Scottish asset manager Baillie Gifford has partnered with BNY to issue a tokenized investment fund with representations on both the Solana and Ethereum blockchains. The product marks one of the first instances of a major long-only equity manager distributing fund units via public blockchain infrastructure, with BNY providing custody and tokenization services.
For Armada's crypto desk, Solana and Ethereum are already within the approved collateral set. A regulated tokenized fund from a $270 billion AUM manager custodied by BNY raises the question of whether such fund tokens could be accepted as repo collateral from family office or institutional holder counterparties, requiring Armada to evaluate liquidity, redemption mechanics, and whether BNY custody satisfies Armada's SOC 2 and no-rehypothecation standards.