BlackRock Files to Offer $150 Billion Digital Share Class of Treasury Trust

BlackRock is set to implement blockchain technology in the back office of its $150 billion Treasury Trust money market fund, offering a digital share class called DLT Shares through BNY Mellon. Key points include:

DLT Shares will not hold cryptocurrencies.
BNY Mellon will use blockchain for share ownership records.
Minimum investment for DLT Shares is $3 million for institutional buyers.
The SEC filing is preliminary and pending approval.

BlackRock's Liquidity Treasury Trust Fund manages over $150 billion as of April 29. The firm also operates a blockchain-native fund, BUIDL, which has over $1.7 billion in assets and recently expanded onto Solana.

CEO Larry Fink highlights the importance of tokenization and decentralized finance, noting potential risks to U.S. financial dominance due to uncontrolled debt. He warns that this could increase interest in alternatives like Bitcoin.