Bitwise Asset Management is taking over management of the Superstate Crypto Carry Fund, a roughly $267 million tokenized cash-and-carry strategy. The fund will be renamed the Bitwise Crypto Carry Fund, the firm said this week. The move adds another institutional-scale product to Bitwise's lineup and signals growing appetite for tokenized investment vehicles.
Cash-and-carry in a token
The fund, previously known as USCC, runs a classic crypto cash-and-carry trade — buying spot Bitcoin or ether while shorting futures to capture the basis. What made it different was the wrapper: it issued tokens representing shares, letting investors trade fund units on-chain. Superstate, the original issuer, built the fund around that tokenized structure. Bitwise will keep the same strategy and the same tokenized format.
Tokenized products find a market
Tokenized funds have been gaining traction this year, particularly among institutions that want blockchain-based settlement without leaving the regulated fund ecosystem. The Superstate fund was one of the larger examples. Bitwise, which already manages several crypto index and thematic funds, is betting the tokenized model can scale. The $267 million under management suggests the market agrees — at least for now.
What happens next
The transition is expected to take effect as announced, though Bitwise hasn't given a specific date. Investors in the fund will see their holdings move to the new Bitwise entity automatically. The renaming is the main change; the strategy and the tokenized share class stay. With institutions still testing tokenized products, this deal gives Bitwise a live, sizable vehicle to point to — and gives Superstate a partner to handle the heavy lifting of fund administration.
