The developments underscore growing institutional confidence in blockchain infrastructure for traditional asset management, with BlackRock's direct crypto exposure complementing Sky's mortgage-backed tokenization strategy.
Key Metrics
- BlackRock crypto buyback: $150 million across Bitcoin and Ethereum
- Sky-Framework credit facility: $500 million committed
- Target sector: Residential mortgage tokenization
BlackRock's acquisition represents a notable shift for the world's largest asset manager, which has primarily focused on Bitcoin ETF products rather than direct cryptocurrency holdings for treasury purposes. The purchase spans both Bitcoin and Ethereum, with Ethereum's selection likely reflecting the network's dominance in tokenized treasury products including BlackRock's own BUIDL fund.
Simultaneously, Sky (formerly MakerDAO) announced a strategic partnership with Framework Ventures to deploy $500 million in DAI stablecoin credit facilities targeting mortgage tokenization. The initiative aims to create on-chain liquidity for residential mortgage-backed securities, potentially offering institutional investors 24/7 settlement and fractional ownership capabilities unavailable in traditional mortgage markets.
"This represents a convergence of institutional capital allocation and real-world asset tokenization infrastructure," according to industry analysis. The Sky partnership specifically targets mortgage tokenization, a sector that has seen limited blockchain adoption despite representing over $12 trillion in U.S. residential mortgage debt.
The timing aligns with regulatory clarity improvements in major jurisdictions, including Singapore's MAS frameworks for digital securities and Switzerland's FINMA guidance on asset tokenization. Both BlackRock and Sky operate under established regulatory frameworks, providing institutional investors with clearer compliance pathways.
For pension funds and family offices evaluating RWA allocations, these developments signal infrastructure maturation in tokenized asset management. Sky's mortgage tokenization approach could offer superior liquidity characteristics compared to traditional mortgage REITs, while BlackRock's direct crypto holdings validate blockchain assets for institutional treasury management.
Risk Considerations: Tokenized mortgage products remain subject to real estate market volatility, regulatory changes, and blockchain infrastructure risks. Direct cryptocurrency holdings carry additional market and custody risks.Data sources: U.Today, The Block. Figures as of February 24, 2026.