Bitwise makes its tokenization debut with $267M Superstate carry fund takeover!

Bitwise, which oversees $11 billion in crypto assets across ETFs and private funds, is entering the tokenized fund market for the first time by assuming management of Superstate's $267 million Crypto Carry Fund on June 1. The fund — known by its ticker USCC — will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate's existing blockchain infrastructure.

USCC gives qualified investors exposure to a crypto cash-and-carry strategy, capturing the spread between spot crypto prices and typically higher futures prices in bullish conditions. More than $100 million of the fund's assets are actively deployed as collateral in DeFi protocols including Aave and Kamino.

The deal reflects a broader strategic pivot for Superstate, the tokenization startup founded by Compound creator Robert Leshner. Rather than managing funds directly, Superstate will focus on FundOS, its…