Key Takeaways
- • Bitwise Asset Management assumes investment management of Superstate's tokenized crypto carry fund (USCC), effective June 1, 2026, marking Bitwise's inaugural entry into tokenized fund offerings with $267 million in assets under management.
- • The Bitwise Crypto Carry Fund employs market-neutral basis-trade strategies, capitalizing on persistent premiums between crypto futures and spot prices to generate yield across multiple crypto assets and U.S. Treasury securities.
- • Superstate transitions from fund manager to infrastructure provider, retaining responsibility for FundOS—the onchain rails powering the tokenized fund—while Bitwise leverages its $11 billion in client assets and established crypto asset management track record to expand institutional access.
- • The transaction reflects accelerating institutional adoption of tokenized investment vehicles, driven by 24/7 trading availability, DeFi utility, transparency, and operational efficiency that appeal to hedge funds, venture funds, corporations, protocols, and qualified high-net-worth investors.
- • Bitwise CEO Hunter Horsley positioned the move as strategic alignment with the broader shift of capital markets infrastructure onchain, where tokenized funds represent a core platform component for both traditional and crypto-native institutions.
Summary
Bitwise Asset Management announced on May 7, 2026, its transition into tokenized fund management through a partnership with Superstate, assuming investment management of the Superstate Crypto Carry Fund (USCC). The fund, which will be renamed the Bitwise Crypto Carry Fund, holds $267 million in assets under management and will transfer from Superstate's management to Bitwise on June 1, 2026. This marks Bitwise's inaugural offering in the tokenized fund space, representing a strategic expansion of the asset manager's existing presence in crypto-native institutional investing.
The Bitwise Crypto Carry Fund pursues a defined investment strategy: capturing yield through market-neutral crypto cash-and-carry trades, or basis trades, that exploit the persistent premium of crypto futures prices over spot prices. The fund invests across multiple crypto assets and U.S. Treasury securities, positioning itself as a yield-generating vehicle for qualified purchasers seeking exposure to systematic arbitrage opportunities in digital assets. The tokenized structure enables 24/7 trading accessibility and integrates with decentralized finance (DeFi) protocols, features particularly attractive to institutional investors.
The fund's investor base reflects broad institutional adoption across crypto-native and traditional finance participants, including hedge funds, venture capital funds, corporations, self-custodied digital vaults, protocols, and qualified high-net-worth individuals. Superstate's deliberate shift from fund management to infrastructure provision underscores a bifurcation in the tokenized finance market: separating investment strategy management from underlying onchain infrastructure. Superstate will continue operating FundOS, its infrastructure platform that powers USCC's onchain rails, decoupling technology provision from asset management responsibility.
Hunter Horsley, CEO of Bitwise, characterized the transaction within the context of accelerating onchain migration of capital markets infrastructure. Bitwise, managing $11 billion in client assets as of April 1, 2025, positions its established track record in crypto asset management alongside Superstate's institutional-grade infrastructure to expand access to tokenized investment strategies. The timing reflects an inflection point in institutional adoption of tokenized funds, driven by demand for transparency, operational efficiency, and integration with emerging onchain financial ecosystems.
The Bitwise Crypto Carry Fund pursues a defined investment strategy: capturing yield through market-neutral crypto cash-and-carry trades, or basis trades, that exploit the persistent premium of crypto futures prices over spot prices. The fund invests across multiple crypto assets and U.S. Treasury securities, positioning itself as a yield-generating vehicle for qualified purchasers seeking exposure to systematic arbitrage opportunities in digital assets. The tokenized structure enables 24/7 trading accessibility and integrates with decentralized finance (DeFi) protocols, features particularly attractive to institutional investors.
The fund's investor base reflects broad institutional adoption across crypto-native and traditional finance participants, including hedge funds, venture capital funds, corporations, self-custodied digital vaults, protocols, and qualified high-net-worth individuals. Superstate's deliberate shift from fund management to infrastructure provision underscores a bifurcation in the tokenized finance market: separating investment strategy management from underlying onchain infrastructure. Superstate will continue operating FundOS, its infrastructure platform that powers USCC's onchain rails, decoupling technology provision from asset management responsibility.
Hunter Horsley, CEO of Bitwise, characterized the transaction within the context of accelerating onchain migration of capital markets infrastructure. Bitwise, managing $11 billion in client assets as of April 1, 2025, positions its established track record in crypto asset management alongside Superstate's institutional-grade infrastructure to expand access to tokenized investment strategies. The timing reflects an inflection point in institutional adoption of tokenized funds, driven by demand for transparency, operational efficiency, and integration with emerging onchain financial ecosystems.
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