TheBlock
Bitwise is taking over as investment manager of Superstate's $267 million tokenized Crypto Carry Fund (USCC), the two firms announced Thursday. The fund, which generates yield through the crypto cash-and-carry basis trade, will be renamed the Bitwise Crypto Carry Fund while keeping its ticker, smart contracts, and token address intact. The transition is expected to close on June 1 with no disruption for existing investors — Bitwise will handle investment management, while Superstate will continue providing the onchain infrastructure through its FundOS platform.
Why it matters
The deal is Bitwise's official entry into tokenized funds, expanding the asset manager's $11 billion in managed assets into a new product wrapper. CEO Hunter Horsley framed the move as a platform-shift moment: "Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this shift," he said, pointing to 24/7 trading, DeFi utility, transparency, and settlement efficiency as the structural draw. Bitwise already runs the largest crypto index fund (BITW) and a suite of spot ETFs, so the USCC handoff layers a yield-generating product on top of that distribution muscle rather than building one from scratch.
Market impact
For Superstate, the handoff is a strategic pullback from running funds and a doubling-down on FundOS, its onchain infrastructure platform. The firm had already pivoted part of its focus with the launch of the Superstate Short Duration US Government Securities Fund, a tokenized private fund investing in short-duration US Treasury bills — the USCC exit frees Superstate to scale that infrastructure layer for other issuers. For USCC holders, the preserved token address and smart contracts mean no migration friction; the fund's basis-trade yield strategy stays unchanged under new management. The bigger read is competitive: with a $267M tokenized yield fund under its roof, Bitwise now sits alongside BlackRock and Franklin Templeton in the institutional tokenized-funds race — and gains a foothold in the DeFi-collateral use case those issuers have so far been slower to pursue.
Frequently asked questions
-
What is the Bitwise Crypto Carry Fund (USCC)?
USCC is a $267 million tokenized fund that generates yield through the crypto cash-and-carry basis trade. Bitwise is taking over as investment manager from Superstate, with the fund renamed the Bitwise Crypto Carry Fund while keeping its ticker, smart contracts, and token address.
-
When does the Bitwise-Superstate USCC transition close?
The transition is expected to close on June 1, with no disruption for existing investors. Bitwise will handle investment management, while Superstate will continue providing the onchain infrastructure via its FundOS platform.
-
Why is Bitwise taking over the Superstate fund?
The deal marks Bitwise's official entry into tokenized funds, expanding the asset manager's roughly $11 billion in managed assets into a new product wrapper. CEO Hunter Horsley framed it as a platform-shift moment, citing 24/7 trading, DeFi utility, transparency, and settlement efficiency as the structural draw.
-
What is Superstate doing after handing off USCC?
Superstate is pulling back from running funds to focus on scaling its onchain infrastructure business via FundOS. The firm has also launched the Superstate Short Duration US Government Securities Fund, a tokenized private fund investing in short-duration US Treasury bills.
-
How does this fit Bitwise into the institutional tokenized-funds race?
With USCC under its roof, Bitwise joins BlackRock and Franklin Templeton in the institutional tokenized-funds space and gains a foothold in the DeFi-collateral use case those issuers have been slower to pursue, layering a yield-generating product on top of its existing BITW index fund and spot ETF suite.
CoinDesk
Crypto Rank News
WuBlockchain
CoinTelegraph