Key Takeaways
- • Bitwise Asset Management will assume investment management of the Superstate Crypto Carry Fund (USCC), effective June 1, 2026, marking Bitwise's inaugural entry into tokenized funds with $267 million in assets under management.
- • USCC employs market-neutral basis-trade strategies to generate yield through crypto cash-and-carry trades across multiple crypto assets and U.S. Treasury securities, capitalizing on persistent premiums in crypto futures over spot prices.
- • Superstate will retain infrastructure responsibility for the fund via its FundOS platform, positioning the partnership as a division of labor between asset management expertise (Bitwise) and onchain technology infrastructure (Superstate).
- • The transition reflects accelerating institutional adoption of tokenized investment products, with the global tokenized real-world asset market exceeding $30 billion, and represents a strategic pivot by Superstate away from fund management toward its core FundOS infrastructure business.
- • Bitwise, managing $11 billion in client assets as of April 1, 2025, positions this tokenized fund offering to serve crypto-native institutional investors including hedge funds, venture capital firms, corporations, and protocols seeking 24/7 trading and DeFi utility.
Summary
Bitwise Asset Management and Superstate announced on May 7, 2026, that Bitwise will transition into investment manager role for the Superstate Crypto Carry Fund (USCC), effective June 1, 2026. The fund will be renamed the Bitwise Crypto Carry Fund and represents Bitwise's inaugural offering in the tokenized funds space. USCC currently manages $267 million in assets under management and has established a diverse institutional investor base spanning hedge funds, venture capital firms, corporations, digital asset vaults, high-net-worth individuals, and blockchain protocols.
The Bitwise Crypto Carry Fund deploys market-neutral basis-trade strategies designed to capture yield through crypto cash-and-carry trades. The strategy seeks to profit from the structural premium of cryptocurrency futures prices over spot prices across multiple crypto assets, while simultaneously holding corresponding positions in U.S. Treasury securities to optimize yield and manage risk. This approach provides investors with a systematic means to monetize persistent market inefficiencies inherent to cryptocurrency markets.
The partnership delineates clear operational responsibilities: Bitwise will manage the fund's investment strategy and portfolio decisions, leveraging its established track record in crypto asset management, while Superstate will continue powering the onchain infrastructure through its FundOS platform. This arrangement reflects Superstate's strategic repositioning away from fund management toward becoming a dedicated technology infrastructure provider for onchain funds. Hunter Horsley, CEO of Bitwise, emphasized that capital markets migration onchain is accelerating, and tokenized investment strategies represent a core component of this platform shift, offering institutional investors benefits including continuous 24/7 trading availability, direct DeFi integration, enhanced transparency, and operational efficiency.
The announcement occurs amid broader institutional momentum in tokenized assets. The global market for tokenized real-world assets has surpassed $30 billion, signaling a significant inflection point in institutional adoption of blockchain-based investment vehicles. This deal demonstrates how traditional asset managers and crypto-native firms are collaborating to serve institutional investors seeking exposure to crypto strategies through compliant, transparent, tokenized structures accessible to qualified purchasers.
The Bitwise Crypto Carry Fund deploys market-neutral basis-trade strategies designed to capture yield through crypto cash-and-carry trades. The strategy seeks to profit from the structural premium of cryptocurrency futures prices over spot prices across multiple crypto assets, while simultaneously holding corresponding positions in U.S. Treasury securities to optimize yield and manage risk. This approach provides investors with a systematic means to monetize persistent market inefficiencies inherent to cryptocurrency markets.
The partnership delineates clear operational responsibilities: Bitwise will manage the fund's investment strategy and portfolio decisions, leveraging its established track record in crypto asset management, while Superstate will continue powering the onchain infrastructure through its FundOS platform. This arrangement reflects Superstate's strategic repositioning away from fund management toward becoming a dedicated technology infrastructure provider for onchain funds. Hunter Horsley, CEO of Bitwise, emphasized that capital markets migration onchain is accelerating, and tokenized investment strategies represent a core component of this platform shift, offering institutional investors benefits including continuous 24/7 trading availability, direct DeFi integration, enhanced transparency, and operational efficiency.
The announcement occurs amid broader institutional momentum in tokenized assets. The global market for tokenized real-world assets has surpassed $30 billion, signaling a significant inflection point in institutional adoption of blockchain-based investment vehicles. This deal demonstrates how traditional asset managers and crypto-native firms are collaborating to serve institutional investors seeking exposure to crypto strategies through compliant, transparent, tokenized structures accessible to qualified purchasers.
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.