Before everyone gets too excited about the first onchain fund from Blackrock, here's a quick breakdown.

It's PR, it's not actually an onchain instrument in the way that crypto natives think of one.

- only 20 accredited investors ($5M min purchase)
- sold to friends of Blackrock
- mostly fully offchain in a DB

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My biggest question is what’s going on with the cash? There is 100mm USDC sitting in a wallet with 180mm BUIDL shares minted. Where is the rest of the cash? Fiat? Why is the USDC sitting there? Shouldn’t it be deployed? Thoughts good ser?