Crypto asset manager Bitwise is entering the fast-growing tokenized fund market for the first time through a planned acquisition of Superstate’s crypto transport fund.
Bitwise intends to assume investment management responsibilities for the Superstate Crypto Carry Fund, known by its symbol USCC, on June 1, the companies said on Thursday.
The fund will be renamed Bitwise Crypto Carry Fund and will continue to run on Superstate’s blockchain infrastructure.
USCC manages over $267 million in assets and offers qualified investors exposure to a “cash and carry” crypto strategy. The trade seeks to profit from the gap between cryptocurrency spot prices and futures contracts, which often trade at a premium during bull market conditions. More than $100 million of the fund’s assets are actively used as collateral in decentralized finance (DeFi) protocols such as Aave and Kamino.
The move gives Bitwise, which oversees $11 billion in crypto assets across ETFs and private funds, its first foothold in the growing market for tokenized investment products.
Tokenized funds have become one of the fastest growing areas of digital assets as global asset managers look to modernize the way funds operate. Companies like BlackRock, Franklin Templeton, and Fidelity have launched tokenized Treasury and money market products, while crypto-native companies are experimenting with on-chain versions of hedge funds and yield strategies.
Through tokenization, investors can hold blockchain-based ownership tokens in the fund that can be moved and settled 24 hours a day. Supporters say the structure can reduce settlement delays and make funds easier to transfer or use in decentralized finance applications.
The market has expanded rapidly in the last two years. Data from RWA.xyz shows that real-world tokenized assets have surpassed $30 billion globally, with US Treasury tokenized products accounting for more than $15 billion.
The transition also reflects a change in strategy at Superstate, the tokenization startup founded by Compound creator Robert Leshner. Instead of managing 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 the Superstate on-chain money market fund that offers investors U.S. Treasury yields.
“Capital markets are moving up the chain,” Bitwise CEO Hunter Horsley said in a statement. “Traditional and crypto-native institutions are increasingly using tokenized funds.”
The structure of the fund itself will remain practically unchanged after the transfer. Existing investors will maintain the same USCC ticker symbol, token contracts, and blockchain address, while Superstate continues to handle token issuance and transfer services.
