Bitwise To Take Over Superstate's $267M Tokenized Carry Fund

Bitwise Asset Management is set to acquire the management responsibilities for the Superstate Crypto Carry Fund, which currently oversees $267 million in assets under the ticker USCC. Effective June 1, the fund will be rebranded as the Bitwise Crypto Carry Fund, though it will maintain its existing smart contracts, token address, and operational mechanics. This transition marks Bitwise's strategic entry into the tokenized fund sector, leveraging its $11 billion in total crypto assets under management. The fund utilizes a cash-and-carry basis trade strategy, capturing spreads between spot prices and futures contracts to generate returns. Notably, over $100 million of the fund's capital is actively deployed as collateral within DeFi protocols such as Aave and Kamino. Superstate will continue to provide the underlying on-chain infrastructure via its FundOS platform, ensuring continuity for existing investors. This partnership highlights the growing institutional trend of migrating traditional investment strategies on-chain to benefit from 24/7 liquidity, increased transparency, and DeFi interoperability.