Baillie Gifford, a UK investment manager overseeing more than £286 billion in assets, announced it is testing a native tokenization of regulated funds on the Ethereum and Solana public blockchains. The firm said the on‑chain record will become part of the fund ownership register under the Financial Conduct Authority’s PS26/7 guidance issued in April 2025. In this model the token represents the investor’s direct holding in a regulated UK‑authorized fund, rather than a tokenized wrapper that merely provides exposure to an off‑chain product. Baillie Gifford described the initiative as an upgrade to ownership records, settlement, access and client outcomes. BNY supplies tokenization and wallet infrastructure while NatWest Trustee and Depositary Services act as the depositary under a UK‑regulated OEIC structure. The launch demonstrates that major service providers can participate in a regulated tokenized‑fund framework, but it does not yet show that tokenized units will trade freely around the clock, become widely accepted as collateral, or replace existing fund administration processes. Key operational questions remain about secondary transfers, 24/7 settlement, wallet loss recovery, sanctions screening and the enforceability of blockchain entries against the fund. The FCA’s policy statement provides a regulatory backdrop but the practical impact will be measured by forthcoming disclosures on transfer mechanics, liquidity and legal enforceability. If the on‑chain register proves reliable, tokenization could shift the plumbing of fund ownership; if not, the project may remain limited to issuance and redemption. The next test will determine whether public‑chain records can serve as the definitive legal ownership record for regulated funds.