Bitwise is entering the tokenized investment market after announcing plans to take over management of Superstate’s $267 million Crypto Carry Fund known as USCC.
Key Takeaways
- Bitwise will become the investment manager of Superstate’s $267 million tokenized Crypto Carry Fund on June 1, 2026.
- The fund will be renamed the Bitwise Crypto Carry Fund while keeping the same USCC ticker, smart contracts, and token address.
- The move marks Bitwise’s first entry into tokenized investment funds, a rapidly growing area in digital assets.
- Superstate will continue operating the fund’s blockchain infrastructure through its FundOS platform.
What Happened?
Crypto asset manager Bitwise Asset Management announced plans to take over investment management responsibilities for Superstate’s tokenized Crypto Carry Fund, USCC. The transition is expected to close on June 1, 2026, with no disruption for existing investors.
The move gives Bitwise its first major foothold in the tokenized fund market as institutional demand for blockchain based financial products continues to grow worldwide.
BREAKING NEWS
— Bitwise (@Bitwise) May 7, 2026
In partnership with @superstateinc, we’re excited to announce the Bitwise Crypto Carry Fund (USCC), our inaugural tokenized fund, and a major step forward in how we serve institutional investors onchain.
The fund will transition from Superstate’s management to… pic.twitter.com/gsBPKWOz53
Bitwise Expands Into Tokenized Investment Products
The takeover marks a significant expansion for Bitwise, which currently manages around $11 billion in crypto assets across ETFs, index funds, and private investment products.
Once the transition is complete, the fund will operate under the new name Bitwise Crypto Carry Fund. However, the structure of the product will remain largely unchanged. Existing investors will continue using the same USCC ticker, smart contracts, and blockchain address.
Bitwise CEO Hunter Horsley said the company sees tokenized funds as a major part of the future of financial markets.
Horsley said:
He added that both traditional financial firms and crypto native institutions are increasingly using tokenized products because of their 24 hour trading access, DeFi utility, transparency, and operational efficiency.
Inside the USCC Crypto Carry Fund
USCC is designed for qualified investors seeking exposure to a crypto “cash and carry” strategy. The strategy aims to generate yield by capturing the premium that often exists between spot crypto prices and futures contracts during bullish market conditions.
The tokenized fund currently manages more than $267 million in assets under management and has attracted institutional participants including hedge funds, venture firms, corporations, crypto protocols, and wealthy investors.
According to the announcement, more than $100 million of the fund’s assets are actively deployed as collateral in decentralized finance protocols including Aave and Kamino.
Supporters of tokenized funds argue that blockchain based ownership structures improve settlement speed and allow assets to move around the clock without relying on traditional market hours.
Superstate Shifts Focus to Infrastructure
For Superstate, the transition reflects a broader strategic change. The company plans to move away from directly managing funds and instead focus on expanding FundOS, its infrastructure platform for tokenized financial products.
Superstate Founder and CEO Robert Leshner said the partnership highlights how traditional asset managers can use blockchain infrastructure to operate tokenized funds more efficiently.
Leshner said:
Superstate will continue handling the fund’s onchain infrastructure, including token issuance and digital transfer agency services.
The company has already been active in the tokenized asset market through products such as its tokenized U.S. Treasury fund. Earlier this year, asset management giant Invesco reportedly took over management of one of Superstate’s tokenized money market funds.
Tokenized Assets Continue Rapid Growth
The announcement comes as tokenized real world assets continue seeing rapid institutional adoption.
Data from RWA.xyz shows the tokenized real world asset market has grown to more than $30 billion globally, with tokenized U.S. Treasury products accounting for over $15 billion of that total.
Industry forecasts suggest the broader tokenized asset market could eventually reach $18.9 trillion by 2031 as major financial firms increasingly adopt blockchain infrastructure to improve liquidity, settlement, and investor access.
Major firms including BlackRock, Franklin Templeton, and Fidelity have already launched tokenized investment products tied to Treasury and money market strategies.
CoinLaw’s Takeaway
In my experience, this deal highlights how quickly tokenization is moving from a crypto niche into mainstream institutional finance. I found it especially important that Bitwise is not building a tokenized fund from scratch but instead stepping directly into an established product with hundreds of millions in assets already operating onchain. That signals growing confidence from large firms that blockchain based financial infrastructure is becoming practical, scalable, and attractive for institutional investors.
The bigger story here may be that traditional asset managers no longer want to ignore tokenized finance. They now want a seat at the table.
