OCB Reference/Diligence
Who holds BUIDL, and how concentrated is it?
BlackRock's tokenized Treasury fund is held by a small, institutional set — and how tightly it's held shapes how it behaves. Here's the top-holder concentration, measured live against the fund's real float.
OnChain Benchmark · Reference · figures update live
BUIDL — BlackRock's tokenized US Treasury fund, run with Securitize — is held by a small, institutional set of wallets, not a broad retail base. What matters for a holder isn't the raw count but the concentration: how much of the circulating supply sits with the top few holders, measured against the fund's real float with issuer and custody wallets excluded. A tightly-held fund behaves differently when one large holder moves. The live figure below is read from current onchain data.
BUIDL is a wholesale instrument: large allocators hold it, redeem it directly with the issuer, and use it as onchain collateral. So "who holds it" is really a question about concentration — a fund held by a handful of wallets carries different behavior than a broadly-distributed one, no matter how large it is in dollars.
How concentrated is BUIDL's ownership?
The measure that matters is the share of circulating supply held by the largest wallets — the top-10 holder concentration. We measure it against free float (supply held outside the issuer's own and custody wallets), aggregated across every chain BUIDL is issued on, so the figure reflects who really holds the tradable supply — not a raw holder count that a single custody address distorts. Read live now:
Measurement pending.
Why does concentration matter more than the holder count?
A raw "N holders" number is easy to misread: a fund can show a low count simply because it's institutional, or a high count padded by dust wallets. Concentration answers the question a holder cares about — if the biggest holders exit, how much of the fund is that? The more concentrated, the more a single redemption or transfer moves the picture. It's one of the four dimensions of BUIDL's quality rating, and it's measurable onchain in a way a traditional fund's ownership never is.
How does BUIDL compare to other tokenized treasuries?
Concentration varies widely across funds — some wholesale funds sit with a few holders, while tokenized gold like PAXG is far more broadly held. Seeing BUIDL next to its peers is the useful view; the full ranking is in how concentrated tokenized-treasury ownership is.
- Who holds BUIDL?
- BUIDL — BlackRock's tokenized US Treasury fund, run with Securitize — is held by a small, institutional set of wallets rather than a broad retail base: large allocators who redeem directly with the issuer and use it as onchain collateral. What matters most is how concentrated that ownership is, measured against the fund's tradable float.
- How concentrated is BUIDL?
- Concentration is measured as the top-10 holder share of circulating supply, against free float (excluding the issuer's own and custody wallets), aggregated across every chain BUIDL is issued on. The live figure is shown on this page and read from current onchain data. A higher share means the fund is held more tightly by its largest holders.
- Why measure concentration instead of the number of holders?
- A raw holder count is easy to misread — it can be low simply because a fund is institutional, or inflated by dust wallets. Concentration answers what a holder cares about: if the largest holders exit, how much of the fund moves. It's one of the four dimensions of BUIDL's quality rating.
- Is BUIDL safe to hold given its concentration?
- Concentration is one input, not the whole answer. BUIDL's overall quality rating also weighs disclosure, redemption liquidity, and structure. A concentrated but well-disclosed, redeemable, properly-structured fund can still rate well; concentration mainly tells you how the fund behaves when a large holder moves.
Last reviewed Sep 4, 2026 · figures read live