BlackRock, the world’s largest asset management firm, is taking further steps to integrate blockchain technology into its traditional financial operations. As per a regulatory filing dated April 28 with the U.S. Securities and Exchange Commission (SEC), the company is seeking approval to introduce a new share class based on distributed ledger technology (DLT), dubbed “DLT Shares.” These shares are linked to one of BlackRock’s money market funds, which currently holds assets worth approximately $150 billion.
Blockchain-Enabled Shares for Institutional Investors
The new DLT Shares are intended to function within a blockchain infrastructure, with The Bank of New York Mellon (BNY Mellon) overseeing the sale and custodial management. According to the SEC filing, BNY Mellon plans to use blockchain technology to maintain a mirrored record of the ownership of these shares, ensuring transparency and efficiency in transaction tracking.
The filing also indicated that BlackRock Advisors, LLC or its affiliated entities may purchase these DLT Shares. Although the fund in question does not presently engage directly with crypto assets or blockchain protocols, the integration of blockchain as a record-keeping tool marks a significant shift in how traditional financial instruments may operate in the near future.
While the filing did not specify which blockchain network would be used for this initiative, BNY Mellon has previously engaged with Ethereum-based solutions, suggesting a possible continuation in that direction.
Institutional participation in this new share class is likely to be exclusive, as the minimum required investment is set at $3 million. The fund’s asset composition will remain conservative, focusing on short-term U.S. Treasury securities, including bills and notes, with a weighted average maturity not exceeding 60 days and an average life capped at 120 days.
Broader Vision for Blockchain and Tokenization
BlackRock’s move toward blockchain-enabled financial products follows a series of strategic steps in the digital asset space. The firm has already made notable advances with the launch of Bitcoin and Ethereum exchange-traded funds (ETFs), which have gained considerable traction in the market. These products have prompted market analysts to suggest that BlackRock may become a dominant player in the cryptocurrency ETF sector over the long term.
In parallel, the firm has begun exploring tokenization—a process that converts traditional financial assets into digital tokens on a blockchain. BlackRock CEO Larry Fink has previously articulated a vision where a broad array of assets, including real estate and equities, are fully digitized. He has emphasized that asset tokenization has the potential to democratize access to high-yield investment opportunities by reducing legal and operational barriers that typically exclude smaller investors.
This ideology has already materialized through BlackRock’s blockchain-native fund, BUIDL, which was launched in 2024 in collaboration with digital asset platform Securitize. The fund has rapidly grown to manage over $2.5 billion in tokenized assets. It operates across multiple blockchain ecosystems, including Solana, Avalanche, and Ethereum’s layer-2 networks such as Optimism, reflecting a multi-chain strategy that supports scalability and interoperability.
A Converging Future for TradFi and DeFi
The introduction of DLT Shares signifies a notable convergence between traditional finance (TradFi) and decentralized finance (DeFi). While BlackRock has maintained its core asset allocation within conventional, regulated instruments, the adoption of blockchain for share ownership tracking could pave the way for more advanced applications of decentralized technology in mainstream finance.
This development also points to a larger industry trend in which leading institutions are leveraging blockchain not just for cryptocurrency exposure, but as a foundational infrastructure to enhance efficiency, security, and access in capital markets. BlackRock’s progressive stance reinforces its intention to remain at the forefront of financial innovation, bridging the gap between established investment models and emerging digital paradigms.
