Key Takeaways
- • Bitwise Asset Management will assume investment management of Superstate's $267 million Superstate Crypto Carry Fund (USCC) effective June 1, 2026, marking Bitwise's inaugural entry into the tokenized fund market.
- • The fund will be rebranded as the Bitwise Crypto Carry Fund while continuing to operate on Superstate's blockchain infrastructure, maintaining the cash-and-carry strategy that profits from spot-to-futures price spreads in crypto markets.
- • More than $100 million of USCC's assets are actively deployed as collateral in decentralized finance protocols including Aave and Kamino, demonstrating institutional adoption of tokenized fund infrastructure.
- • The transaction positions Bitwise—which manages $11 billion in crypto assets across ETFs and private funds—to capture growth in tokenized investment products, a market segment now exceeding $30 billion globally.
- • Superstate is shifting strategic focus to its FundOS tokenization platform, using this transaction to transition its carry fund business while maintaining ongoing infrastructure partnerships.
Summary
Bitwise Asset Management is entering the tokenized fund space through a planned takeover of Superstate's $267 million crypto carry fund, effective June 1, 2026. The fund, currently known by its ticker USCC, will be renamed the Bitwise Crypto Carry Fund while continuing to operate on Superstate's blockchain infrastructure. This transaction marks Bitwise's first direct investment management role in a tokenized fund product, expanding its presence beyond its existing $11 billion in assets under management across crypto ETFs and private funds.
USCC employs a crypto "cash-and-carry" strategy designed to profit from the spread between spot cryptocurrency prices and futures contract prices, which typically trade at a premium during bullish market conditions. The fund qualifies as a sophisticated investment vehicle available to qualified investors. A significant portion of the fund's capital—more than $100 million—is actively used as collateral within decentralized finance protocols such as Aave and Kamino, demonstrating institutional infrastructure integration and yield generation capabilities within the tokenized fund ecosystem.
The deal reflects broader momentum in tokenized real-world assets, which now exceed $30 billion in global market capitalization. Superstate, by transitioning management of its carry fund to Bitwise, is repositioning itself to focus development efforts on FundOS, its proprietary tokenization platform. This strategic shift allows Superstate to concentrate resources on platform infrastructure while maintaining operational relationships through Bitwise's management of the existing fund. The transaction underscores institutional investor appetite for tokenized investment products and marks a critical validation point for blockchain-native fund structures as they gain acceptance among qualified purchasers.
USCC employs a crypto "cash-and-carry" strategy designed to profit from the spread between spot cryptocurrency prices and futures contract prices, which typically trade at a premium during bullish market conditions. The fund qualifies as a sophisticated investment vehicle available to qualified investors. A significant portion of the fund's capital—more than $100 million—is actively used as collateral within decentralized finance protocols such as Aave and Kamino, demonstrating institutional infrastructure integration and yield generation capabilities within the tokenized fund ecosystem.
The deal reflects broader momentum in tokenized real-world assets, which now exceed $30 billion in global market capitalization. Superstate, by transitioning management of its carry fund to Bitwise, is repositioning itself to focus development efforts on FundOS, its proprietary tokenization platform. This strategic shift allows Superstate to concentrate resources on platform infrastructure while maintaining operational relationships through Bitwise's management of the existing fund. The transaction underscores institutional investor appetite for tokenized investment products and marks a critical validation point for blockchain-native fund structures as they gain acceptance among qualified purchasers.
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