Bitwise will take over Superstate’s $267M tokenized crypto carry fund, marking its first move into tokenized products.
Crypto News
Bitwise Asset Management will take over as investment manager of the Superstate Crypto Carry Fund on June 1. The fund manages $267 million in assets and trades under the ticker USCC. It will be renamed the Bitwise Crypto Carry Fund after the transition closes, while keeping the same ticker, smart contracts, and token address. Existing investors will not face any disruption.
Bitwise's First Move Into Tokenized Products
The deal marks Bitwise's first entry into the tokenized fund market. The firm manages approximately $11 billion in crypto assets, including the Bitwise 10 Crypto Index Fund (BITW), alongside a range of exchange-traded funds (ETFs) and private investment products. Bitwise
USCC generates returns through a crypto cash-and-carry basis trade. The strategy targets the spread between spot crypto prices and futures contracts, which typically trade at a premium when market conditions are positive. More than $100 million of the fund's assets are deployed as collateral in decentralized finance (DeFi) protocols, including Aave and Kamino.
Bitwise CEO Hunter Horsley said capital markets are moving on-chain at pace and that tokenized investment strategies are central to that shift. He added that traditional and crypto-native institutions are increasingly adopting tokenized funds for their round-the-clock trading capability, utility in DeFi, transparency, and efficiency.
After the hand-off, Bitwise will manage the fund's investment strategy while Superstate continues running the on-chain infrastructure through its FundOS platform, covering token issuance and transfer services. The structure keeps the fund's mechanics intact while changing only the management layer.
The transition reflects a strategic shift for Superstate, the tokenization firm founded by Compound creator Robert Leshner. The company is stepping away from direct fund management to focus on scaling FundOS as a standalone infrastructure platform. In April, asset manager Invesco, which manages $2.2 trillion in assets, assumed management of a separate Superstate on-chain money market fund under a similar arrangement.
Tokenized real-world assets (RWAs) have surpassed $30 billion globally, according to RWA(dot)xyz, with tokenized US Treasury products accounting for more than $15 billion of that total. Asset managers such as BlackRock, Franklin Templeton, and Fidelity have introduced tokenized Treasury or money market products as the segment expands. The USCC transaction adds a yield-generating crypto strategy to a market that has so far been concentrated in Treasury-focused products. RWA Tokenization
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