Key Takeaways
- • Bitwise Asset Management ($11 billion AUM as of April 2025) is assuming investment management of the Superstate Crypto Carry Fund (USCC), which will be renamed the Bitwise Crypto Carry Fund, marking Bitwise's inaugural entry into tokenized funds.
- • USCC manages $267 million in assets and employs a crypto cash-and-carry strategy designed to capture yield from the premium of crypto futures prices over spot prices, serving a broad institutional investor base including hedge funds, venture funds, corporations, and protocols.
- • The transition reflects Superstate's strategic pivot away from fund management to focus exclusively on FundOS, its infrastructure platform for onchain funds, which will continue to support the renamed Bitwise fund operationally.
- • The deal signals institutional inflection in tokenized fund adoption, occurring as the onchain tokenized real-world assets market has surpassed $30 billion globally, demonstrating accelerating capital markets migration to blockchain infrastructure.
- • Bitwise CEO Hunter Horsley emphasized the combination of Bitwise's crypto asset management track record with Superstate's best-in-class infrastructure to expand investor access to tokenized investment strategies benefiting from 24/7 trading, DeFi utility, transparency, and operational efficiency.
Summary
Bitwise Asset Management has announced its entry into the tokenized fund space through an agreement to assume investment management responsibilities for Superstate's Crypto Carry Fund (USCC), which operates as a tokenized fund vehicle. The fund will be renamed the Bitwise Crypto Carry Fund and will continue operating with $267 million in assets under management. The announcement represents a significant milestone for Bitwise, which brings $11 billion in client assets (as of April 1, 2025) and an established track record in crypto asset management to the tokenized fund sector.
The Superstate Crypto Carry Fund pursues a specialized yield-generation strategy by capitalizing on the persistent price premium of crypto futures over spot prices, executing what is known as a crypto cash-and-carry trade. The fund has successfully attracted a diversified institutional investor base spanning hedge funds, venture capital firms, corporate treasuries, protocol treasuries, and high-net-worth individuals. This investor composition underscores growing institutional appetite for onchain investment vehicles and specialized crypto strategies.
The transaction reflects a deliberate strategic repositioning by Superstate. The company is stepping back from direct fund management operations to concentrate on FundOS, its proprietary infrastructure platform designed to power onchain funds. Superstate's FundOS technology will continue to serve as the operational backbone for the renamed Bitwise Crypto Carry Fund, enabling the transition while maintaining platform continuity. This arrangement allows Superstate to capitalize on infrastructure value creation while leveraging Bitwise's deeper expertise in institutional crypto asset management.
According to Bitwise CEO Hunter Horsley, the move addresses a fundamental shift in capital markets infrastructure. He noted that institutional investors—both traditional and crypto-native—are increasingly adopting tokenized funds to benefit from continuous 24/7 trading, utility within decentralized finance ecosystems, enhanced transparency, and operational efficiency gains relative to traditional fund structures. The timing aligns with broader institutional demand trends; the onchain market for tokenized real-world assets has grown to exceed $30 billion globally, indicating substantial capital deployment into blockchain-based investment vehicles and signaling an inflection point in institutional adoption of tokenized finance infrastructure.
The Superstate Crypto Carry Fund pursues a specialized yield-generation strategy by capitalizing on the persistent price premium of crypto futures over spot prices, executing what is known as a crypto cash-and-carry trade. The fund has successfully attracted a diversified institutional investor base spanning hedge funds, venture capital firms, corporate treasuries, protocol treasuries, and high-net-worth individuals. This investor composition underscores growing institutional appetite for onchain investment vehicles and specialized crypto strategies.
The transaction reflects a deliberate strategic repositioning by Superstate. The company is stepping back from direct fund management operations to concentrate on FundOS, its proprietary infrastructure platform designed to power onchain funds. Superstate's FundOS technology will continue to serve as the operational backbone for the renamed Bitwise Crypto Carry Fund, enabling the transition while maintaining platform continuity. This arrangement allows Superstate to capitalize on infrastructure value creation while leveraging Bitwise's deeper expertise in institutional crypto asset management.
According to Bitwise CEO Hunter Horsley, the move addresses a fundamental shift in capital markets infrastructure. He noted that institutional investors—both traditional and crypto-native—are increasingly adopting tokenized funds to benefit from continuous 24/7 trading, utility within decentralized finance ecosystems, enhanced transparency, and operational efficiency gains relative to traditional fund structures. The timing aligns with broader institutional demand trends; the onchain market for tokenized real-world assets has grown to exceed $30 billion globally, indicating substantial capital deployment into blockchain-based investment vehicles and signaling an inflection point in institutional adoption of tokenized finance infrastructure.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.