minimum initial investment | USD 100,000 | conflict | SEC EDGAR filing, retrieved 2026-10-25 | Disputed, newest first: $100K (SEC Form D, 2026-07-27) vs $5M (2024 press releases). The SEC Form D/A filed and accepted 2026-07-27 (accession 0002013810-26-000002, signed 2026-07-23) lists USD 100,000 as the minimum investment accepted from any outside investor, as did the earlier Form D filings (2024-03-18, 2025-07-18). BlackRock and Securitize releases (Mar 20, 2024 and Nov 13, 2024) state an initial investment minimum of USD 5,000,000. The filing figure may be a legal floor rather than the operating minimum; confirm with Securitize before relying on either. |
| Minimum redemption | Unknown | unknown | No redemption minimum stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25); terms are in the private offering documents | |
| Subscription timing | Unknown | unknown | Subscription cutoffs are not stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25); they are in the private offering documents | |
| Subscription currency | Unknown | unknown | Subscription currency not stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25) | |
| Subscription / mint fee | Unknown | unknown | Not stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25) | |
| Redemption timing | Unknown | unknown | Fund redemption days and cutoffs are not stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25); they are in the private offering documents | |
| Redemption currency | Unknown | unknown | Currency of fund redemptions through the transfer agent is not stated in a public issuer or SEC document (checked 2026-10-25). Stablecoin exits (USDC, RLUSD, UniswapX) are secondary transfers, listed under redemption.secondary_exits. | |
| Redemption settlement | Unknown | unknown | Not stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25) | |
| Redemption fee | Unknown | unknown | Not stated in a public BlackRock, Securitize or SEC document (checked 2026-10-25) | |
| Redemption limits or gates | Tokens can be transferred only to pre-approved (whitelisted) investors. Lock-ups, notice periods and any redemption gates are not stated publicly. | verified | Securitize press release, retrieved 2026-10-25 | BlackRock/Securitize launch release, Mar 20, 2024 |
| Transfer agent / administrator | Securitize, as transfer agent, manages the tokenized shares and reports subscriptions, redemptions and distributions; BNY is custodian and administrator | verified | Securitize press release, retrieved 2026-10-25 | BlackRock/Securitize launch release, Mar 20, 2024 |
| Secondary exits (not fund redemptions) | USDC: holders may transfer BUIDL shares to a Circle smart contract in exchange for USDC (Circle, Apr 11, 2024), RLUSD: holders may exchange BUIDL shares for RLUSD 24/7 via a Ripple smart contract (Securitize, Sep 23, 2025), UniswapX RFQ: pre-qualified, whitelisted investors may swap BUIDL with whitelisted market makers 24/7 (Securitize, Feb 11, 2026) | verified | Circle, retrieved 2026-10-25 | These are secondary sales to third parties, not fund redemptions. Each is described in an issuer or counterparty release; whether each is still offered today is not confirmed. Other sources: https://investors.securitize.io/news/news-details/2025/Ripple-and-Securitize-Enable-RLUSD-Smart-Contract-Functionality-for-BlackRocks-BUIDL-and-VanEcks-VBILL-Tokenized-Funds-09-23-2025/default.aspx and https://investors.securitize.io/news/news-details/2026/Uniswap-Labs-and-Securitize-Collaborate-to-Unlock-Liquidity-Options-for-BlackRocks-BUIDL-02-11-2026/default.aspx |
| Management fee / expense ratio | 0.50% (Ethereum, Arbitrum, OP Mainnet share classes); 0.20% (Aptos, Avalanche, Polygon share classes) | verified | BlackRock press release, retrieved 2026-10-25 | Fee is set per share class (blockchain), so 0.50% and 0.20% are both correct for different classes. Source: BlackRock release Nov 13, 2024. Solana and later class fees not stated in an issuer document we found. |
| Total sold since launch (SEC Form D) | USD 5,135,523,412 as of 2026-07-23 | verified | SEC EDGAR filing, retrieved 2026-10-25 | Total amount sold since first sale, per Form D/A (signed 2026-07-23). Cumulative sales, not current AUM. |
| Assets (issuer-reported) | Unknown | unknown | BlackRock/Securitize publish no public AUM figure for BUIDL that we found (checked 2026-10-25). Aggregator figures are not republished here. | |
| Reserve / holdings report type | Unknown | unknown | No public reserve or holdings report page for BUIDL found from BlackRock or Securitize (checked 2026-10-25) | |
| Latest reserve / holdings report | Unknown | unknown | Not found in public issuer documents reviewed | |
| Report as-of date | Unknown | unknown | Not found in public issuer documents reviewed | |
| Underlying holdings | 100% cash, US Treasury bills and repurchase agreements | verified | Securitize press release, retrieved 2026-10-25 | BlackRock/Securitize launch release, Mar 20, 2024 |