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Bitwise Asset Management will assume investment management of the Superstate Crypto Carry Fund, known by its on-chain ticker USCC, the two firms announced on May 7, 2026, with the fund to be renamed the Bitwise Crypto Carry Fund upon completion of the transition. The deal, reported the same day by CoinDesk's markets desk, marks Bitwise's first entry into tokenized fund management and gives the firm stewardship over a vehicle carrying more than $267 million in assets under management.
USCC is a tokenized fund restricted to qualified purchasers that seeks yield through the crypto cash-and-carry trade — capturing the spread between spot crypto prices and the typically higher prices of crypto futures contracts. The fund's investor base spans hedge funds, venture funds, corporations, decentralized finance vaults, wealthy individuals, and protocols, according to the official joint announcement on PR Newswire. Bitwise, which manages $11 billion in client assets across exchange-traded products and private funds, described the acquisition as its inaugural move into on-chain tokenized investment products.
Superstate will not exit the arrangement entirely. The fintech firm will continue to operate FundOS, its blockchain infrastructure platform for on-chain funds, which will remain the technical backbone of USCC after the management handover. Token contracts, the USCC ticker, and existing blockchain addresses will remain unchanged for current investors, meaning the transition is an investment management substitution rather than a fund migration or restructuring. Superstate will also continue handling token issuance and transfer services under the new arrangement.
The USCC handover is the second fund divestiture Superstate has executed in recent weeks. Earlier, the $2.2 trillion asset manager Invesco assumed management of Superstate's on-chain money market fund, which provides investors with U.S. Treasury yield. The two transactions together indicate that Superstate, founded by Compound protocol creator Robert Leshner, has made a deliberate strategic decision to exit direct fund management and concentrate resources on FundOS as a white-label infrastructure offering for other managers.
Bitwise Chief Executive Hunter Horsley stated that capital markets are moving on-chain and that tokenized investment strategies are a core part of that shift, according to the joint press release. More than $100 million of USCC's assets are actively deployed as collateral in decentralized finance protocols including Aave and Kamino, a feature that distinguishes the fund from more conventional tokenized Treasury or money market vehicles and introduces a distinct risk profile tied to DeFi protocol governance and liquidity conditions.
The broader market for tokenized real-world assets has expanded materially in the period leading up to this transaction. Data tracked by RWA.xyz shows tokenized U.S. Treasuries alone surpassed $15 billion in on-chain AUM, with yield-bearing funds representing the fastest-growing category within the tokenized asset class. USCC's $267 million AUM places it among the larger single tokenized fund vehicles currently operating on public blockchain infrastructure.
What Remains Unclear: Bitwise
The joint announcement and press release left several material items undisclosed. Neither Bitwise nor Superstate stated the financial terms of the management transition — no acquisition price, revenue-sharing arrangement, or fee structure was disclosed. The fund's regulatory domicile and the jurisdiction governing the investment management agreement were not identified in available source materials.
Neither firm addressed governance of the DeFi collateral deployments — specifically, which entity will hold decision-making authority over protocol selection, collateral concentration limits, and liquidation procedures once Bitwise assumes the manager role. The effective date of the formal handover was not stated beyond the May 7 announcement, and no minimum or maximum AUM threshold that would alter the arrangement was disclosed. The press release also did not specify whether existing qualified purchaser agreements require investor consent to the manager substitution or whether the transition proceeds automatically under existing fund documents.
The immediate operational effect of the announcement is that Bitwise becomes the named investment manager of a $267 million on-chain fund while Superstate retains the underlying token infrastructure role. What the announcement does not establish: the financial consideration exchanged between the two firms, the regulatory framework governing the renamed Bitwise Crypto Carry Fund, or the governance structure that will apply to the fund's active DeFi collateral positions once the management transition closes.
