Bitwise Takes Over Superstate's Crypto Carry Fund

Bitwise completed its takeover of Superstate's Crypto Carry Fund (USCC), giving the asset manager control of a tokenized investment vehicle that uses market-neutral crypto trading strategies to generate yield.

Bitwise said on May 7 it would assume management of the fund from Superstate as the infrastructure company shifted its focus toward FundOS, its tokenized fund platform.

The fund is available to qualified purchasers and seeks to generate yield through crypto cash-and-carry trades, a strategy that captures the premium between cryptocurrency futures and spot prices. It retains the USCC token ticker and existing smart contracts following the transition.

According to Bitwise, the fund held approximately $259 million in assets under management as of May 29 and reported around a 4% yield. Fund disclosures show the portfolio includes a mix of cash collateral, tokenized Treasurys exposure and crypto assets, including staked Solana (SOL), EtherFi's wrapped Ether (eETH) and XRP (XRP).

Superstate's website shows USCC shares are supported on DeFi protocols including Aave, Kamino and Morpho for borrowing and lending activities.

Bitwise, a San Francisco-based crypto asset manager founded in 2017, said it manages approximately $11 billion in client assets across ETFs, private funds, separately managed accounts and staking products.

Bitwise Crypto Carry Fund. Source: Superstate

Related: Bitwise calls HYPE ‘most mispriced’ crypto despite 77% rise this year

Tokenized active-strategy funds see rapid growth

The takeover comes amid rapid growth in tokenized active-strategy funds, a category that includes funds tied to crypto carry trades, index strategies and volatility-focused products.

RWA.xyz data shows tokenized active-strategy funds grew from roughly $449 million in assets in June 2025 to about $1.38 billion by the end of May 2026, an increase of more than 200% over the 12 months.

Source: RWA.xyz

The category's largest products include the EU-traded Spiko Amundi Overnight Swap Fund, with roughly $428 million in distributed value, the Mantle Index Four Fund with about $134 million and the Sailing Investment Limited Partnership Fund with around $105 million.

Asset managers are also bringing actively managed crypto strategies to the exchange-traded fund (ETF) market. In March, T. Rowe Price amended plans for an actively managed crypto ETF that would be permitted to invest directly in digital assets including Bitcoin (BTC), Ether (ETH), Solana and XRP.

The following month, Goldman Sachs filed to launch an actively managed Bitcoin income ETF that would generate yield by selling options tied to spot Bitcoin exchange-traded products.