Bitwise Taps Into Xrp For Tokenized Crypto Carry Fund Uscc

Bitwise (@Bitwise) is entering the tokenized fund market for the first time, announcing a deal to take over investment management of the Superstate (@Superstate) Crypto Carry Fund (USCC). The transition is set for June 1, 2026, after which the product will be renamed the Bitwise Crypto Carry Fund.

How the Fund Works

USCC is a tokenized, institutional-grade vehicle that targets yield through a cash-and-carry strategy. The fund manages more than $267 million in assets and gives qualified investors exposure to a crypto cash-and-carry approach, seeking to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish market conditions. It seeks yield from cash-and-carry trades involving $BTC, $ETH, $XRP, and $SOL futures markets, with holdings that also include futures contracts, collateral assets, and U.S. Treasury securities.

More than $100 million of the fund's assets are actively deployed 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 Strategic Pivot for Both Firms

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. Existing investors will keep the same USCC ticker, token contracts, and blockchain address, while Superstate continues to handle token issuance and transfer services.

The deal also signals a strategic pivot for Superstate, which is stepping back from asset management to focus on FundOS, its infrastructure platform for on-chain funds. This follows a similar handoff in March, when Invesco took over Superstate's $967 million tokenized treasury fund USTB on comparable terms.

The inclusion of $XRP alongside $BTC, $ETH, and $SOL in an institutional carry product is notable. CME Group launched large-sized futures and smaller-sized Micro futures on SOL and XRP in March and May 2025, respectively, broadening the scope for basis trading strategies. Bitwise CIO Matt Hougan has said he believes "eventually, every fund will be tokenized."

Tokenized real-world assets now exceed $30 billion globally, and the deal marks Bitwise's first move into this space as Superstate shifts to focus on its FundOS tokenization platform.

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
CME Group: Diversifying Crypto Portfolios with XRP and SOL