Bitwise Debuts Inaugural Tokenized Fund, the Bitwise Crypto Carry Fund, in Partnership with Superstate

The $259 million tokenized fund seeks to generate yield through market-neutral basis-trade strategies.

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 completion of the transition of investment management of the Superstate Crypto Carry Fund (USCC) to Bitwise. Bitwise is now the investment manager of the fund, which has been 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 $259 million¹ in assets under management, a yield of 4%,² and a management fee of 0.75%, the fund has attracted a broad base of crypto-native institutional investors, spanning hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.

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“Completing this transition is a meaningful milestone for Bitwise and for our investors,” said Hunter Horsley, CEO of Bitwise. “The Bitwise Crypto Carry Fund gives institutions a smarter way to put capital to work in crypto, capturing real yield through the basis trade, with the transparency and accessibility that only tokenized infrastructure can offer. We’ve long believed that onchain funds represent the future of asset management, and now we’re running one. We’re grateful to the Superstate team for building the infrastructure that made this possible, and we look forward to growing this fund for years to come.”

This transition comes as institutional interest in tokenized funds reaches an inflection point. The onchain 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.³ 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.⁴

The fund retains the original USCC token symbol, smart contracts, and token address. Bitwise has assumed full investment management responsibilities for the fund, and Superstate will continue to power the fund’s onchain infrastructure through FundOS, its platform for tokenized fund issuance and SEC-registered transfer agency services. Superstate will serve as sub-adviser for the fund for 120 days.