BlackRock is moving further into the crypto world. For the first time, it faces the more absurd side of it: Memecoins and NFTs. The world's largest asset manager is planning an Ethereum fund, presumably intended primarily for tokenizing assets. Currently, the fund totals $100 million, stored in the stablecoin USDC.

After cryptoforensic experts identified the ETH address on Wednesday, users around the world began sending all kinds of tokens and NFTs to it. They reached a value of more than US$75,000. Including absurd NFTs like CryptoDickButts for about US$1,500. Or memecoins like VoldemortTrumpRobotnik.

One user even sent Ethereum to BlackRock through the US-sanctioned Tornado Cash. Among other things, this is used by cybercriminals for money laundering. Just receiving coins there is actually punishable, which has caused scorn in the crypto world.

BlackRock is launching the private equity fund with financial services provider Securitize. This is stipulated in a document filed with the SEC. It is not clear from the filing what assets the fund will hold. However, the partnership with Securitize suggests a connection to the tokenization of real assets (RWA) on Ethereum.

Since Jan. 11, the U.S. financial regulator has approved 11 Bitcoin spot ETFs, including one from BlackRock called IBIT. The company is buying Bitcoin in record amounts. In a few months, the company could own the most coins in the world.

The largest asset manager is deeply invested in Bitcoin on other levels as well. It owns large shares in four of the five largest cryptocurrency mining companies. Larry Fink has long been an outspoken supporter of Bitcoin. In an interview with CNBC, he explained that the Bitcoin Spot ETF is "just a stepping stone on the road to tokenization."