Bitwise Takes Over Superstate'S Carry Fund

@Bitwise Asset Management announced on May 7 that it will assume investment management of @SuperstateInc's Crypto Carry Fund (USCC), a tokenized vehicle with roughly $267 million in assets under management. The transition, scheduled for June 1, 2026, will rename the vehicle the Bitwise Crypto Carry Fund while preserving its USCC ticker, smart contracts, and token address. The move gives Bitwise, which oversees $11 billion in crypto assets across ETFs and private funds, its first foothold in the growing market for tokenized investment products.

How the Fund Works

USCC manages more than $267 million in assets and gives qualified investors exposure to a crypto cash-and-carry strategy, seeking to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish market conditions. The fund targets the gap between spot and futures prices for $BTC, $ETH, XRP, and SOL, with holdings that also include crypto-related positions, futures contracts, collateral assets, and U.S. Treasuries. More than $100 million of the fund's assets are actively used as collateral in decentralized finance (DeFi) protocols such as Aave and Kamino. Institutional investors in USCC include crypto-native hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.

A Deliberate Handoff as Superstate Pivots to Infrastructure

For Superstate, the deal cements a deliberate pivot away from running funds toward operating FundOS, its tokenization infrastructure platform. FundOS is a turnkey platform to bring private funds, mutual funds, and ETFs onchain, powered by Superstate's transfer agent and tokenization infrastructure. The deal is not an isolated event. Invesco took over Superstate's $967 million tokenized treasury fund USTB on similar terms in March, a deal Superstate founder and CEO Robert Leshner described as "the blueprint for how funds and ETFs will come onchain." Coinbase Asset Management's Crypto Yield fund (CUSHY) also launched on the FundOS platform as the first external fund issued on FundOS from inception.

The broader context is significant. Tokenized real-world assets have grown to over $30 billion globally, with tokenized U.S. Treasuries alone surpassing $15 billion. Bitwise's CIO Matt Hougan captured the firm's thesis plainly, stating he believes "eventually, every fund will be tokenized." Bitwise CEO Hunter Horsley echoed that view, saying "capital markets are moving onchain" and that "tokenized investment strategies are a core part of this platform shift."

Sources:
CoinDesk: Bitwise enters tokenization in takeover of Superstate's $267 million carry fund
The Defiant: Bitwise to Take Over Superstate's $267M Tokenized Crypto Carry Fund
The Block: Bitwise to take over Superstate's $267 million tokenized Crypto Carry Fund