A token called $BAGEY appeared on Solana with claims of being the first UK-regulated tokenized fund on the blockchain. The reality is considerably less exciting, and potentially a lot more dangerous for anyone reaching for their wallet.
Here’s the thing. Baillie Gifford, the storied Scottish investment firm managing hundreds of billions in assets, did launch a genuinely groundbreaking tokenized fund in the UK. But it launched on Ethereum, not Solana. And the $BAGEY token trading on Solana appears to have no official connection to the firm whatsoever.
What Baillie Gifford actually did
In 2025, Baillie Gifford introduced what was recognized as the UK’s first fully tokenized UCITS feeder fund. The fund operates on Ethereum under a six-month Financial Conduct Authority pilot that began on February 11, 2025.
The pilot covers the entire fund lifecycle: issuance, trading, minting, redeeming, and distributing dividends, all on-chain. It represents a meaningful step in bringing traditional asset management infrastructure onto public blockchains under proper regulatory oversight.
