Crypto asset manager Bitwise is set to make its first move into tokenized investment products by taking over the Superstate Crypto Carry Fund on June 1. The fund, which trades under the ticker USCC and currently manages over $267 million in assets, will be rebranded as the Bitwise Crypto Carry Fund. While Bitwise assumes investment management, Superstate will continue to provide the underlying blockchain infrastructure—keeping token contracts, on-chain issuance, and transfer operations intact.
The fund employs a crypto cash-and-carry strategy, aiming to profit from price gaps between spot cryptocurrency assets and their futures contracts. During bullish periods, futures often trade at a premium, and the strategy seeks to capture that spread. More than $100 million of the fund’s assets are deployed as collateral in decentralized finance protocols such as Aave and Kamino, highlighting DeFi integration within a regulated vehicle.
Bitwise, which oversees roughly $11 billion across ETFs and private crypto products, sees the acquisition as a strategic expansion. “Capital markets are moving onchain,” said CEO Hunter Horsley, noting that both traditional and crypto-native institutions are now using tokenized funds. The transition is designed to be seamless for existing investors, who will retain the same blockchain addresses and token contracts under the new manager.
Superstate, founded by Compound creator Robert Leshner, originally built the Crypto Carry Fund and its blockchain framework. Following the handover, the firm will shift focus to its FundOS infrastructure platform. This deal comes just one month after Invesco, which manages $2.2 trillion globally, took over Superstate’s on-chain money market fund offering U.S. Treasury yield exposure. The two moves underscore a broader consolidation trend in tokenized fund management.
Tokenized real-world assets now exceed $30 billion globally, with tokenized U.S. Treasury products accounting for more than half of that total, according to data from RWA.xyz. By entering this space with a ready-made $267 million product, Bitwise positions itself to compete more effectively in the fast-growing market for regulated, blockchain-based investment vehicles.
