Bitwise enters tokenization in takeover of Superstate’s $267 million 'carry fund'

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The crypto asset manager will take over Superstate’s $267 million USCC fund as tokenized investment products gain traction with institutions.

By Helene Braun, Krisztian Sandor, AI Boost|Edited by Jamie Crawley May 7, 2026, 1:00 p.m. 2 min readMake preferred on

What to know:

• Bitwise plans to take over management of Superstate’s $267 million Superstate Crypto Carry Fund on June 1, renaming it the Bitwise Crypto Carry Fund while keeping Superstate’s blockchain infrastructure.
• The fund offers qualified investors a crypto cash-and-carry strategy, aiming to profit from the spread between spot crypto prices and typically higher futures prices in bullish markets.
• The deal marks Bitwise’s first move into tokenized funds as Superstate shifts to focus on its FundOS tokenization platform, amid rapid growth in tokenized real-world assets that now exceed $30 billion globally.

Crypto asset manager Bitwise is entering the fast-growing tokenized fund market for the first time through a planned takeover of Superstate’s crypto carry fund.

Bitwise intends to assume investment management responsibilities for the Superstate Crypto Carry Fund, known by its ticker USCC, on June 1, the firms said on Thursday.

The fund will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate’s blockchain infrastructure.

USCC manages more than $267 million in assets and gives qualified investors exposure to a crypto “cash-and-carry” strategy. The trade seeks to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish market conditions. More than $100 million of the fund’s assets are actively used as collateral in decentralized finance (DeFi) protocols such as Aave and Kamino.

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.

Tokenized funds have become one of the fastest-growing areas of digital assets as global asset managers look to modernize how funds operate. Firms including BlackRock, Franklin Templeton and Fidelity have launched tokenized Treasury and money-market products, while crypto-native firms are experimenting with onchain versions of hedge fund and yield strategies.

Through tokenization, investors can hold blockchain-based ownership tokens in the fund that can move and settle around the clock. Supporters say the structure can reduce settlement delays and make funds easier to transfer or use in decentralized finance applications.

The market has expanded quickly over the past two years. Data from RWA.xyz shows tokenized real-world assets have surpassed $30 billion globally, with tokenized U.S. Treasury products accounting for more than $15 billion.

The transition also reflects a shift in strategy for Superstate, the tokenization startup founded by Compound creator Robert Leshner. Rather than managing funds directly, Superstate plans to focus on FundOS, its infrastructure platform for tokenized investment products. Last month, $2.2 trillion asset manager Invesco took over Superstate's onchain money market fund that gives investors U.S. Treasury yield.

“Capital markets are moving onchain,” Bitwise CEO Hunter Horsley said in a statement. “Traditional and crypto-native institutions are increasingly using tokenized funds.”

The structure of the fund itself will remain largely unchanged after the handoff. Existing investors will keep the same USCC ticker, token contracts and blockchain address while Superstate continues to handle token issuance and transfer services.

TokenizationAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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