Bitwise Enters Tokenized Fund Arena With $267M Crypto Carry Fund Takeover From Superstate

Bitwise Asset Management announced on May 7 that it intends to become the investment manager of Superstate’s Crypto Carry Fund, known by its ticker USCC. The fund held more than $267 million in assets under management as of April 30, 2026. Once the transition closes, expected June 1, the fund will be renamed the Bitwise Crypto Carry Fund.

This is Bitwise’s first tokenized fund. The company has built its reputation on crypto index products and spot Bitcoin and Ethereum ETFs. Moving into a live, onchain, actively managed strategy with existing institutional capital is a different kind of step.

Bitwise CIO Matt Hougan framed the move in terms that should resonate with anyone paying attention to the tokenized fund space.

Eventually, every fund will be tokenized. Today, we’re announcing our first: the Bitwise Crypto Carry Fund (USCC).

The fund provides market-neutral yield by investing in the crypto basis trade. We’re thrilled to be taking over management of the fund from Superstate, which will…

— Matt Hougan (@Matt_Hougan) May 7, 2026

USCC targets the crypto cash-and-carry trade, capturing yield from the persistent premium of crypto futures prices over spot prices. The fund is available to qualified purchasers and has attracted hedge funds, venture funds, corporations, vaults, protocols, and wealthy individuals.

The mechanics of the transition are simple. USCC keeps the same ticker, the same smart contracts, and the same token address. Bitwise assumes full investment management responsibilities. Superstate continues running the onchain infrastructure, tokenized issuance, and digital transfer agency services. Existing investors should see no disruption.

From the Bitwise/Superstate PRNewswire announcement:

The Bitwise/Superstate PRNewswire announcement said Bitwise Asset Management and Superstate announced the intent to transition investment management of the Superstate Crypto Carry Fund (USCC) to Bitwise. Bitwise will become investment manager of the fund, which will be renamed the Bitwise Crypto Carry Fund. USCC is a tokenized fund available to qualified purchasers that seeks to capture yield through the crypto cash-and-carry trade, capitalizing on the persistent premium of crypto futures prices over spot prices. The fund had more than $267 million in assets under management as of April 30, 2026, and had attracted hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols. Upon completion of the transition, expected on June 1, 2026, USCC will retain the same ticker, smart contracts, and token address. Bitwise will assume full investment-management responsibilities, while Superstate will continue to operate the onchain infrastructure, including tokenized issuance and digital transfer agency services, with no disruption expected for existing investors.

⚡️ @Bitwise Asset Management is making its first move into tokenized funds by taking over the management of the Superstate Crypto Carry Fund.

— Sandmark (@sandmark_news) May 8, 2026

A few things stand out here. The fund already has serious AUM and a broad institutional investor base. Bitwise did not need to launch a tokenized product from scratch and hope for traction. It stepped into an existing vehicle with $267 million already deployed, running on live smart contracts, and kept the infrastructure partner in place. That is a cleaner path to scale than building new rails from zero.

The cash-and-carry strategy itself is familiar to any crypto-native allocator. Futures basis trades have been a reliable source of yield in crypto markets for years. Wrapping that strategy in a tokenized fund structure gives institutional investors composability, onchain settlement, and transparent custody without giving up the kind of active management they expect.

“Tokenized funds have become one of the fastest-growing areas of digital assets as global asset managers look to modernize how funds operate.”

Funds are getting an upgrade. @Bitwise + USCC will show what the new rails can do.

More in @CoinDesk:https://t.co/RcBjwPvpKy

— Superstate (@SuperstateInc) May 11, 2026

Tokenized funds have been moving from proof-of-concept to production all year. We have covered DTCC pilots, State Street and Galaxy launching SWEEP, and Securitize integrating with Jupiter. Each one pushes the industry further from the “interesting experiment” phase into “this is how funds will work.” Bitwise taking over a quarter-billion-dollar live fund on existing smart contracts is another data point in the same direction, and a concrete one.

The June 1 transition date is close. If it goes smoothly, Bitwise will have a tokenized fund with institutional AUM, onchain rails, and a recognized brand behind it. For the broader tokenized fund market, that combination is exactly what draws the next wave of allocators off the sidelines.

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