BlackRock USD Institutional Digital Liquidity Fund (BUIDL and the I Class, BUIDL-I)

In plain words on RIADeFi: BlackRock BUIDL.

This file replaced an earlier record on 2026-09-23. Superseded the same day: the control reading stopped at the token ABI and missed the Securitize lock manager the token consults on every transfer, so the file said the issuer cannot freeze a holder. It can, through lockInvestor. Same claim model, terms, and exit. Superseded records.

Subscribers see which of their clients hold this program, each household’s answer against these terms, and an alert when the file changes. $49 per advisor per month, first 14 days free.

The verdict is on the memo: BlackRock BUIDL Not approved

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

Each token is a share of the fund, per Securitize, its transfer agent.

“The Company notes that each tokenized share of BUIDL and VBILL represents an ownership interest in the BlackRock USD Institutional Digital Liquidity Fund and VanEck Treasury Fund, Ltd., respectively”

SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026 · Notes to the consolidated financial statements, ”Cash and Cash Equivalents” · words found 2026-09-25

Who may hold it

Investors eligible for a Rule 506(c) private offering in a Section 3(c)(7) fund, which means qualified purchasers.

“The Fund will issue shares pursuant to Rule 506(c) under the Securities Act of 1933 and Section3(c)(7) of the Investment Company Act.”

BlackRock and Securitize press release on Business Wire, March 20, 2024: BlackRock Launches Its First Tokenized Fund, BUIDL (Wayback Machine capture, June 16, 2026) · Press release, fifth paragraph from the end of the body · words found 2026-09-23

First purchase minimum

$100,000 per outside investor, per the July 2026 Form D. The 2024 launch release said $5 million.

“Minimum investment accepted from any outside investor $ 100,000 USD”

SEC EDGAR: BlackRock USD Institutional Digital Liquidity Fund Ltd., Form D/A filed July 27, 2026 · Item 11, Minimum Investment · words found 2026-09-23

First purchase minimum

The I Class minimum is not stated in any document read.

Not stated in BlackRock and Securitize press release on Business Wire, March 20, 2024: BlackRock Launches Its First Tokenized Fund, BUIDL (Wayback Machine capture, June 16, 2026), SEC EDGAR: BlackRock USD Institutional Digital Liquidity Fund Ltd., Form D/A filed July 27, 2026, SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026, SEC EDGAR: Securitize Corp. Form 8-K/A, exhibit 99.2, management’s discussion of results for the quarter ended June 30, 2026 (filed August 13, 2026).

Account types

The documents read do not say.

Not stated in BlackRock and Securitize press release on Business Wire, March 20, 2024: BlackRock Launches Its First Tokenized Fund, BUIDL (Wayback Machine capture, June 16, 2026), SEC EDGAR: BlackRock USD Institutional Digital Liquidity Fund Ltd., Form D/A filed July 27, 2026, SEC EDGAR: BUIDL Form D filing, SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026, SEC EDGAR: Securitize Corp. Form 8-K/A, exhibit 99.2, management’s discussion of results for the quarter ended June 30, 2026 (filed August 13, 2026), Circle: BUIDL-to-USDC transfer contract, BUIDL Solana mint metadata (points at metadata.securitize.io).

Who it may be transferred to

Any time, but only to other pre-approved investors.

“Investors can transfer their tokens 24/7/365 to other pre-approved investors.”

BlackRock and Securitize press release on Business Wire, March 20, 2024: BlackRock Launches Its First Tokenized Fund, BUIDL (Wayback Machine capture, June 16, 2026) · Press release body · words found 2026-09-23

How a holder redeems

At NAV, $1 per share, for cash. The transfer agent names no cutoff or settlement time.

“BUIDL and VBILL tokens can be redeemed at their net asset value which is $1 per share and are readily convertible to cash.”

SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026 · Notes to the consolidated financial statements, ”Cash and Cash Equivalents” · words found 2026-09-25

Who keeps the official record

Securitize, the SEC-registered transfer agent, uses a public blockchain as the master securityholder file for most clients. It does not name BUIDL here.

“As part of our Asset Servicing offering, we act as the official SEC-registered transfer agent for the majority of our customers. We use distributed ledger technology in the form of a public blockchain as the master securityholder file to provide recordkeeping, accounting, reporting, examination and other services.”

SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026 · Business, ”Securitize’s Role” · words found 2026-09-25

What the issuer says it can freeze or take back

Securitize says its smart contracts can seize or burn tokens to fix minting or allocation errors.

“While Securitize’s smart contracts provide mechanisms to seize or burn tokens to remediate these situations, such incidents could lead to temporary imbalances, customer disputes, or reputational harm.”

SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026 · Risk Factors, token minting and allocation errors · words found 2026-09-25

What the issuer filed with the SEC

A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.

Filed by BlackRock USD Institutional Digital Liquidity Fund Ltd. (SEC CIK 2013810). Sold to date counts every sale since the first, not the fund’s size today. Ketju reads EDGAR daily; a new filing reopens this file.

Where the filing and the file differ
• The 2026-07-27 Form D states a $100,000 minimum; the file records $5,000,000. The note under “Who may hold it” says which figure the file follows.

The transfer agent’s SEC record

A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.

EDGAR records Securitize LLC as the former name of Securitize Transfer Agent, LLC, changed 2025-04-14.

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Where it trades

How it exits

Reopen conditions: events that change an answer above
• The Securitize compliance service, lock manager, proxy target, or issuer role on either Ethereum contract (BUIDL or BUIDL-I) changes
• The Solana mint authority, freeze authority, permanent delegate, or transfer-hook program changes
• A share class opens to accredited investors or below the $5 million minimum
• A NAV break, missed redemption, or unauthorized mint or transfer
• BlackRock or Securitize publishes contract identities for the other five networks; those chains are then read and added
• BlackRock or Securitize states which minimum applies, the $5 million in the launch release or the $100,000 in every Form D
• BlackRock or Securitize publishes the I Class terms (minimum, fee, eligible investors, redemption), or the I Class appears on a chain other than Ethereum
• The two contracts that hold 97% of BUIDL-I (a verified contract named ALMProxy and a Safe multisig) leave, or the I Class holder count changes by more than a few wallets

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against its one-dollar value. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. EDGAR is read for the issuer’s Form D filings and the transfer agent’s registration; a new filing reopens the file. A key that appears, disappears, or changes shape counts as a change only when the chain’s own log shows the grant, revocation, or signer change between yesterday’s block and today’s; a difference the log does not show updates this file’s key list and nothing more. A change opens a review item in the governance queue and reopens the file before any client action. Subscribers get an email naming each of their clients who hold it, with the household result.

File history

Revised 3 times since it was filed. Each superseded copy is kept as published, with the reason it was replaced.

Sources

• SEC EDGAR: BUIDL Form D filing · primary · accessed 2026-08-01
  Supports: Rule 506(c) private placement, Section 3(c)(7) fund
• BlackRock and Securitize: BUIDL launch terms · primary · accessed 2026-08-01
  Supports: $5 million initial minimum, qualified purchasers, stable $1 token value, daily accrued dividends paid monthly as new tokens, Securitize as transfer agent
• Securitize: BUIDL Solana share class and seven networks · primary · accessed 2026-08-01
  Supports: Solana share class, multi-network issuance
• Circle: BUIDL-to-USDC transfer contract · primary · accessed 2026-08-01
  Supports: USDC exit on demand
• BUIDL Solana mint metadata (points at metadata.securitize.io) · primary · accessed 2026-09-23
  Supports: issuer-anchored Solana mint, permanent delegate, transfer hook, freeze authority
• Verified implementation on Ethereum (Sourcify) · primary · accessed 2026-09-23
  Supports: preTransferCheck compliance gate, pause, seize and omnibusSeize, issueTokens, setTarget upgrade
• BlackRock and Securitize press release on Business Wire, March 20, 2024: BlackRock Launches Its First Tokenized Fund, BUIDL (Wayback Machine capture, June 16, 2026) · primary · accessed 2026-09-23
  Supports: who may-hold, transfer
• SEC EDGAR: BlackRock USD Institutional Digital Liquidity Fund Ltd., Form D/A filed July 27, 2026 · primary · accessed 2026-09-23
  Supports: minimum
• SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026 · primary · accessed 2026-09-23
  Supports: redemption, record, freeze, token is an ownership interest in the fund
• SEC EDGAR: Securitize Corp. Form 8-K/A, exhibit 99.2, management’s discussion of results for the quarter ended June 30, 2026 (filed August 13, 2026) · primary · accessed 2026-09-23
  Supports: BUIDL-I is a Securitize platform asset, BUIDL-I subscriptions and redemptions drove Q2 volume
• Verified BUIDL-I implementation on Ethereum (Sourcify, DSToken) · primary · accessed 2026-09-23
  Supports: I Class token is a Securitize DS token, burn, pause, issueTokens, upgradeToAndCall
• Blockscout: BUIDL-I token on Ethereum (name, supply, holders, transfers) · secondary · accessed 2026-09-23
  Supports: on-chain name names the fund and the I Class, 239.7 million supply, six holders, dividend mints each business day, burns from a redemption address, created 17 December 2024
• CoinGecko: BlackRock USD Institutional Digital Liquidity Fund - I Class · secondary · accessed 2026-09-23
  Supports: price $1.00 with no market capitalization, stale supply of 71.9 million, Ethereum only