BlackRock USD Institutional Digital Liquidity Fund (BUIDL)

What the BlackRock USD Institutional Digital Liquidity Fund is

BUIDL is not a cryptocurrency. It is a share in a private investment fund, recorded as a token on public blockchains. The issuer is BlackRock USD Institutional Digital Liquidity Fund Ltd., a limited company incorporated in the British Virgin Islands in 2023, with a business address at 50 Hudson Yards, New York (SEC Form D/A, filed 27 July 2026, CIK 0002013810).

The most important fact about it is a restriction. BUIDL is sold as an exempt private offering to accredited investors, with a minimum investment of $100,000. It does not trade on ordinary cryptocurrency exchanges, and an individual cannot buy it the way they would buy a listed coin.

How it works

BUIDL was launched by BlackRock as its first tokenized fund on the Ethereum network, distributed through Securitize (Securitize, September 2026). The token on-chain is a record of a fund share, and the register of who holds it is maintained under securities rules rather than being open to anyone with a wallet.

The fund's own regulatory filing sets out the structure precisely. In its Form D/A signed on 23 July 2026, the fund identifies its industry group as a "Pooled Investment Fund" of type "Other Investment Fund," and answers "false" to whether it is registered under the Investment Company Act of 1940. It claims three federal exemptions and exclusions: item 06c, which is Rule 506(c) of Regulation D, and items 3C and 3C.7, the Section 3(c)(7) exclusion available to funds whose investors are qualified purchasers.

Those codes are the entire access story. Rule 506(c) permits general solicitation but requires that all purchasers be accredited investors and that their status be verified. Section 3(c)(7) restricts the fund to qualified purchasers, a higher bar than accredited investor status. The filing confirms the outcome: the fund reports no non-accredited investors.

Sales compensation goes to Securitize Markets, LLC, a broker-dealer with CRD number 283256, based in Miami, solicited across all states. Subscriptions and redemptions run through that channel rather than through an exchange order book. Acquiring BUIDL means opening an account with the distributor, passing kyc and accreditation verification, and subscribing to the fund directly.

The fund's directors named in the filing are Ian Pilgrim, W. William Woods, Noelle L'Heureux and Jennifer Collins.

Supply and tokenomics

BUIDL has no fixed supply and no tokenomics in the sense the term is normally used. There is no emission schedule, no staking, no burn mechanism, and no governance. Tokens exist because someone subscribed to the fund, and they are redeemed when someone exits it.

The offering is open-ended, which is standard for a continuously offered fund. What is not indefinite is the amount raised.

Read that pair of numbers together. Slightly over five billion dollars from twenty-eight investors is an average position in the hundreds of millions. This is an institutional product in the fullest sense, and the $100,000 minimum stated in the filing is a floor that appears to bind almost nobody who actually holds it.

The offering is stated in the filing to run more than one year.

Because BUIDL is a fund share rather than a stablecoin, its value derives from the fund's portfolio and its accounting, not from a peg maintained by an issuer redeeming at par to anyone who asks.

History

The fund's filing history is short and entirely on the public record, all under file number 021-507840.

Securitize announced the launch under the headline "BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network," which places the fund at the start of BlackRock's tokenized product line rather than as an extension of an existing one.

The trajectory visible in the filings is growth in dollars rather than in holders. The fund remains a private placement with a small number of very large investors, and the amount sold reported in the July 2026 amendment stands above five billion dollars.

Risks and what to watch

Access is the first thing to understand and the thing most often misreported. BUIDL is offered under Rule 506(c) and relies on the Section 3(c)(7) exclusion, so purchasers must be accredited and qualified purchasers, and the fund reports no non-accredited investors. It is not available to retail buyers, and it is not listed on ordinary exchanges. If you see BUIDL quoted somewhere as a tradable coin, the thing being quoted is not a subscription to this fund.

The fund is not registered under the Investment Company Act of 1940. Its own filing states this directly. Investors in an unregistered private fund do not receive the disclosure, governance and structural protections that apply to a registered fund, and the fund declines to disclose its aggregate net asset value range in the filing.

Concentration is extreme. Twenty-eight investors holding a fund of this size means redemption behavior is driven by a handful of decisions. A single large redemption is a material event for a fund with that holder profile in a way it would not be for a widely held vehicle.

The token is a wrapper around a legal claim, and it does not change the nature of the claim. On-chain transfers are restricted to permitted holders, so ordinary self custody assumptions do not apply. You cannot send BUIDL to any address you like, and holding the token without being an eligible investor is not a supported state.

Offshore incorporation with a New York business address and directors in Bermuda, the Cayman Islands and the United States is a normal structure for this kind of vehicle, but it means the governing law, the investor protections and the tax treatment all depend on that structure rather than on where you are.

Because this is a private placement rather than an exchange-listed asset, where to buy BlackRock USD Institutional Digital Liquidity Fund and Exchanges will not show the retail purchase routes they show for ordinary coins. Subscription runs through the fund's broker-dealer distributor.

Frequently asked questions

Can I buy BUIDL on a crypto exchange?

No. BUIDL is offered as a private placement under Rule 506(c) of Regulation D and relies on the Section 3(c)(7) exclusion, which limits it to qualified purchasers. Its own SEC filing reports no non-accredited investors and a minimum investment of $100,000. Subscriptions run through Securitize Markets, LLC, the broker-dealer named as the sales compensation recipient in the filing.

Who issues BUIDL?

BlackRock USD Institutional Digital Liquidity Fund Ltd., a limited company incorporated in the British Virgin Islands in 2023, with a business address at 50 Hudson Yards, New York. Its directors named in the July 2026 Form D/A are Ian Pilgrim, W. William Woods, Noelle L'Heureux and Jennifer Collins.

How large is the fund?

Its Form D/A filed on 27 July 2026 reports a total amount sold of $5,135,523,412 across 28 investors, with an indefinite total offering amount. The fund declines to disclose its aggregate net asset value range in that filing.

Is BUIDL a stablecoin?

No. It is a share in a pooled investment fund, tokenized on a blockchain. A stablecoin is a liability of an issuer redeemable at a fixed value by holders; a fund share is a claim on a portfolio, subscribed and redeemed through the fund's distributor under securities rules.

Is the fund regulated like a mutual fund?

No. The Form D/A answers "false" to whether the fund is registered under the Investment Company Act of 1940, relying instead on the Section 3(c)(7) exclusion. It files a Form D notice of exempt offering rather than registering the securities, most recently amended on 27 July 2026 under file number 021-507840.