A long-established UK asset manager has turned its bond fund into on-chain native units—not just wrapping it in a layer of skin.
Anchorage Digital announced on September 29 that it will provide custody + on-chain access for the Baillie Gifford Enhanced Yield Fund ($BAGEY). Its own wording: the first fully native, FCA-authorized UK OEIC tokenized fund—its ledger is on-chain; the token equals the fund share itself, not an SPV outsourced claim.
Several hard ones:
1️⃣ Structure: USD-denominated, actively managed short-duration fixed income (the public offering corporate bond / sovereign bond route). BNY does tokenization / wallet infrastructure; NatWest does the depositary. Deployment chain: Ethereum + $SOL.
2️⃣ Subscriptions/Redemptions: $USDC (or fiat) issuance and redemption; daily dealing + daily NAV. Eligible professional investors; minimum subscription $100 (fund-side definition).
3️⃣ Custody: Anchorage Digital Bank N.A. (federal bank) custody; also allowlist transfers, and within the custodian, bring positions into onchain finance.
Model portfolio metrics: ~7% yield / 2-year duration / average BBB (data as of June 9) — this is a portfolio profile, not guaranteed returns.
Not like a bunch of “packaging T-bills into coins”: this time it’s about native registration plus credit bond exposure. It’s also not the same as the Puffer UniFi × Anchorage item from this morning — that one is about executing a day-one custody partnership; this one is about UK OEIC fund share custody.
Native ≠ retail can buy it freely; custody ≠ scale has already been established; ~7% ≠ promised returns. Not investment advice.
Source: Anchorage Press Room 2026-09-29; Baillie Gifford fund press release (BAGEY / BNY); Crowdfund Insider paraphrase.