Bitwise completed the transfer of Superstate’s Crypto Carry Fund (USCC), gaining control of a tokenized investment fund focused on crypto cash-and-carry trading strategies. This market-neutral approach aims to exploit the price difference between cryptocurrency futures and spot markets, generating yield for qualified investors.
The fund retains its USCC ticker and existing smart contract infrastructure after the transition. As of late May, the fund held approximately $259 million in assets under management and delivered an estimated yield close to 4%. Its portfolio combines cash collateral, tokenized Treasury exposure, and a selection of digital assets, including staked Solana (SOL), EtherFi’s wrapped Ether (eETH), and XRP.
Superstate has shifted its priorities toward FundOS, a platform dedicated to tokenized funds, prompting the handover to Bitwise. The fund’s shares continue to be supported by decentralized finance protocols like Aave, Kamino, and Morpho, facilitating borrowing and lending operations within the DeFi ecosystem.
Based in San Francisco and founded in 2017, Bitwise manages roughly $11 billion across various products such as ETFs, private funds, separate accounts, and staking services. The acquisition aligns with a broader surge in tokenized active-strategy crypto funds, which have seen assets under management soar over 200% within a year, rising from about $449 million in mid-2025 to $1.38 billion by May 2026, according to RWA.xyz data.
This expanding category includes diverse strategies such as crypto carry trades, indexing, and volatility management. Among the largest tokenized funds are the Spiko Amundi Overnight Swap Fund, the Mantle Index Four Fund, and the Sailing Investment Limited Partnership Fund, with substantial distributed values. Asset managers are also integrating actively managed crypto strategies into ETFs, with recent moves from firms like T. Rowe Price and Goldman Sachs toward crypto-focused ETFs featuring direct digital asset investments and Bitcoin income generation.