Key Takeaways:
Bitwise Asset Management is set to take over investment management of Superstate’s $267 million Crypto Carry Fund, marking the crypto asset manager’s first move into tokenized funds. The fund, known as USCC, will be renamed the Bitwise Crypto Carry Fund after the transition, which is expected to be completed on June 1, 2026.
Superstate will continue to operate the fund’s onchain infrastructure, including tokenized issuance and digital transfer agency services. The company said the move reflects a shift away from fund management and toward its infrastructure platform, FundOS.
The fund, which will keep its USCC ticker and token address, had more than $267 million in assets under management from qualified purchasers including hedge funds, corporations, and wealthy individuals, according to Bitwise. USCC seeks to generate yield through a crypto cash-and-carry strategy, which captures the spread between an asset's spot price and its futures price.
This acquisition signals a broader trend of maturation within the real-world asset (RWA) tokenization sector. The tokenized asset market is projected to reach $18.9 trillion by 2031 as financial institutions look to blockchain infrastructure to improve liquidity and settlement efficiency, Bitwise said. Data from RWA.xyz shows the tokenized RWA market currently has $31.4 billion in distributed asset value, with tokenized US Treasuries accounting for $15 billion of that total.
This year has seen tokenized investment products expand beyond passive Treasury-backed funds into more actively managed strategies. RWA.xyz data shows tokenized real-world assets have grown to more than $31 billion, including about $1.2 billion tied to active-strategy products. The Superstate Crypto Carry Fund is one of the largest in this category.
The move into actively managed tokenized products mirrors a similar trend in the broader crypto exchange-traded product space. In an interview with Cointelegraph in March, 21Shares President Duncan Moir said crypto’s fast-evolving market structure makes the asset class particularly suited to actively managed investment products.
The strategy behind the USCC fund, generating yield from crypto assets, is part of a larger movement toward creating sophisticated financial products on-chain. A related, fast-growing category is "digital credit," a new type of income-generating security backed by bitcoin designed to let investors earn yield.
At a recent Consensus panel, executives from firms like Strive and Nakamoto highlighted the growth of this market, which has scaled to about $10 billion in under a year. Panelists noted the long-term opportunity could be $3 trillion, representing just 1% of the global credit market. This suggests a significant appetite for yield-generating, crypto-backed instruments, the same category the newly-named Bitwise Crypto Carry Fund occupies.
This article is for informational purposes only and does not constitute investment advice.
