$267M Bitwise Takes Over Superstate Tokenized Fund

Key Points

• Bitwise will take over management of Superstate’s $267 million USCC tokenized Crypto Carry Fund on June 1, marking its first move into tokenized funds.
• More than $100 million of the fund’s assets are actively used as collateral in DeFi protocols Aave and Kamino, with Superstate retaining the underlying blockchain infrastructure.
• Bitwise oversees $11 billion in crypto assets, while the global tokenized real-world asset market has surpassed $30 billion across treasuries and money-market funds.

Bitwise will take over management of Superstate’s $267 million tokenized Crypto Carry Fund on June 1, with Bitwise CEO Hunter Horsley saying “capital markets are moving onchain” as tokenized fund products gain institutional traction. The deal gives the crypto asset manager its first foothold in the tokenized fund market and arrives as Superstate, the tokenization startup founded by Compound creator Robert Leshner, shifts its focus from running funds directly to operating its FundOS tokenization infrastructure platform.

The $267M Bitwise USCC Takeover

Bitwise will assume investment management responsibilities for the Superstate Crypto Carry Fund, known by ticker USCC, on June 1, with the firms confirming the handoff on Thursday.

The fund will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate‘s blockchain infrastructure.

Existing investors will keep the same USCC ticker, token contracts, and blockchain address, with Superstate continuing to handle token issuance and transfer services.

USCC offers qualified investors a crypto cash-and-carry strategy that profits from the spread between spot crypto prices and futures contracts trading at a premium during bullish conditions.

The structure of the fund itself will remain largely unchanged after the handoff, a configuration designed to make the management transition transparent for current token holders.

The Tokenized Fund Volume Numbers

USCC manages more than $267 million in assets and gives qualified investors exposure to the cash-and-carry trade through tokenized fund interests.

More than $100 million of the fund’s assets are actively used as collateral in decentralized finance protocols such as Aave and Kamino, marking it as one of the larger DeFi-active tokenized funds in the market today.

Bitwise oversees $11 billion in crypto assets across ETFs and private funds, with USCC marking its first move into tokenized fund management.

The global tokenized real-world asset market has surpassed $30 billion, with tokenized U.S. Treasury products accounting for more than $15 billion of that total.

Firms including BlackRock, Franklin Templeton, and Fidelity have launched tokenized Treasury and money-market products, while crypto-native firms are now experimenting with onchain versions of hedge fund and yield strategies like the cash-and-carry trade USCC runs.

Last month, $2.2 trillion asset manager Invesco took over Superstate’s onchain money market fund that gives investors U.S. Treasury yield, signaling that the issuer-to-incumbent handoff pattern is repeating across Superstate’s product set.

The Superstate FundOS Strategic Shift

The handoff reflects a strategy shift for Superstate, the tokenization startup founded by Compound creator Robert Leshner.

Rather than managing funds directly, Superstate plans to focus on FundOS, its infrastructure platform for tokenized investment products.

The reframe matters: this is not a story about a single fund changing managers, but about Superstate splitting the issuer role from the infrastructure role across its product set.

Bitwise CEO Hunter Horsley said “traditional and crypto-native institutions are increasingly using tokenized funds,” framing the takeover as a leading indicator that asset managers will run tokenized strategies on top of dedicated platforms rather than building both layers themselves.

That bifurcation pattern is what made the Invesco-Superstate handoff last month and the Bitwise-Superstate handoff this week structurally similar, with Superstate sitting beneath both as the tokenization rail.

Other tokenization startups facing the same scaling decision will likely study Superstate’s path, with the question of whether infrastructure-only proves more durable than vertical-integration the deciding variable.

Asset managers evaluating their own tokenized fund issuance can model the fee structure of a tokenized issuance against the FundOS platform pricing or alternative tokenization rails.

Whether this issuer-to-incumbent pattern continues with the next major tokenized fund product depends on how quickly other large asset managers build comfort with running on third-party tokenization rails.

For a deeper breakdown of how institutional treasury products are reshaping on-chain capital, read Commodara’s analysis of BlackRock BUIDL’s $2.63B DeFi reserve adoption.