Bitwise Acquires Superstate's Crypto Carry Fund to Expand Tokenized Investment Offerings
Bitwise has successfully completed the acquisition of Superstate's Crypto Carry Fund (USCC), gaining control over a tokenized investment vehicle that employs market-neutral crypto trading strategies to generate yield. According to Cointelegraph, the asset manager announced on May 7 that it would take over the fund's management from Superstate, as the infrastructure company shifts its focus to FundOS, its tokenized fund platform.
The fund, which is available to qualified purchasers, aims to generate yield through crypto cash-and-carry trades, a strategy that capitalizes on the premium between cryptocurrency futures and spot prices. It will maintain the USCC token ticker and existing smart contracts following the transition. As of May 29, Bitwise reported that the fund held approximately $259 million in assets under management and achieved around a 4% yield. The portfolio includes a mix of cash collateral, tokenized Treasurys exposure, and crypto assets such as staked Solana (SOL), EtherFi's wrapped Ether (eETH), and XRP (XRP). Superstate's website indicates that USCC shares are supported on DeFi protocols like Aave, Kamino, and Morpho for borrowing and lending activities.
Founded in 2017, Bitwise is a San Francisco-based crypto asset manager overseeing approximately $11 billion in client assets across ETFs, private funds, separately managed accounts, and staking products. The acquisition of Superstate's fund occurs amid a surge in tokenized active-strategy funds, which include those tied to crypto carry trades, index strategies, and volatility-focused products. Data from RWA.xyz reveals that tokenized active-strategy funds grew from about $449 million in assets in June 2025 to approximately $1.38 billion by the end of May 2026, marking an increase of over 200% within 12 months.
Among the largest products in this category are the EU-traded Spiko Amundi Overnight Swap Fund, with around $428 million in distributed value, the Mantle Index Four Fund with approximately $134 million, and the Sailing Investment Limited Partnership Fund with about $105 million. Asset managers are also introducing actively managed crypto strategies to the exchange-traded fund (ETF) market. In March, T. Rowe Price revised plans for an actively managed crypto ETF that would allow direct investment in digital assets, including Bitcoin (BTC), Ether (ETH), Solana, and XRP. The following month, Goldman Sachs filed to launch an actively managed Bitcoin income ETF designed to generate yield by selling options linked to spot Bitcoin exchange-traded products.