Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets (as of April 1, 2025), and Superstate, a leading financial technology firm reshaping capital market infrastructure, announced the intent to transition investment management of the Superstate Crypto Carry Fund (USCC) to Bitwise. Bitwise will become the 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 via the crypto cash-and-carry trade, capitalizing on the persistent premium of crypto futures prices over spot prices. With over $267 million in assets under management, the fund has attracted a broad base of crypto-native institutional investors, spanning hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.

The transition marks Bitwise’s entry into tokenized funds, deepening its presence in a market where it has long been a trusted voice. For Superstate, it reflects a deliberate shift: stepping back from fund management to focus on FundOS, its infrastructure platform for onchain funds, which will continue to power USCC.

“Capital markets are moving onchain. It’s happening fast, and tokenized investment strategies are a core part of this platform shift,” said Hunter Horsley, CEO of Bitwise. “Traditional and crypto-native institutions are increasingly using tokenized funds to benefit from their 24/7 trading, utility in DeFi, transparency, and efficiency. We’re thrilled to join Superstate’s best-in-class infrastructure with Bitwise’s track record in crypto asset management to continue to expand access to the full range of opportunities for investors in crypto.”

The deal comes as institutional interest in tokenized funds reaches an inflection point. The on-chain market for tokenized real-world assets has grown to over $30 billion globally, with tokenized U.S. Treasuries alone surpassing $15 billion, making yield-bearing funds the fastest-growing category. The broader tokenized asset market is projected to reach $18.9 trillion by 2031, as major financial institutions increasingly look to blockchain infrastructure to improve liquidity, settlement efficiency, and investor access.

“We’re proud to welcome Bitwise as the investment manager of USCC. Bitwise is one of the most trusted names in crypto, and this partnership is a great example of what FundOS makes possible: world-class asset managers running tokenized funds on Superstate’s infrastructure,” -said Robert Leshner, Founder & CEO of Superstate.

Upon completion of the transition, expected on June 1, 2026, USCC will be renamed the Bitwise Crypto Carry Fund, while retaining the same USCC ticker, smart contracts, and token address. Bitwise will assume full investment management responsibilities for the fund, while Superstate will continue to operate the onchain infrastructure, including tokenized issuance and digital transfer agency services, ensuring no disruption to existing investors throughout the transition.

Source: Bitwise