Bitwise has wrapped up its acquisition of Superstate's $259 million tokenized crypto carry fund. The fund combines crypto carry trades with Treasury and digital asset exposure, a hybrid structure that's unusual in the space. The deal closed as of this week, according to a statement.
The Fund's Makeup
The fund pools crypto carry strategies — think taking long and short positions to capture funding rate differentials — alongside plain Treasury bills and digital asset holdings. It's tokenized, meaning ownership is recorded on a blockchain, which makes onboarding and settlement faster than traditional fund structures. Superstate launched the product last year, and it had accumulated $259 million in assets under management by the time Bitwise stepped in.
Why Bitwise Bought It
Bitwise didn't say much about its reasoning in the announcement. But the fund gives the firm a ready-made vehicle in a niche that's getting attention from yield-seeking institutional investors. Carry trades in crypto aren't new, but pairing them with Treasuries is a way to dampen volatility while still generating returns from the crypto market. Tokenization also fits with Bitwise's broader bet that on-chain products will replace older fund infrastructure over time.
What Comes Next
The purchase is done, but Bitwise hasn't outlined any immediate changes to the fund's management team or fee structure. The firm now manages roughly $5 billion in total, by our count, and the Superstate addition gives it one more product aimed at the intersection of traditional finance and digital assets. Whether the fund keeps its existing branding or gets rolled into Bitwise's own product line is an open question — the firm hasn't said.
