Key Takeaways
- • Bitwise Asset Management (AUM: $11 billion as of April 2025) will assume investment management of Superstate's $267 million tokenized crypto carry fund effective June 1, 2026, marking Bitwise's inaugural entry into tokenized fund management.
- • The fund, renamed the Bitwise Crypto Carry Fund (formerly USCC), employs a crypto cash-and-carry strategy designed to capture yield from the persistent premium between crypto futures and spot prices.
- • The strategy targets qualified institutional purchasers including hedge funds, venture capital firms, corporations, crypto protocols, and high-net-worth individuals seeking 24/7 trading utility, DeFi composability, transparency, and operational efficiency unavailable in traditional fund structures.
- • The transition reflects Superstate's strategic pivot from active fund management toward FundOS, its infrastructure platform for on-chain funds, which will continue to power the renamed fund's operations.
- • The deal occurs amid accelerating institutional adoption of tokenized assets, with the global on-chain market for tokenized real-world assets exceeding $30 billion, positioning tokenized investment vehicles as a core component of capital markets migration to blockchain infrastructure.
Summary
Bitwise Asset Management has announced plans to acquire investment management responsibilities for Superstate's $267 million tokenized crypto carry fund, effective June 1, 2026. The fund will be renamed the Bitwise Crypto Carry Fund following the transition. This move marks Bitwise's first direct entry into tokenized fund management, expanding the firm's footprint in a rapidly scaling segment of institutional crypto infrastructure.
The fund implements a crypto cash-and-carry trading strategy, exploiting the consistent premium at which cryptocurrency futures prices trade relative to spot prices. This structural arbitrage opportunity has attracted a diversified institutional investor base spanning hedge funds, venture capital vehicles, corporate treasuries, decentralized finance protocols, and qualified individual investors. The fund's tokenized structure—enabled by Superstate's FundOS infrastructure—provides investors with advantages over traditional fund formats, including 24/7 market access, native composability within DeFi protocols, and enhanced operational transparency.
Bitwise CEO Hunter Horsley framed the transaction as aligned with broader capital market digitalization trends. "Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this platform shift," Horsley stated. He emphasized that institutional demand for tokenized vehicles is being driven by their structural advantages—continuous trading cycles, DeFi utility, transparency, and operational efficiency—compared to conventional fund vehicles constrained by traditional market hours and settlement mechanics.
For Superstate, the transition represents a deliberate strategic realignment. Rather than competing as an active fund manager, the firm is consolidating its focus on FundOS, its proprietary technology platform for on-chain fund infrastructure. By transitioning management to Bitwise while retaining operational infrastructure partnerships, Superstate positions itself as a platform provider rather than direct asset manager, potentially diversifying revenue streams and reducing liability exposure.
The timing reflects an inflection point in institutional tokenized asset adoption. The global on-chain market for tokenized real-world assets has exceeded $30 billion, indicating sustained capital flows into blockchain-based investment vehicles. Bitwise's $11 billion in client assets and established institutional distribution network position the firm to accelerate growth of the renamed fund while leveraging its track record in crypto asset management to attract incremental qualified purchaser capital.
The fund implements a crypto cash-and-carry trading strategy, exploiting the consistent premium at which cryptocurrency futures prices trade relative to spot prices. This structural arbitrage opportunity has attracted a diversified institutional investor base spanning hedge funds, venture capital vehicles, corporate treasuries, decentralized finance protocols, and qualified individual investors. The fund's tokenized structure—enabled by Superstate's FundOS infrastructure—provides investors with advantages over traditional fund formats, including 24/7 market access, native composability within DeFi protocols, and enhanced operational transparency.
Bitwise CEO Hunter Horsley framed the transaction as aligned with broader capital market digitalization trends. "Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this platform shift," Horsley stated. He emphasized that institutional demand for tokenized vehicles is being driven by their structural advantages—continuous trading cycles, DeFi utility, transparency, and operational efficiency—compared to conventional fund vehicles constrained by traditional market hours and settlement mechanics.
For Superstate, the transition represents a deliberate strategic realignment. Rather than competing as an active fund manager, the firm is consolidating its focus on FundOS, its proprietary technology platform for on-chain fund infrastructure. By transitioning management to Bitwise while retaining operational infrastructure partnerships, Superstate positions itself as a platform provider rather than direct asset manager, potentially diversifying revenue streams and reducing liability exposure.
The timing reflects an inflection point in institutional tokenized asset adoption. The global on-chain market for tokenized real-world assets has exceeded $30 billion, indicating sustained capital flows into blockchain-based investment vehicles. Bitwise's $11 billion in client assets and established institutional distribution network position the firm to accelerate growth of the renamed fund while leveraging its track record in crypto asset management to attract incremental qualified purchaser capital.
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