Bitwise finalizes acquisition of $259M crypto carry fund from Superstate
The acquisition provides the investment firm with oversight of a tokenized investment vehicle that merges crypto carry trading strategies with exposure to Treasury securities and digital currencies.
The acquisition of Superstate's Crypto Carry Fund (USCC) by Bitwise has been finalized, providing the investment firm with oversight of a tokenized fund that employs market-neutral cryptocurrency trading methodologies to produce returns.
On May 7, Bitwise announced it would take over the fund's management from Superstate as the infrastructure provider pivoted its strategic priorities toward its tokenized fund platform, FundOS.
Accessible exclusively to qualified purchasers, the fund aims to produce returns utilizing crypto cash-and-carry trading strategies, an approach that exploits the price differential between cryptocurrency futures contracts and spot market prices. The transition preserves both the USCC token ticker designation and the current smart contract infrastructure.
As reported by Bitwise, the fund maintained assets under management totaling approximately $259 million as of May 29, delivering a yield of roughly 4%. Portfolio disclosure documents reveal the fund's holdings encompass a diversified mix of cash collateral, exposure to tokenized Treasury securities, and various crypto assets, including staked Solana (SOL), EtherFi's wrapped Ether (eETH) and XRP (XRP).
According to Superstate's website, USCC shares have been integrated into DeFi protocols such as Aave, Kamino and Morpho, enabling participants to engage in borrowing and lending operations.
Founded in 2017 and headquartered in San Francisco, Bitwise is a crypto asset management firm that reports overseeing approximately $11 billion in client assets distributed across ETFs, private investment funds, separately managed accounts and staking offerings.
Tokenized active-strategy funds see rapid growth
This acquisition occurs during a period of substantial expansion in the tokenized active-strategy fund sector, which encompasses investment vehicles focused on crypto carry trading, index-based strategies and volatility-oriented products.
According to data from RWA.xyz, the tokenized active-strategy fund category experienced growth from approximately $449 million in assets during June 2025 to roughly $1.38 billion by May 2026's conclusion, representing an expansion exceeding 200% throughout the 12-month period.
Among the category's leading products are the European-traded Spiko Amundi Overnight Swap Fund, boasting approximately $428 million in distributed value, the Mantle Index Four Fund holding roughly $134 million, and the Sailing Investment Limited Partnership Fund with assets totaling around $105 million.
Investment management firms are simultaneously introducing actively managed cryptocurrency strategies into the exchange-traded fund (ETF) marketplace. During March, T. Rowe Price modified its filing for an actively managed crypto ETF that would receive authorization to invest directly in digital currencies including Bitcoin (BTC), Ether (ETH), Solana and XRP.
In the subsequent month, Goldman Sachs submitted regulatory documentation to establish an actively managed Bitcoin income ETF designed to produce yield through the sale of options contracts linked to spot Bitcoin exchange-traded products.