Bitwise has finalized its acquisition of Superstate’s Crypto Carry Fund (USCC), taking over management of a $259 million tokenized investment vehicle that blends crypto carry trading strategies with exposure to Treasurys and digital assets. The move, announced in early May and completed by late May 2026, gives Bitwise control of a fund designed to generate yield through market-neutral crypto trading.
Details of the acquisition and fund strategy
The fund, now under Bitwise management, retains its USCC token ticker and existing smart contracts. It is available to qualified purchasers and seeks to generate yield through crypto cash-and-carry trades — a strategy that captures the premium between cryptocurrency futures and spot prices. According to Bitwise, the fund held approximately $259 million in assets under management as of May 29 and reported a yield of around 4%. Fund disclosures show the portfolio includes cash collateral, tokenized Treasury exposure, and crypto assets such as staked Solana (SOL), EtherFi’s wrapped Ether (eETH), and XRP (XRP).
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Superstate, the fund’s previous manager, shifted its focus toward FundOS, its tokenized fund platform, following the transition. Bitwise, a San Francisco-based crypto asset manager founded in 2017, manages approximately $11 billion in client assets across ETFs, private funds, separately managed accounts, and staking products.
Growth of tokenized active-strategy funds
The takeover comes amid rapid expansion in tokenized active-strategy funds, a category that includes funds tied to crypto carry trades, index strategies, and volatility-focused products. Data from RWA.xyz shows these funds grew from roughly $449 million in assets in June 2025 to about $1.38 billion by the end of May 2026 — an increase of more than 200% over 12 months. Major products in this space include the EU-traded Spiko Amundi Overnight Swap Fund ($428 million), the Mantle Index Four Fund ($134 million), and the Sailing Investment Limited Partnership Fund ($105 million).
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Why this matters for crypto investors
Bitwise’s acquisition signals growing institutional appetite for tokenized, actively managed crypto strategies. By integrating the USCC fund into its broader product suite, Bitwise strengthens its position in the market for yield-generating crypto products. The fund’s use of DeFi protocols like Aave, Kamino, and Morpho for borrowing and lending also highlights the convergence of traditional asset management with decentralized finance. For investors, the fund offers a regulated vehicle for accessing crypto carry trades, which have historically been a staple of professional trading desks but are now becoming more accessible through tokenized structures.
Broader market context
Asset managers are increasingly bringing actively managed crypto strategies to the ETF market. In March, T. Rowe Price amended plans for an actively managed crypto ETF that would invest directly in Bitcoin (BTC), Ether (ETH), Solana, and XRP. The following month, Goldman Sachs filed to launch an actively managed Bitcoin income ETF that would generate yield by selling options tied to spot Bitcoin exchange-traded products. These developments, combined with Bitwise’s latest acquisition, underscore a broader trend toward institutional-grade, actively managed crypto investment vehicles.
Conclusion
Bitwise’s completion of the Superstate Crypto Carry Fund takeover marks a significant step in the consolidation of tokenized active-strategy funds. With $259 million in assets and a focus on market-neutral yield generation, the fund adds depth to Bitwise’s product lineup and reflects the growing institutional embrace of tokenized crypto strategies. As the category continues to expand, investors can expect more regulated, yield-focused products to enter the market.
FAQs
Q1: What is the Bitwise Crypto Carry Fund (USCC)?
It is a tokenized investment vehicle that generates yield through crypto cash-and-carry trades, capturing the premium between futures and spot prices. It also holds a mix of cash, tokenized Treasurys, and digital assets like Solana, Ether, and XRP.
Q2: Why did Superstate transfer the fund to Bitwise?
Superstate decided to shift its focus toward FundOS, its tokenized fund platform, and transferred management of the Crypto Carry Fund to Bitwise as part of that strategic pivot.
Q3: How large is the tokenized active-strategy fund market?
As of May 2026, the category held approximately $1.38 billion in assets, up from $449 million in June 2025 — a growth of over 200% in 12 months, according to RWA.xyz data.
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