Bitwise completes takeover of Superstate's $259M crypto carry fund
Active Strategies
Bitwise has officially assumed management of the $259 million Crypto Carry Fund (USCC) from infrastructure provider Superstate. This transition allows Superstate to pivot its operational focus toward its FundOS tokenized fund platform while Bitwise integrates the vehicle into its $11 billion asset management portfolio. The USCC fund utilizes market-neutral crypto cash-and-carry strategies to generate a reported 4% yield by capturing premiums between futures and spot prices. Its portfolio composition includes cash collateral, tokenized Treasurys, and digital assets such as staked Solana, EtherFi's eETH, and XRP. The fund remains accessible to qualified purchasers and maintains its existing smart contracts and ticker symbol. This acquisition 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 institutions like T. Rowe Price and Goldman Sachs explore actively managed crypto ETFs, this move underscores the increasing convergence between traditional asset management and sophisticated on-chain yield strategies.
Key points
- ▸Bitwise acquired the $259 million USCC tokenized fund from Superstate on May 29.
- ▸USCC generates yield via crypto cash-and-carry trades, currently reporting a 4% return.
- ▸Tokenized active-strategy funds grew over 200% to $1.38 billion since June 2025.
- ▸USCC shares are compatible with DeFi protocols including Aave, Kamino, and Morpho.
Background
Superstate is an infrastructure company focused on building platforms for tokenized funds, such as its FundOS system. The company specializes in bridging traditional financial assets with blockchain technology to create programmable, on-chain investment vehicles.
Relevance
8/10
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