Key Highlights
- Bitwise takes over the $267 million USCC fund management effective June 1.
- USCC will operate under a new name: Bitwise Crypto Carry Fund following the transition.
- Superstate retains responsibility for blockchain technology and token operations.
- The fund employs a crypto cash-and-carry approach targeting spreads between spot and futures pricing.
- Over $100 million in fund assets currently operate within DeFi platforms including Aave and Kamino.
Bitwise takes ownership of Superstate’s Crypto Carry Fund beginning June 1, representing the company’s inaugural move into tokenized assets. The fund holds more than $267 million and trades under the USCC ticker. According to both companies, Bitwise will handle investment oversight while Superstate continues managing blockchain technology.
Bitwise Enters Tokenization Market Through USCC Acquisition
Bitwise assumes full management duties for the Superstate Crypto Carry Fund on June 1. Following the changeover, the companies announced the fund will receive a rebrand to Bitwise Crypto Carry Fund.
The underlying framework stays unchanged, with USCC maintaining both its ticker symbol and existing token contracts. Superstate will preserve its role in managing token creation and blockchain-based transfer functions.
USCC currently administers more than $267 million for accredited investors. The investment vehicle delivers access to a crypto cash-and-carry methodology.
This approach targets profits from pricing differences between physical crypto holdings and derivatives contracts. When market sentiment turns positive, futures typically command higher prices, creating opportunities the fund exploits.
Over $100 million from the fund’s holdings function as collateral within decentralized finance ecosystems. Major platforms include Aave and Kamino.
Bitwise currently manages approximately $11 billion in digital assets through exchange-traded products and private investment structures. This acquisition represents the firm’s debut in blockchain-based investment vehicles.
Bitwise CEO Hunter Horsley commented on the strategic decision. “Capital markets are moving onchain,” he stated.
He noted that both conventional financial entities and crypto-focused organizations actively utilize tokenized investment products. His remarks came alongside the official takeover announcement.
Superstate Pivots Strategy While Onchain Investment Products Expand
Superstate launched the Crypto Carry Fund and developed its underlying blockchain architecture. Moving forward, the firm will dedicate resources toward its FundOS infrastructure platform.
Robert Leshner, Superstate’s founder and the architect behind Compound, directs the company’s tokenization initiatives. Following this transition, Superstate withdraws from active fund administration.
In the previous month, Invesco acquired Superstate’s blockchain-based money market offering. That investment product delivers returns tied to U.S. Treasury securities.
Invesco controls approximately $2.2 trillion in worldwide assets. The acquisition represented another evolution in Superstate’s business approach.
Tokenized funds enable investors to maintain digital ownership certificates for conventional investment vehicles. These blockchain-based tokens facilitate continuous settlement and transfer capabilities.
Advocates argue tokenization accelerates transaction finality and enhances asset liquidity. Token holders can also deploy their shares across decentralized finance applications.
According to RWA.xyz statistics, tokenized real-world assets surpass $30 billion worldwide. U.S. Treasury-backed tokenized products represent over $15 billion of this market.
USCC shareholders will maintain their current blockchain addresses and token contract access following the management shift. Superstate will continue supporting creation and transfer operations despite Bitwise assuming investment control.
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