Bitwise will become the investment manager of USCC on June 1, marking its first tokenized fund and Superstate’s second handoff to a major asset manager this year.
Bitwise Asset Management will take over investment management of the Superstate Crypto Carry Fund (USCC), a tokenized cash-and-carry strategy with roughly $267 million in assets, the two firms announced today.
The fund will be renamed the Bitwise Crypto Carry Fund, with the transition expected to close on June 1, according to a press release viewed by The Defiant. USCC will keep its existing ticker, smart contracts, and token address, while Bitwise assumes portfolio duties and Superstate continues to operate the onchain rails, including tokenized issuance and digital transfer agency services.
It is Bitwise’s first tokenized fund. For Superstate, the deal cements a deliberate pivot away from running funds toward operating FundOS, its tokenization infrastructure platform.
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 at the time as “the blueprint for how funds and ETFs will come onchain.”
USCC, which Superstate launched in July 2024, seeks to capture yield from the persistent premium of crypto futures prices over spot, primarily on Bitcoin and Ether. Its investor base spans hedge funds, corporate treasuries, and DeFi protocols, per the press release.
“Capital markets are moving onchain. It’s happening fast, and tokenized investment strategies are a core part of this platform shift,” said Hunter Horsley, CEO of Bitwise.
FundOS already powers external funds beyond USCC. Coinbase Asset Management’s Crypto Yield fund (CUSHY) launched on the platform last week as the first external fund issued on FundOS from inception.
Tokenized real-world assets (RWAs) have grown to over $30 billion globally, with tokenized U.S. Treasuries alone surpassing $15 billion, according to RWAxyz.
The deal lands amid a broader institutional push into tokenized finance. Standard Chartered last week called the recent DeFi turmoil an “antifragile moment” for the sector and reaffirmed its forecast that tokenized RWAs will hit $2 trillion by the end of 2028.
A separate report from Keyrock and Securitize last month projected the distributed RWA market will reach $400 billion by 2030, with Treasuries leading near-term growth and equities representing the largest long-term upside.
The IMF, meanwhile, recently described tokenization as a “structural shift in financial architecture.”
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
