TL;DR:
- Bitwise will take over management of Superstate’s USCC fund, with $267 million in assets, on June 1, renaming it the Bitwise Crypto Carry Fund.
- The fund applies a crypto cash-and-carry strategy and holds over $100 million as collateral in DeFi protocols such as Aave and Kamino.
- Tokenized real-world assets globally exceed $30 billion, with U.S. Treasury products accounting for more than $15 billion.
Bitwise announced its entry into the tokenized fund market by acquiring management of the Superstate Crypto Carry Fund. The transition is scheduled for June 1, 2026, at which point the fund will be renamed the Bitwise Crypto Carry Fund, while continuing to operate on Superstate‘s blockchain infrastructure.
The fund, known by its ticker USCC, manages more than $267 million in assets and offers qualified investors exposure to a crypto cash-and-carry strategy. Its objective is to capture the spread between spot prices and futures contracts, which tend to trade at a premium in bullish market conditions. More than $100 million of the fund’s assets currently serve as collateral in decentralized finance protocols such as Aave and Kamino.
Tokenized Funds Penetrate the Institutional World
Tokenized funds are already firmly established in the market. They have become one of the fastest-growing segments within digital assets. Asset managers such as BlackRock, Franklin Templeton and Fidelity have already launched tokenized products linked to Treasury bonds and money markets. According to RWA.xyz data, tokenized real-world assets exceeded $30 billion globally; U.S. Treasury products account for more than $15 billion of that total.
Tokenization allows investors to hold blockchain-based ownership tokens that can be transferred and settled at any time, eliminating settlement delays and facilitating their use in decentralized finance applications.
Superstate Bets on its FundOS Platform
The deal also reveals the strategic shift at Superstate, the tokenization startup founded by Robert Leshner, creator of the Compound protocol. Rather than managing funds directly, the company will focus its efforts on FundOS, its infrastructure platform for tokenized investment products. Last month, asset manager Invesco already took control of Superstate’s onchain money market fund.
Bitwise: Onchain Capital Markets
“Capital markets are moving onchain,” said Hunter Horsley, CEO of Bitwise. Existing investors will retain the same USCC ticker, token contracts and blockchain address, while Superstate will continue to handle token issuance and transfers.
