
Bitwise has officially assumed management of the $259 million Crypto Carry Fund (USCC) from Superstate, marking a significant consolidation in the tokenized active-strategy market. The fund utilizes market-neutral crypto cash-and-carry trades to generate yield, currently reporting approximately 4% returns. Its portfolio comprises a diverse mix of cash collateral, tokenized Treasurys, and digital assets such as staked Solana, EtherFi's wrapped Ether, and XRP. While Bitwise takes over the fund's management, the USCC ticker and existing smart contracts remain unchanged, ensuring continuity for qualified purchasers. Superstate is pivoting its strategic focus toward its FundOS tokenized fund platform following this transition. This move highlights the rapid expansion of the tokenized active-strategy sector, which grew from $449 million to $1.38 billion in assets between June 2025 and May 2026. As major asset managers increasingly integrate crypto strategies into both tokenized vehicles and ETFs, this acquisition underscores the growing institutional appetite for sophisticated, yield-generating digital asset products.
Superstate is an infrastructure company focused on building platforms for tokenized funds, specifically its FundOS system. The firm specializes in bridging traditional financial assets with blockchain technology to create programmable, on-chain investment vehicles.
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