Key Takeaways
- • Bitwise Asset Management has assumed investment management of the Superstate Crypto Carry Fund (USCC), renamed the Bitwise Crypto Carry Fund, marking Bitwise's entry into tokenized fund management with $259 million in assets under management as of the transition date.
- • The tokenized fund employs a market-neutral basis-trade strategy, capturing yield through the persistent premium between crypto futures prices and spot prices, with a current yield of 4% and a management fee of 0.75%.
- • Bitwise, which manages $11 billion in client assets globally (as of April 1, 2026), has expanded its institutional investor base to include hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols seeking onchain asset exposure.
- • The transition reflects accelerating institutional adoption of tokenized assets, with the global tokenized real-world asset market exceeding $30 billion, and tokenized U.S. Treasuries surpassing $15 billion, positioning yield-bearing funds as the fastest-growing category.
- • Superstate will continue to provide the underlying onchain infrastructure and rails for the fund, maintaining the partnership while Bitwise assumes full investment management and operational responsibilities.
Summary
Bitwise Asset Management announced on June 1, 2026, that it has completed the transition of investment management for the Superstate Crypto Carry Fund (USCC) and will operate it under the new name, the Bitwise Crypto Carry Fund. The $259 million tokenized fund represents Bitwise's inaugural offering in the tokenized asset space and reflects the firm's strategic positioning in an emerging segment of institutional crypto investment infrastructure.
The fund employs a market-neutral basis-trade strategy designed to capture yield from the persistent price differential between cryptocurrency futures contracts and spot market prices—a phenomenon known as the "carry." With a current yield of 4% and a management fee of 0.75%, the fund has accumulated a diverse institutional investor base spanning hedge funds, venture capital firms, corporate treasuries, vaults, accredited individuals, and decentralized protocols seeking transparent, onchain yield generation.
Hunter Horsley, CEO of Bitwise, characterized the transition as a "meaningful milestone" for the firm, emphasizing that the tokenized fund structure offers institutions "a smarter way to put capital to work in crypto" with enhanced transparency and accessibility compared to traditional fund vehicles. Bitwise, which manages $11 billion in client assets globally as of April 1, 2026, has positioned itself as a leading digital asset manager for institutional capital seeking regulated, professionally managed exposure to cryptocurrency markets.
The announcement arrives at an inflection point for institutional tokenized asset adoption. The global tokenized real-world asset market has grown to exceed $30 billion, with tokenized U.S. Treasuries alone surpassing $15 billion in value. Yield-bearing tokenized funds have emerged as the fastest-growing category within this broader ecosystem. Superstate will continue to provide the onchain infrastructure supporting the fund's operations, while Bitwise assumes full responsibility for investment management, positioning the partnership as a division of labor between infrastructure provisioning and asset management expertise.
The fund employs a market-neutral basis-trade strategy designed to capture yield from the persistent price differential between cryptocurrency futures contracts and spot market prices—a phenomenon known as the "carry." With a current yield of 4% and a management fee of 0.75%, the fund has accumulated a diverse institutional investor base spanning hedge funds, venture capital firms, corporate treasuries, vaults, accredited individuals, and decentralized protocols seeking transparent, onchain yield generation.
Hunter Horsley, CEO of Bitwise, characterized the transition as a "meaningful milestone" for the firm, emphasizing that the tokenized fund structure offers institutions "a smarter way to put capital to work in crypto" with enhanced transparency and accessibility compared to traditional fund vehicles. Bitwise, which manages $11 billion in client assets globally as of April 1, 2026, has positioned itself as a leading digital asset manager for institutional capital seeking regulated, professionally managed exposure to cryptocurrency markets.
The announcement arrives at an inflection point for institutional tokenized asset adoption. The global tokenized real-world asset market has grown to exceed $30 billion, with tokenized U.S. Treasuries alone surpassing $15 billion in value. Yield-bearing tokenized funds have emerged as the fastest-growing category within this broader ecosystem. Superstate will continue to provide the onchain infrastructure supporting the fund's operations, while Bitwise assumes full responsibility for investment management, positioning the partnership as a division of labor between infrastructure provisioning and asset management expertise.
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