Key Takeaways
- • Bitwise Asset Management assumes investment management of Superstate's USCC tokenized fund on June 1, 2026, marking Bitwise's entry into the tokenized investment products space.
- • The fund, managing $267 million in assets, will be renamed the Bitwise Crypto Carry Fund while retaining its USCC ticker, smart contracts, and token address.
- • USCC employs a crypto cash-and-carry strategy designed to generate yield by capturing spreads between spot prices and futures prices across multiple crypto assets and US Treasury securities.
- • Superstate will maintain operational responsibility for the fund's onchain infrastructure, including tokenized issuance and digital transfer services, reflecting the company's strategic pivot toward its FundOS infrastructure platform.
- • The transition reflects institutional momentum in tokenized assets, with the broader tokenized real world asset market at $31.4 billion in distributed value and projected to reach significantly higher levels.
Summary
Bitwise Asset Management will assume investment management responsibilities for Superstate's Crypto Carry Fund effective June 1, 2026, in a transaction that represents the cryptocurrency asset manager's inaugural entry into tokenized investment products. The fund, currently known as USCC, will be rebranded as the Bitwise Crypto Carry Fund following the transition. The fund manages $267 million in assets under management and maintains its USCC ticker symbol, existing smart contracts, and token address throughout the transition.
USCC employs a basis trading strategy targeting qualified purchasers seeking yield generation through crypto cash-and-carry trades. The strategy captures the spread differential between cryptocurrency spot prices and futures prices, with exposure across multiple crypto assets and US Treasury securities. According to available information, the fund's investor base includes hedge funds, venture capital firms, corporate treasuries, institutional vaults, high-net-worth individuals, and cryptocurrency protocols.
Under the transition structure, Superstate retains operational control of the fund's onchain infrastructure, including tokenized issuance capabilities and digital transfer agency services. This arrangement reflects Superstate's strategic realignment away from fund management toward FundOS, its infrastructure platform designed to support onchain investment products. Subscriptions and redemptions continue to operate on a daily basis with settlement in USD or USDC.
The transaction timing aligns with accelerating institutional adoption of tokenized investment vehicles. According to RWA.xyz data, the broader tokenized real world assets market has reached $31.4 billion in distributed asset value, with a 5% month-over-month increase. Tokenized US Treasuries alone account for $15 billion across 76 separate assets, demonstrating substantial institutional demand for blockchain-native fixed income products. Market projections indicate the tokenized asset category will expand significantly beyond current levels.
This transition exemplifies the evolving division of labor in crypto asset management, where specialized asset managers assume investment decision-making authority while infrastructure providers focus on technological and operational scalability. Bitwise's entry into tokenized products expands its competitive positioning as traditional and alternative asset managers increasingly allocate capital to onchain investment vehicles.
USCC employs a basis trading strategy targeting qualified purchasers seeking yield generation through crypto cash-and-carry trades. The strategy captures the spread differential between cryptocurrency spot prices and futures prices, with exposure across multiple crypto assets and US Treasury securities. According to available information, the fund's investor base includes hedge funds, venture capital firms, corporate treasuries, institutional vaults, high-net-worth individuals, and cryptocurrency protocols.
Under the transition structure, Superstate retains operational control of the fund's onchain infrastructure, including tokenized issuance capabilities and digital transfer agency services. This arrangement reflects Superstate's strategic realignment away from fund management toward FundOS, its infrastructure platform designed to support onchain investment products. Subscriptions and redemptions continue to operate on a daily basis with settlement in USD or USDC.
The transaction timing aligns with accelerating institutional adoption of tokenized investment vehicles. According to RWA.xyz data, the broader tokenized real world assets market has reached $31.4 billion in distributed asset value, with a 5% month-over-month increase. Tokenized US Treasuries alone account for $15 billion across 76 separate assets, demonstrating substantial institutional demand for blockchain-native fixed income products. Market projections indicate the tokenized asset category will expand significantly beyond current levels.
This transition exemplifies the evolving division of labor in crypto asset management, where specialized asset managers assume investment decision-making authority while infrastructure providers focus on technological and operational scalability. Bitwise's entry into tokenized products expands its competitive positioning as traditional and alternative asset managers increasingly allocate capital to onchain investment vehicles.
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