Bitwise Asset Management is making its entry into the tokenized fund market by taking over investment management of the Superstate Crypto Carry Fund, known by its ticker USCC. The transition is scheduled for June 1, 2026, and the fund, which has approximately $277.8 million in assets under management, will be renamed the Bitwise Crypto Carry Fund. Even so, the vehicle will retain its existing USCC ticker, smart contracts, and token address, preserving continuity for current holders and market participants.
Bitwise’s First Tokenized Fund
The move gives Bitwise its inaugural tokenized fund and marks a notable expansion of its product lineup into onchain investment vehicles. The company described the transition as an important step in deepening its role in a market where it has already built a strong presence through other crypto investment products. Rather than rebuilding the structure from scratch, Bitwise is stepping into an existing tokenized fund framework already operating onchain.
For Superstate, the handoff changes its role rather than removing it from the arrangement entirely. The firm will step back from direct fund management responsibilities but will continue supporting the fund through FundOS, its infrastructure platform for onchain funds. In practical terms, the deal combines Bitwise’s asset management and crypto investment capabilities with Superstate’s tokenized fund rails.
How USCC Generates Yield
USCC is designed for qualified purchasers and focuses on crypto basis trading, often referred to as a cash-and-carry strategy. This approach seeks to capture yield from the gap between spot market prices and futures prices. According to the disclosed strategy, the fund targets opportunities across futures markets tied to BTC, ETH, XRP, and SOL.
Bitwise said the fund aims to earn yield through these crypto cash-and-carry trades, but the portfolio is not limited strictly to basis positions. Fund holdings may also include crypto-related positions, futures contracts, collateral assets, and U.S. Treasury securities. That broader mix suggests the structure is designed to support both the trading strategy itself and the operational collateral requirements associated with futures exposure.
Onchain Access With Traditional Liquidity Features
One of the defining features of USCC is that ownership can be recognized through the tokenized fund structure itself. Investors may hold exposure either as a token or through traditional book-entry recordkeeping. This hybrid approach reflects how tokenized funds are increasingly being built to serve institutions that may want blockchain-based settlement or ownership records without giving up familiar administrative processes.
Subscriptions and redemptions are available in U.S. dollars or USDC, and the fund offers liquidity each market day. That structure positions the product as a bridge between conventional fund operations and blockchain-native ownership mechanisms. By preserving the token address and smart contracts through the management transition, the firms appear to be emphasizing stability and minimizing disruption for current investors.
Division of Responsibilities After the Transition
Once the change becomes effective, Bitwise will assume full investment management responsibility for the fund. Superstate, meanwhile, will focus on maintaining the onchain infrastructure layer rather than directing portfolio strategy. This division of labor highlights a broader trend in digital asset finance: specialized firms increasingly separate asset management from tokenization and infrastructure services.
The investor base in USCC includes a range of institutional and sophisticated market participants, including crypto-native hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols. That mix indicates the product has already attracted demand from investors looking for structured, yield-oriented exposure tied to crypto market inefficiencies rather than simple directional bets on token prices.
What the Deal Means for Bitwise
The transaction also adds a new dimension to Bitwise’s broader business. The asset manager said it currently oversees about $11 billion in client assets across more than 70 products. Its existing lineup spans ETFs, separately managed accounts, private funds, hedge fund strategies, and staking offerings. The company also serves a wide range of clients, including private wealth teams, registered investment advisors, family offices, institutions, banks, and broker-dealers.
With more than 200 technology and investment professionals across San Francisco, New York, and London, Bitwise is already established as a significant player in digital asset investment management. By taking over USCC, it is extending that presence into tokenized fund structures at a time when onchain financial products are drawing more institutional attention.
While the announcement does not introduce a new strategy, it does represent a meaningful shift in distribution and structure. Instead of offering crypto exposure solely through traditional wrappers, Bitwise is now entering a format where fund ownership and operations can exist directly on blockchain rails. For institutions evaluating tokenization not just as a concept but as an operational model, the USCC transition may stand out as a practical example of how established crypto asset managers are beginning to adapt.