Bitwise enters tokenization in takeover of Superstate’s $267 million ‘carry fund’
The crypto asset manager will take over Superstate’s $267 million USCC fund as tokenized investment products gain traction with institutions.
What to know:
- Bitwise plans to take over management of Superstate’s $267 million Superstate Crypto Carry Fund on June 1, renaming it the Bitwise Crypto Carry Fund while keeping Superstate’s blockchain infrastructure.
- The fund offers qualified investors a crypto cash-and-carry strategy, aiming to profit from the spread between spot crypto prices and typically higher futures prices in bullish markets.
- The deal marks Bitwise’s first move into tokenized funds as Superstate shifts to focus on its FundOS tokenization platform, amid rapid growth in tokenized real-world assets that now exceed $30 billion globally.
The fund will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate’s blockchain infrastructure.
USCC manages more than $267 million in assets and gives qualified investors exposure to a crypto “cash-and-carry” strategy. The trade seeks to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish 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 how funds operate. Firms including BlackRock, Franklin Templeton and Fidelity have launched tokenized Treasury and money-market products, while crypto-native firms are experimenting with onchain versions of hedge fund and yield strategies.
