Bitwise to manage Superstate's $267M Crypto Carry Fund in tokenization debut
- Bitwise is set to assume investment management of Superstate's USCC fund, renaming it the Bitwise Crypto Carry Fund effective June.
- The $267 million tokenized fund generates yield through crypto cash-and-carry trades on Bitcoin and Ethereum futures.
- The partnership marks Bitwise's debut into tokenized funds, leveraging Superstate's on-chain infrastructure for institutional investors.
Bitwise is set to take over management of Superstate's $267 million Crypto Carry Fund, marking its entry into the tokenized funds market. The transition is expected to be completed on June 1, according to a statement released on Thursday.
Once finalized, the Superstate Crypto Carry Fund (USCC) will be renamed the Bitwise Crypto Carry Fund, while keeping the same ticker, token address and smart contracts.
Bitwise expands into tokenized investment products with USCC
The fund is designed for qualified investors and generates returns through crypto cash-and-carry trades. The strategy profits from the gap between spot crypto prices and their futures contracts.
"Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this platform shift," said Bitwise CEO Hunter Horsley.
With more than $267 million in assets under management (AUM), the fund has attracted hedge funds, venture firms, corporations, wealthy investors and crypto protocols.
"Traditional and crypto-native institutions are increasingly using tokenized funds to benefit from their 24/7 trading, utility in DeFi, transparency and efficiency," Horsley added.
The move enables Bitwise to expand its crypto offerings beyond ETFs and traditional institutional products. On the other hand, Superstate said it will step back from direct fund management to focus on FundOS, its blockchain infrastructure platform that powers tokenized funds.
Under the arrangement, Superstate will continue handling the fund's onchain infrastructure, including token issuance and transfer services, while Bitwise takes over investment management responsibilities.
The announcement comes as institutional interest in tokenized assets continues to grow rapidly. Other notable companies with tokenized funds include BlackRock, which launched the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) in 2024, and Franklin Templeton, with the Franklin OnChain US Government Money Fund (FOBXX).
The global market for tokenized assets has surpassed $30 billion, with tokenized US Treasury products alone now exceeding $15 billion, according to data from RWA.xyz.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
