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BlackRock’s BUIDL More Than Halved on Ethereum in September. On Solana, It Is Now 2.18 Times Larger.

BlackRock’s tokenized Treasury fund launched on Ethereum, and Ethereum is still the chain most people picture it on. In September its supply there fell from US$963.36 million to US$443.28 million, while its supply on Solana rose to US$967.48 million. The fund’s Solana footprint is now more than twice its Ethereum footprint.

Key findings
  • →BlackRock’s BUIDL fell from US$963.36M to US$443.28M on Ethereum between the September 1 and October 1, 2026 closes: −US$520.08M, or −53.99%, read from both of the fund’s Ethereum contracts.
  • →Over the same month BUIDL on Solana rose from US$887.01M to US$967.48M. At the October 1 close the fund’s Solana supply was 2.18 times its Ethereum supply.
  • →Ethereum’s decline was several times Solana’s gain, so the two moves are separate: supply removed on the launch chain, and a higher supply on a second chain. The chain a tokenized fund is associated with is no longer a reliable guide to where its supply sits.
OnChain Benchmark ResearchPublished · Oct 2, 2026, 04:30 PM UTCData current · Oct 1, 2026

Revised October 2, 2026: figures corrected.

BlackRock’s tokenized Treasury fund, BUIDL, lost more than half of its supply on Ethereum in September. At the September 1 close the fund held US$963.36 million across its two Ethereum contracts; at the October 1 close it held US$443.28 million. That is a fall of US$520.08 million, or 53.99%, in one month, on the chain where the fund began.

On Solana, the same fund moved the other way. BUIDL’s supply there rose from US$887.01 million to US$967.48 million. By the October 1 close, BUIDL on Solana was 2.18 times BUIDL on Ethereum. BUIDL is priced at about US$1 per token, so each of these figures is a count of tokens minted or burned, not a change in valuation.

Fig. 1

BUIDL on Ethereum more than halved in September; on Solana it grew.

BUIDL supply on Ethereum (both contracts, grey) and on Solana (green), at the September 1 and October 1, 2026 closes. Ethereum fell from US$963.36M to US$443.28M; Solana rose from US$887.01M to US$967.48M.

ONCHAIN
BENCHMARK
SUPPLY, US$ $0 $300M $600M $900M $1B Ethereum · Sep 1 Solana · Sep 1
Source: OCB · daily onchain supply, per chain · onchainbenchmark.comOct 1, 2026
See BUIDL →
BUIDL on Ethereum — Sep 1 to Oct 1, 2026−$520.08MUS$963.36M → US$443.28M, down 53.99%
BUIDL on Solana — Oct 1, 2026$967.48Mup from US$887.01M at the Sep 1 close
Solana relative to Ethereum — Oct 1, 20262.18xBUIDL’s Solana supply over its Ethereum supply

The launch chain is now the smaller of the two

BUIDL debuted on Ethereum in March 2024 and extended to Solana in March 2025. In July, BUIDL’s supply off Ethereum already exceeded its supply on Ethereum (BUIDL is majority off Ethereum), and its Avalanche supply rose by about US$500 million in a single day. September goes a step further. It is no longer that Ethereum holds a minority of the fund; on a direct comparison with one other chain, Ethereum now holds less than half as much.

The two moves should not be read as one. Ethereum lost US$520.08 million; Solana gained a small fraction of that. Supply did not travel from Ethereum to Solana in September. BUIDL was burned on Ethereum, while supply on Solana rose 9% over the month, with swings along the way. The onchain record shows tokens burned, not who redeemed them or why.

Why it matters

The common assumption is that institutional tokenized funds live on Ethereum and visit other chains. For BUIDL, that is no longer what the supply shows. Lending markets, collateral programs and integrations that support BUIDL only on Ethereum now reach the smaller of the fund’s two most-compared footprints, and any measure of Ethereum’s tokenized-Treasury standing that counts BUIDL now carries half a billion dollars less of it than it did a month earlier.

A fund’s chain mix can change faster than its reputation. If supply keeps falling on the launch chain continue while other chains hold their supply, the question for issuers and the venues that compete for them is whether a tokenized fund’s home chain is still where its holders settle, or only where it was first issued.

BUIDL on EthereumOnchain supply, both contractsGround-truth supply

US$963.36M at the September 1, 2026 close; US$443.28M at the October 1, 2026 close (−US$520.08M, −53.99%). Sum of both BUIDL contracts on Ethereum, read from each contract’s supply.

Oct 1, 2026 · onchainbenchmark.com/instruments/buidl
BUIDL on SolanaOnchain supplyGround-truth supply

US$887.01M at the September 1, 2026 close; US$967.48M at the October 1, 2026 close. On October 1, 2.18 times BUIDL on Ethereum.

Oct 1, 2026 · onchainbenchmark.com/instruments/buidl
MethodologyFigures are BUIDL’s outstanding supply on Ethereum and on Solana, read daily from the fund’s contracts. Each date’s figure is the fund’s supply at the end of that UTC day (00:00 UTC the following day). Ethereum is the sum of the fund’s two Ethereum contracts. BUIDL is priced at about US$1 per token, so US$ changes equal token changes. This report compares two chains only; it does not state the fund’s total across every chain it is issued on, and it does not attribute the burns to any holder.
Questions & answers
How much did BlackRock’s BUIDL fall on Ethereum in September 2026?
BUIDL’s supply on Ethereum, across both of its Ethereum contracts, fell from US$963.36 million at the September 1, 2026 close to US$443.28 million at the October 1 close: a decline of US$520.08 million, or 53.99%.
Is BUIDL now larger on Solana than on Ethereum?
Yes. At the October 1, 2026 close BUIDL’s supply on Solana was US$967.48 million, 2.18 times its US$443.28 million on Ethereum.
Did BUIDL move from Ethereum to Solana?
No. Ethereum fell by US$520.08 million while Solana rose from US$887.01 million to US$967.48 million, far less. The Ethereum decline reflects tokens burned on Ethereum, not a transfer to Solana.
Key facts
SubjectBUIDL on Ethereum and Solana
Ethereum (Sep 1 → Oct 1)$963.36M → $443.28M ↗
Ethereum change−53.99%
Solana (Sep 1 → Oct 1)$887.01M → $967.48M
Solana vs Ethereum (Oct 1)2.18x
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