BlackRock Launches Blockchain-Based Digital Share Class Called DLT Shares for Its $150B Treasury Trust Fund

BlackRock, the leading asset manager, has filed with the SEC to launch a blockchain-based digital share class, called DLT Shares, for its $150 billion Treasury Trust Fund.

BlackRock, Inc. (NYSE:BLK) has filed with the SEC to launch a blockchain-based digital share class, called DLT Shares, for its $150 billion Treasury Trust Fund, part of the BlackRock Liquidity Funds.

Henry Jim, an ETF analyst at Bloomberg, disclosed that DLT Shares will be exclusively sold through BNY Mellon, which intends to use blockchain technology to monitor ownership. The offering is targeted at institutional investors, requiring a minimum investment of $3 million.

The Treasury Trust Fund is designed to keep a substantial portion of its assets in readily liquid investments, such as cash and short-term government securities, to maintain a stable $1 per share value. This system might be viewed as a test or initial step toward utilizing blockchain for digital currencies or cash transactions in the future.

The fund refrains from illiquid securities and will not invest in assets that are difficult to sell if they would constitute more than 5% of the fund’s total value. This strategy aids in keeping the fund easily cashable for investors. As of April 29, 2025, BlackRock’s Treasury Trust Fund had approximately $150.1 billion in assets.

BlackRock’s move follows CEO Larry Fink’s recent comments on how tokenization could transform investing. In a recent letter to investors, Fink highlighted that tokenization could significantly speed up transactions, eliminate unnecessary delays, and facilitate the rapid reinvestment of money back into the economy to foster growth.

Fink further noted that the primary hurdle to overcome is integrating proper identity verification into the tokenized asset market. Once this challenge is addressed, he anticipates that tokenized funds will become as widely recognized and utilized as ETFs today.

Beyond BlackRock, other large companies, including JP Morgan (NYSE:JPM), State Street (NYSE:STT), and Franklin Templeton, are also exploring the potential of blockchain technology for tokenized funds.