Securitize, the distributor of BlackRock's BUIDL Fund, has submitted a proposal to Ethena suggesting that Ethena should allocate a majority of its reserve fund to the BUIDL Fund. This proposal is part of a formal process initiated by Ethena to evaluate investment opportunities for its reserve fund, which it plans to use to invest in a diversified set of assets that meet the fund's investment criteria. The proposal will be reviewed and considered by the Ethena Foundation's independent risk committee.