Bitwise is set to enter the tokenized fund market by taking over Superstate’s crypto carry fund, USCC. The firms said Thursday that Bitwise will assume investment management responsibilities on June 1. After the transition, the vehicle will be renamed the Bitwise Crypto Carry Fund and will continue to operate on Superstate’s blockchain infrastructure.
USCC manages more than $267 million in assets and gives qualified investors access to a crypto cash-and-carry strategy. The trade is built around the gap between spot prices and futures contracts, which often trade at a premium during bullish periods. More than $100 million of the fund’s assets are actively deployed as collateral in DeFi protocols including Aave and Kamino.
Bitwise uses the deal to enter a fast-growing segment
The transaction gives Bitwise its first foothold in tokenized investment products, a segment that has expanded quickly as asset managers explore blockchain-based fund structures. Bitwise currently oversees about $11 billion in crypto assets across ETFs and private funds. Taking on USCC adds a new onchain product format to that lineup.
Interest in tokenized funds has spread well beyond crypto-native firms. Large asset managers such as BlackRock, Franklin Templeton and Fidelity have already launched tokenized Treasury and money-market products, while crypto firms have been testing onchain versions of hedge fund and yield strategies.
Onchain ownership and continuous settlement draw attention
In a tokenized structure, investors hold blockchain-based ownership tokens representing fund interests. Those tokens can move and settle around the clock. Backers of the model say it can cut settlement delays and make fund interests easier to transfer or use in DeFi applications.
Data from RWA.xyz shows tokenized real-world assets have grown to more than $30 billion globally. Tokenized U.S. Treasury products account for over $15 billion of that total, highlighting how quickly the market has developed over the last two years.
Superstate shifts focus to FundOS infrastructure
The handoff also reflects a strategic change at Superstate, the tokenization startup founded by Compound creator Robert Leshner. Rather than continuing to manage 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 offers investors U.S. Treasury yield.
Bitwise CEO Hunter Horsley said in a statement that capital markets are moving onchain and that both traditional institutions and crypto-native firms are using tokenized funds more often.