Bitwise Asset Management is jumping into the tokenized fund space. On May 7 the firm announced it's taking over USCC, a crypto carry fund with $277.8 million in assets. The deal gives Bitwise its first onchain fund — and it keeps the same ticker, smart contracts, and token address.
What stays the same
USCC won't rebrand or redeploy. The existing token holders won't see any change in their onchain positions. Superstate, the outfit that built the fund's infrastructure, will keep supporting it under Bitwise's watch. For a market used to constant rewrites, that continuity matters.
Why this deal
Bitwise has been a traditional ETF issuer for years. Tokenized funds — where shares live on a blockchain — are a different game. USCC gives them an instant footprint without starting from scratch. The fund is a carry strategy, meaning it aims to capture the spread between spot and futures prices. That's a well-worn trade in crypto, but wrapping it in a tokenized structure makes it accessible to a broader set of wallets and DeFi protocols.
Tokenized real-world assets are growing, but most of the action has been in money-market funds and private credit. A crypto carry fund is a different niche. Bitwise is betting that institutional and retail investors both want exposure to that strategy onchain — without leaving their self-custody setup.
The transition is already underway. USCC's existing holders don't need to do anything; the fund will operate under Bitwise's compliance and marketing apparatus going forward. No date has been set for a formal relaunch, but the ticker is live and the smart contracts are still running. The question now is whether Bitwise will expand the model — or keep it as a one-off.
