Crypto asset manager Bitwise is making its foray into the burgeoning market for tokenized funds by planning to take over Superstate’s crypto carry fund. On Thursday, both firms announced that starting June 1, Bitwise will manage the investment operations of what is currently known as the Superstate Crypto Carry Fund (USCC). The fund will be rebranded as the Bitwise Crypto Carry Fund but will continue utilizing Superstate’s blockchain infrastructure.
The USCC, with assets exceeding $267 million, provides qualified investors access to a crypto “cash-and-carry” strategy. This approach profits from discrepancies between spot prices and futures contracts in bullish markets. Over $100 million of its assets are actively employed as collateral within DeFi protocols like Aave and Kamino.
This acquisition marks Bitwise’s initial venture into the expanding tokenized investment product market, where it already manages $11 billion across ETFs and private funds. Tokenized funds have emerged as one of the fastest-growing sectors in digital assets as global asset managers modernize fund operations. Major firms such as BlackRock, Franklin Templeton, and Fidelity have introduced tokenized Treasury and money-market products, while crypto-native companies are experimenting with on-chain hedge fund and yield strategies.
Tokenization allows investors to possess blockchain-based ownership tokens for the fund, facilitating 24/7 trading and settlement. Proponents argue this structure can minimize settlement delays and enhance the ease of transferring funds or employing them in decentralized finance applications.
Over recent years, the market has rapidly expanded, with tokenized real-world assets reaching over $30 billion worldwide according to RWA.xyz data, including more than $15 billion from U.S. Treasury products.
This move also signifies a strategic pivot for Superstate, founded by Compound’s creator Robert Leshner, toward focusing on its FundOS infrastructure platform for tokenized investment products rather than direct fund management. Earlier this month, Invesco acquired Superstate’s on-chain money market fund offering U.S. Treasury yields, managing $2.2 trillion in assets.
“Capital markets are moving onchain,” stated Bitwise CEO Hunter Horsley. “Traditional and crypto-native institutions are increasingly adopting tokenized funds.”
Post-transition, the fund’s structure will largely remain unchanged. Existing investors will retain their USCC ticker, token contracts, and blockchain address as Superstate continues to oversee token issuance and transfer services.