SAN FRANCISCO and NEW YORK — May 7, 2026
Executive Summary
Bitwise Asset Management and Superstate have announced plans to transition investment management responsibilities for the Superstate Crypto Carry Fund (USCC) to Bitwise Asset Management. Upon completion of the transition, expected on June 1, 2026, the fund will be renamed the Bitwise Crypto Carry Fund while maintaining the existing USCC ticker, token address, and smart contract infrastructure. The partnership marks Bitwise’s entry into tokenized funds and reflects Superstate’s strategic focus on expanding its FundOS infrastructure platform for onchain funds. The USCC fund currently manages more than $267 million in assets under management and is designed to provide qualified purchasers with exposure to crypto cash-and-carry yield strategies. According to the companies, the transition is intended to preserve continuity for existing investors while combining Bitwise’s crypto asset management capabilities with Superstate’s onchain infrastructure platform.
Announcement Overview
Bitwise Asset Management and Superstate announced the intended transition of investment management responsibilities for the Superstate Crypto Carry Fund, known by the ticker USCC, to Bitwise. Following the transition, Bitwise will serve as the investment manager of the fund, which will be renamed the Bitwise Crypto Carry Fund.
According to the announcement, the transaction represents Bitwise’s inaugural entry into tokenized investment funds, expanding the firm’s participation in the growing onchain asset management sector. Superstate stated that the transition aligns with its strategic direction to prioritize FundOS, its infrastructure layer supporting tokenized and onchain investment products.
The companies stated that USCC will continue operating on Superstate’s infrastructure after the transition. Existing investors are expected to experience continuity across the fund’s operational framework, including tokenized issuance, transfer agency functionality, smart contracts, and token addresses. The transition is expected to be completed on June 1, 2026.
Key Announcement Details
• Announcement Type: Tokenized fund investment management transition
• Fund Name After Transition: Bitwise Crypto Carry Fund
• Current Fund Ticker: USCC
• Transition Completion Date: Expected June 1, 2026
• Current Assets Under Management: More than $267 million
• Fund Availability: Qualified purchasers only
• Investment Strategy: Crypto cash-and-carry yield strategy
• Infrastructure Provider: Superstate
• Investment Manager After Transition: Bitwise Asset Management
• Operational Continuity: Existing ticker, smart contracts, and token addresses retained
• Primary Market Focus: Tokenized crypto investment products
• Fund Structure: Onchain tokenized investment fund
• Core Infrastructure Platform: FundOS by Superstate
• Target Investor Base: Institutional and crypto-native investors
• Investor Categories Mentioned: Hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols
• Bitwise Client Assets Referenced: $11 billion as of April 1, 2025
• Tokenized RWA Market Size Referenced: More than $30 billion globally
• Tokenized U.S. Treasury Market Referenced: More than $15 billion
• Projected Tokenized Asset Market Size: $18.9 trillion by 2031
• Infrastructure Continuity During Transition: No disruption expected for existing investors
• Core Operational Services Maintained by Superstate: Tokenized issuance and digital transfer agency services
Tokenized Fund Transition and Investment Management Structure
The announcement stated that Bitwise will assume full investment management responsibilities for the USCC fund following completion of the transaction. The fund currently operates as a tokenized crypto carry strategy available to qualified purchasers and is designed to generate yield through crypto cash-and-carry trading strategies.
According to the companies, the structure seeks to capitalize on the premium that crypto futures prices may trade at relative to spot prices. The fund has reportedly attracted a wide range of institutional and crypto-native investors.
The investor base identified in the announcement includes:
- Hedge funds
- Venture capital funds
- Corporations
- Vaults
- Wealthy individuals
- Protocols
The announcement stated that the fund currently manages more than $267 million in assets under management, with the figure cited as of April 30, 2026.
Bitwise stated that the transition expands its presence into tokenized fund management while allowing the company to combine its crypto investment management experience with Superstate’s infrastructure systems for onchain financial products.
Superstate stated that its role after the transition will remain focused on infrastructure support rather than investment management. The company indicated that FundOS, its infrastructure platform for tokenized funds, will continue powering USCC after Bitwise assumes management responsibilities.
Bitwise’s Entry Into Tokenized Funds
The transition represents Bitwise’s first announced tokenized fund initiative. According to the companies, the move reflects growing institutional engagement with tokenized financial products and blockchain-based investment infrastructure.
The announcement stated that tokenized investment strategies are becoming an increasingly active segment of digital asset markets due to features associated with blockchain-based financial products, including:
- 24/7 trading access
- Utility within decentralized finance ecosystems
- Operational transparency
- Settlement efficiency
- Expanded investor accessibility
Hunter Horsley, Chief Executive Officer of Bitwise, commented on the transaction and the broader movement toward tokenized financial infrastructure.
“Capital markets are moving onchain. It’s happening fast, and tokenized investment strategies are a core part of this platform shift,” said Hunter Horsley, CEO of Bitwise. “Traditional and crypto-native institutions are increasingly using tokenized funds to benefit from their 24/7 trading, utility in DeFi, transparency, and efficiency. We’re thrilled to join Superstate’s best-in-class infrastructure with Bitwise’s track record in crypto asset management to continue to expand access to the full range of opportunities for investors in crypto.”
The announcement positioned the partnership as a combination of Bitwise’s asset management operations and Superstate’s tokenized infrastructure capabilities.
Institutional Interest in Tokenized Funds
The companies stated that the agreement comes during a period of expanding institutional interest in tokenized financial products and onchain investment structures.
According to the announcement, the market for tokenized real-world assets has exceeded $30 billion globally. The companies also cited data indicating that tokenized U.S. Treasury products alone have surpassed $15 billion in market size, making yield-bearing tokenized funds one of the fastest-growing categories within tokenized assets.
The announcement further referenced projections concerning broader tokenized asset markets, stating that the market could reach approximately $18.9 trillion by 2031.
The cited drivers behind this growth include:
- Improved liquidity
- Settlement efficiency
- Expanded investor access
- Blockchain-based infrastructure adoption
- Institutional participation in tokenized finance
The announcement stated that major financial institutions are increasingly evaluating blockchain infrastructure for capital markets applications and tokenized investment products.
Superstate’s Infrastructure Role and FundOS Platform
Superstate stated that the transition reflects its decision to concentrate on FundOS, the company’s infrastructure platform for onchain investment funds.
According to the announcement, Superstate will continue providing operational infrastructure services supporting the USCC fund after the transition is completed. These services are expected to include:
- Tokenized issuance infrastructure
- Digital transfer agency services
- Onchain operational support
- Fund infrastructure management
The companies stated that the continuation of the same smart contracts, ticker symbol, and token addresses is intended to avoid disruption for existing investors.
Robert Leshner, Founder and Chief Executive Officer of Superstate, commented on the partnership and the role of FundOS infrastructure in supporting institutional asset managers.
“We’re proud to welcome Bitwise as the investment manager of USCC. Bitwise is one of the most trusted names in crypto, and this partnership is a great example of what FundOS makes possible: world-class asset managers running tokenized funds on Superstate’s infrastructure.”
The announcement described FundOS as infrastructure designed to support tokenized fund operations while enabling asset managers to operate investment products onchain.
Crypto Cash-and-Carry Strategy Structure
According to the announcement, the USCC fund seeks to generate yield through the crypto cash-and-carry trade structure. The strategy is designed to capitalize on differences between crypto futures prices and spot market prices.
The companies stated that the strategy focuses on the persistent premium of crypto futures prices relative to spot prices. The fund is structured as a tokenized investment vehicle available to qualified purchasers.
The announcement identified the strategy as part of the expanding market for tokenized yield-bearing financial products. The companies stated that institutional participants are increasingly utilizing blockchain-based structures for access to digital asset investment opportunities.
The operational design of the fund includes onchain infrastructure and tokenized issuance capabilities provided through Superstate’s systems.
Continuity for Existing Investors
The announcement stated that existing investors are expected to experience continuity throughout the transition process.
The companies specifically stated that the following components will remain unchanged:
- USCC ticker
- Smart contracts
- Token address
- Infrastructure support systems
Bitwise will assume investment management responsibilities while Superstate continues operating infrastructure services connected to the fund.
According to the companies, this structure is intended to ensure operational continuity during and after the transition process.
Risks and Important Information
The announcement included a detailed risks and important information section relating to the Bitwise Crypto Carry Fund and crypto asset investments generally.
According to the statement, the information provided by Bitwise is intended solely for qualified investors in connection with a potential opportunity to subscribe for shares in the fund.
The announcement stated that:
- The information does not constitute an offer to sell securities
- The information does not constitute a solicitation to buy securities
- Any offering would occur only through definitive offering documents
- All offerings would be subject to applicable securities laws
The companies also stated that certain Bitwise investment products may involve substantial risks associated with crypto asset investments.
The announcement identified several risk considerations, including:
- Regulatory uncertainty
- Potential restrictions on crypto asset use or exchange
- Declines in crypto asset popularity or adoption
- Price volatility
- Potential investment losses
- High volatility exposure
- Risk of losing all or part of invested capital
The announcement further stated that investors should be prepared to accept significant volatility and investment risk associated with crypto-related investment products.
According to the statement, the shares are expected to be offered pursuant to exemptions under:
- Section 4(a)(2) of the Securities Act of 1933
- Rule 506 of Regulation D
- Applicable state securities exemptions
The companies also stated that:
- The shares are not registered under the Securities Act
- The shares are not registered under the Investment Company Act of 1940
- The fund does not currently operate a redemption program
- There is no guarantee the fund will meet its investment objective
The announcement concluded the risk disclosures by stating that the investment opportunity is intended for qualified investors only.
About Bitwise
Bitwise Asset Management is a global crypto asset manager with approximately $11 billion in client assets, according to figures cited as of April 1, 2025.
The company stated that its investment platform includes more than 70 investment products spanning several categories, including:
- Exchange-traded funds
- Separately managed accounts
- Private funds
- Hedge fund strategies
- Staking-related investment products
According to the announcement, Bitwise serves:
- More than 5,000 private wealth teams
- Registered investment advisers
- Family offices
- Institutional investors
- 21 banks and broker-dealers
The company stated that its workforce includes more than 200 technology and investment professionals and that it maintains offices in:
- San Francisco
- New York
- London
The announcement also referenced the company’s eight-year operating track record in crypto asset management.
About Superstate
Superstate described itself as a financial technology company focused on modernizing public capital markets through blockchain-based infrastructure and tokenized financial products.
According to the company, its platform is designed to connect financial assets with crypto capital markets to support:
- Expanded market access
- Liquidity improvements
- Capital formation
- Onchain investment operations
The company identified several offerings within its platform ecosystem, including:
- Opening Bell
- A platform focused on compliant onchain equity issuance and tokenization
- USTB
- A tokenized fund backed by U.S. Treasuries
- USCC
- A tokenized fund designed for crypto basis exposure
The company stated that its infrastructure is intended to support tokenized investment products operating within blockchain-based financial systems.
Media Contact
For additional information, visit superstate.co.
Source Attribution
Source: Company announcement
