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Bitwise Enters the Tokenized Fund Market by Acquiring USCC for $278 Million
Bitwise Asset Management is entering the tokenized fund market by acquiring USCC, a crypto fund with a portfolio valued at $277.8 million that will retain its ticker, smart contracts, and token address.
The move allows Bitwise to launch its first tokenized fund, while Superstate will continue supporting the blockchain infrastructure.
Bitwise Enters the Tokenized Fund Market Through the USCC Management Transition
On May 7, Bitwise Asset Management announced that it will become the investment manager of the Superstate Crypto Carry Fund (USCC), a tokenized crypto carry fund with approximately $277.8 million in assets under management.
As part of the transition scheduled for June 1, 2026, the fund will be renamed the Bitwise Crypto Carry Fund, while retaining its USCC ticker, smart contracts, and token address.
Available to qualified purchasers, USCC provides exposure to crypto basis strategies, meaning the spread between spot and futures prices.
Bitwise Asset Management explained on X that USCC is a tokenized fund “designed to generate returns through a crypto cash-and-carry strategy, capturing yield from the spread between spot and futures prices for Bitcoin, Ethereum, XRP, and Solana.”
The fund’s assets extend beyond these crypto trades and include cryptocurrency-linked positions, futures contracts, collateral assets, and US Treasury securities.
Ownership is verified through USCC, which is held either as a token or through book-entry records.
Bitwise Asset Management stated:
“This transition marks Bitwise’s entry into the tokenized fund sector, strengthening its presence in a market where it has long been a trusted player.”
Subscriptions and redemptions are conducted in US dollars or USD Coin, with liquidity available on every trading day.
The asset manager described the fund as “our first tokenized fund and an important step forward in how we serve institutional investors on blockchain infrastructure.”
Superstate, a fintech company specializing in blockchain capital markets infrastructure, will continue operating FundOS for the tokenized fund.
Superstate Will Retain the FundOS Role After the Transition to Bitwise
Following completion of the deal, the crypto asset manager will assume full responsibility for USCC investment management.
Superstate will step away from fund management and focus on FundOS, its blockchain fund infrastructure platform.
USCC institutional investors include crypto hedge funds, venture funds, corporations, custodians, high-net-worth individuals, and protocols.
The broader agreement combines Bitwise Asset Management’s crypto asset management operations with the blockchain fund infrastructure provided by Superstate.
Bitwise Asset Management confirmed:
“On June 1, 2026, fund management will transition from Superstate to Bitwise, while Superstate will continue powering the on-chain infrastructure.”
The transition also gives Bitwise its first tokenized fund.
The crypto asset manager oversees $11 billion in client assets across more than 70 products, including ETFs, separately managed accounts, private funds, hedge fund strategies, and staking products.
Its clients include private wealth management teams, independent investment advisors, family offices, institutional investors, banks, and brokerage firms, supported by more than 200 technology and investment professionals based in San Francisco, New York City, and London.
See also: "Bitcoin ETFs Attracted $532.2 Million in One Day"
