Bitwise has closed a $259 million acquisition of Superstate's USCC Fund, also known as the Crypto Carry Fund, marking the asset manager's first foray into tokenized on-chain funds. The deal, announced on June 2, gives Bitwise control of a portfolio that targets carry trades in digital assets, a strategy that has drawn increasing interest from institutional investors this year.
The size of the deal
The $259 million price tag reflects the fund's existing assets and the premium Bitwise was willing to pay to enter the on-chain space quickly. Superstate launched the USCC Fund last year and built a reputation for managing crypto carry strategies through tokenized shares — essentially blockchain-based representations of fund units. For Bitwise, buying an established product rather than building from scratch shortens the time to market.
Why tokenized funds are gaining traction
Tokenized on-chain funds allow investors to trade fund shares 24/7 on decentralized platforms, settle instantly, and avoid traditional cut-off times. The category has grown rapidly as asset managers look to meet demand for more liquid, transparent investment vehicles. Bitwise's move signals that even established players see tokenization as more than a niche experiment.
What happens to Superstate
The acquisition folds Superstate's fund management team into Bitwise's operations. Superstate will continue to exist as a separate entity for now, but the deal effectively transfers its flagship product and the associated intellectual property. Neither side has disclosed whether Superstate plans to launch new funds or pivot to a different strategy.
The closing comes at a time when traditional asset managers are experimenting with on-chain products, but most have stuck with pilot programs. Bitwise's purchase of an active fund is one of the largest signal that the sector is moving toward commercial scale.
