TL;DR
- Baillie Gifford launched BAGEY, a dollar-denominated tokenized yield fund on Ethereum and Solana through a BNY partnership.
- The fund offers eligible investors exposure to an actively managed, short-duration portfolio of public corporate bonds with about 7% yield.
- BNY provides tokenization and wallet infrastructure, NatWest acts as depositary, and both Baillie Gifford and BNY joined the FCA’s registered crypto company list, underlining the regulated structure behind launch on public chains today.
Baillie Gifford has introduced a tokenized yield fund on Ethereum and Solana through a partnership with BNY, bringing one of traditional finance’s oldest names into public-chain fund infrastructure. The Baillie Gifford Enhanced Yield Fund, or BAGEY, is denominated in dollars and gives eligible investors access to an actively managed, short-duration portfolio of public corporate bonds. The oddity is not merely that a 118-year-old Edinburgh investment firm is using blockchains. It is that a regulated bond fund is being issued directly onchain, making Ethereum and Solana part of the fund’s operating structure rather than a marketing wrapper.
$BAGEY has launched on Solana.
The Baillie Gifford (@BGDA_UK) Enhanced Yield Fund is the first publicly available, fully native UK-regulated tokenised fund issued onchain, settled in USDC, built with BNY.
Not a wrapper. The blockchain is the register of record. pic.twitter.com/jH1p55UY8q
— Solana (@solana) June 22, 2026
The fund operates through a U.K.-regulated Open-Ended Investment Company, or OEIC, and will be available to eligible investors in the U.K., Switzerland and the Cayman Islands, subject to applicable laws, regulations and distribution limits. It currently offers a yield of around 7%, placing the product closer to institutional fixed income than speculative crypto exposure. That distinction matters because the tokenized fund is still a conventional credit product, built around corporate bonds, even as ownership and recordkeeping move onto blockchain rails for qualified investors.
BNY Partnership Gives the Fund Institutional Plumbing
BNY will provide the tokenization and wallet infrastructure, while NatWest Trustee and Depositary Services will act as the fund’s depositary. That division of responsibilities keeps familiar custody, depositary and compliance roles inside the structure while allowing the fund to use Ethereum and Solana as recordkeeping networks. Baillie Gifford’s digital assets and tokenization head Theo Golden framed the launch as more than placing a token on top of an existing fund. In his view, the blockchain becomes the register of record, giving investors direct ownership and direct recourse through the onchain structure from the start.
The regulatory context is equally important. Both Baillie Gifford and BNY were added to the Financial Conduct Authority’s list of registered crypto companies, underscoring that the launch is being built inside a supervised framework. BNY’s Katey Neate described tokenization as having moved from concept to real-world application, with regulated fund structures adapting to a more digital marketplace. For Ethereum and Solana, the significance is institutional validation of public chains, not another DeFi experiment. The test now is whether eligible investors see tokenized bond exposure as operationally useful enough to justify moving beyond legacy fund administration into direct onchain ownership at scale over time across regulated global markets.
