Bitwise Asset Management plans to take over investment management of Superstate’s Crypto Carry Fund, marking the crypto asset manager’s first move into tokenized funds.
The fund, known as USCC, will be renamed the Bitwise Crypto Carry Fund after the transition, which is expected to be completed on June 1, 2026. The fund will keep its USCC ticker, smart contracts, and token address, while Bitwise assumes investment management responsibilities.
USCC is available to qualified purchasers and seeks to generate yield through crypto cash and carry trades, a strategy that captures the spread between crypto spot prices and futures prices. The fund had more than $267 million in assets under management and has attracted hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols, according to Bitwise.
Superstate will continue to operate the fund’s onchain infrastructure, including tokenized issuance and digital transfer agency services. The company said the move reflects a shift away from fund management and toward FundOS, its infrastructure platform for onchain funds.
Superstate’s USCC page says the fund gives qualified purchasers access to crypto basis strategies across multiple crypto assets and US Treasury securities. Ownership is represented by USCC, which can be held as a token or through book entry records, with subscriptions and redemptions supported through USD or USDC and liquidity each market day.
The transition comes as tokenized investment products continue to gain institutional traction. RWA.xyz data shows the broader tokenized real world asset market has $31.4 billion in distributed asset value, up nearly 5% over the past 30 days. Tokenized US Treasuries account for $15 billion in total value across 76 assets, according to the same platform.
Bitwise said the broader tokenized asset market is projected to reach $18.9 trillion by 2031 as financial institutions look to blockchain infrastructure to improve liquidity, settlement efficiency, and investor access. The firm said it had $11 billion in client assets as of April 1, 2025.
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