Key Takeaways
- Bitwise will assume management of USCC, a tokenized crypto carry fund with $277.8 million in assets.
- USCC seeks yield from cash-and-carry trades involving BTC, ETH, XRP, and SOL futures markets.
- Fund holdings also include crypto-related positions, futures contracts, collateral assets, and U.S. Treasury securities.
Bitwise Enters Tokenized Funds With USCC Management Shift
Bitwise Asset Management announced May 7 that it will become investment manager of the Superstate Crypto Carry Fund (USCC), a tokenized crypto carry fund with roughly $277.8 million in assets under management. The transition, scheduled for June 1, 2026, will rename the vehicle the Bitwise Crypto Carry Fund while preserving its USCC ticker, smart contracts, and token address.
Available to qualified purchasers, USCC offers access to crypto basis strategies, or the difference between spot and futures prices. Bitwise explained on X that USCC is a tokenized fund “that seeks to earn yield via the crypto cash-and-carry trade, a strategy to generate yield from the gap between the spot and futures prices for BTC, ETH, XRP, and SOL.” Fund holdings extend beyond the named crypto basis trades and include crypto-related positions, futures contracts, collateral assets, and U.S. Treasury securities. Ownership is recognized through USCC, held either as a token or through book-entry record keeping. Bitwise said:
“The transition marks Bitwise’s entry into tokenized funds, deepening its presence in a market where it has long been a trusted voice.”
Subscriptions and redemptions are facilitated through USD or USDC, with liquidity available each market day. The asset management firm described the fund as “our inaugural tokenized fund, and a major step forward in how we serve institutional investors onchain.” Superstate, a financial technology firm focused on on-chain capital markets infrastructure, will continue operating FundOS for the tokenized fund.
Superstate Keeps FundOS Role After Bitwise Takes Over
Once completed, the crypto asset manager will assume full investment management responsibilities for USCC. Superstate will step back from fund management and focus on FundOS, its infrastructure platform for on-chain funds.
Institutional investors in USCC include crypto-native hedge funds, venture funds, corporations, vaults, wealthy individuals and protocols. The broader arrangement combines Bitwise’s crypto asset management operations with Superstate’s onchain fund infrastructure. Bitwise affirmed:
“The fund will transition from Superstate’s management to Bitwise on June 1, 2026, with Superstate continuing to power the onchain rails.”
The transition also gives Bitwise its first tokenized fund. The crypto asset manager oversees $11 billion in client assets across more than 70 products, including exchange-traded funds (ETFs), separately managed accounts, private funds, hedge fund strategies, and staking offerings. Its client base includes private wealth teams, RIAs, family offices, institutions, banks, and broker-dealers, supported by more than 200 technology and investment professionals in San Francisco, New York, and London.
