Bitwise Expands Into Tokenized Funds Through $278M USCC Deal

Bitwise Asset Management announced on May 7 that it will take over as the investment manager of the Superstate Crypto Carry Fund (USCC), a tokenized crypto carry strategy managing nearly $277.8 million in assets. The handover is expected to be finalized on June 1, 2026, after which the fund will operate under the new name “Bitwise Crypto Carry Fund,” while maintaining the existing USCC ticker, token address, and smart contract structure.

USCC Targets Yield Through Crypto Basis Trading

Designed for qualified purchasers, USCC gives investors exposure to crypto basis trading strategies, which aim to profit from the price spread between spot markets and futures contracts. According to Bitwise, the fund seeks to generate returns through cash-and-carry opportunities tied to major digital assets including BTC, ETH, XRP, and SOL.

In addition to these basis positions, the portfolio also contains futures exposure, crypto-related investments, collateral holdings, and U.S. Treasury securities. Investor ownership is represented through the USCC structure, either in tokenized form or through traditional book-entry records.

Bitwise described the acquisition as an important milestone in its expansion into tokenized investment products, highlighting its growing role in the evolving onchain finance sector.

Daily Liquidity and Onchain Infrastructure Remain Intact

The fund supports subscriptions and redemptions using either U.S. dollars or USDC, while offering liquidity on every market day. Bitwise referred to USCC as its first tokenized investment vehicle and positioned the move as part of a broader effort to better serve institutional investors operating within blockchain-based financial markets.

Meanwhile, Superstate will continue managing FundOS, the infrastructure layer powering the fund’s onchain operations. Once the transition is completed, Bitwise will fully oversee the investment management side, while Superstate shifts its attention toward expanding its blockchain-based fund infrastructure services.

Institutional Demand for Tokenized Investment Products Grows

USCC’s investor base includes crypto-focused hedge funds, venture capital firms, corporate entities, vault operators, high-net-worth individuals, and blockchain protocols. The partnership reflects a broader trend in digital finance, where traditional asset managers are increasingly collaborating with blockchain infrastructure providers to develop institutional-grade tokenized products.

Bitwise currently manages around $11 billion in client assets across more than 70 investment offerings, including ETFs, hedge fund strategies, staking products, private funds, and separately managed accounts. Its clients range from family offices and RIAs to banks, institutions, and broker-dealers, supported by teams based in San Francisco, New York, and London.

Tokenized Funds Continue to Attract Institutional Attention

The transition of USCC to Bitwise highlights how tokenized investment vehicles are gradually becoming a more important part of institutional crypto markets. As demand for blockchain-based financial products increases, asset managers are looking for ways to combine traditional investment expertise with onchain infrastructure that offers greater efficiency, transparency, and accessibility.