BlackRock's Ethereum Fund Attracts $240 Million in Debut Week

BlackRock Inc.'s money-market fund, which records share ownership on the Ethereum blockchain, has garnered more than $240 million since its introduction a week ago. The BlackRock USD Institutional Digital Liquidity Fund primarily invests in cash, US Treasury bills, and repurchase agreements. Fund holders are rewarded with a cryptocurrency called BUIDL, valued at $1 per token. This digital asset can be transferred to validated addresses by using digital wallets approved by Securitize, BlackRock's partner for the investment vehicle.