Bitwise expands into tokenized investment space through Superstate crypto carry fund acquisition
In a move reflecting rising appetite for actively managed blockchain-based investment vehicles, Bitwise is set to assume control of Superstate's tokenized crypto carry fund.
Crypto asset manager Bitwise Asset Management is preparing to assume management duties for Superstate's tokenized crypto carry fund, representing the firm's inaugural move into the tokenized investment product sector.
The investment vehicle, presently operating under the name Superstate Crypto Carry Fund (USCC), aims to produce returns by executing crypto cash-and-carry strategies, which capture the pricing differential between cryptocurrency spot markets and futures contracts. Available exclusively to qualified purchasers, the fund is slated to undergo a rebrand to the Bitwise Crypto Carry Fund following the completion of the transition on June 1.
According to Superstate's announcement, the company will retreat from its fund management operations to concentrate efforts on FundOS, its technological infrastructure platform designed for tokenized funds, as Bitwise takes on the investment management duties for USCC. Superstate will maintain its role in running the fund's blockchain-based infrastructure, encompassing token issuance, transfer agency services and smart contract operations.
The investor base for USCC comprises hedge funds, venture funds, corporations, wealthy individuals and crypto protocols, as stated in the announcement. According to information from RWA.xyz, the fund currently holds approximately $224.6 million in assets under management.
Overseeing roughly $11 billion in client assets according to the company, Bitwise provides various crypto investment products encompassing exchange-traded funds, private funds and staking services, whereas Superstate runs blockchain-powered fund infrastructure and tokenized Treasury products.
In January, Superstate successfully raised $82.5 million to facilitate expansion of its blockchain-based infrastructure supporting tokenized equities and onchain securities issuance.
Active crypto investment strategies expand onchain
The current year has witnessed tokenized investment products diversifying beyond Treasury-backed funds to encompass more actively managed strategies. According to RWA.xyz data, tokenized real-world assets have expanded to exceed $31 billion, with approximately $1.2 billion allocated to active-strategy products.
Currently, RWA.xyz monitors 29 tokenized active-strategy products, with the Superstate Crypto Carry Fund ($224.6 million) positioned among the largest offerings, together with Spiko Amundi Overnight Swap Fund (EUR) ($367.6 million) and Mantle Index Four Fund ($134.1 million).
Extending beyond tokenized funds, crypto exchange-traded products have similarly evolved past simple passive price-tracking exposure toward more actively managed and yield-generating strategies.
During an exclusive interview with Cointelegraph in March, 21Shares President Duncan Moir expressed that crypto's rapidly-evolving market structure positions the asset class as especially well-suited to actively managed investment products.
In January, regulated DeFi exchange DigiFT unveiled what it characterized as the first actively managed tokenized equity fund on Ethereum in collaboration with BNY, while Laser Digital rolled out a tokenized Bitcoin yield fund utilizing arbitrage, lending and options strategies to produce returns exceeding spot BTC exposure.
On a global scale, actively managed ETFs contained nearly $1.8 trillion in assets by the end of 2025, based on Morningstar and Goldman Sachs Asset Management data.