Bitwise Enters Tokenization With $267M USCC Takeover

TLDR

• Bitwise will assume investment management of the $267 million USCC fund on June 1.
• The fund will be renamed the Bitwise Crypto Carry Fund after the transition.
• Superstate will continue to provide blockchain infrastructure and token services.
• USCC uses a crypto cash and carry strategy to capture price gaps between spot and futures markets.
• More than $100 million of the fund’s assets are deployed in DeFi protocols such as Aave and Kamino.

Bitwise will assume control of Superstate’s Crypto Carry Fund on June 1, marking its first entry into tokenization. The fund manages over $267 million and operates under the ticker USCC. Both firms confirmed that Bitwise will take over investment management while Superstate maintains blockchain infrastructure services.

Bitwise Expands into Tokenization with USCC Transition

Bitwise will take responsibility for managing the Superstate Crypto Carry Fund starting June 1. The firms said the fund will adopt the name Bitwise Crypto Carry Fund after the transition.

However, the structure will remain intact, and USCC will keep its ticker and token contracts. Superstate will continue to handle token issuance and transfer operations onchain.

USCC manages more than $267 million in assets for qualified investors. The fund provides exposure to a crypto cash-and-carry strategy.

The strategy seeks returns from price gaps between spot crypto assets and futures contracts. Futures often trade at a premium during bullish conditions, and the fund aims to capture that spread.

More than $100 million of the fund’s assets serve as collateral in decentralized finance protocols. These protocols include Aave and Kamino.

Bitwise oversees about $11 billion in crypto assets across exchange-traded funds and private vehicles. Through this transaction, the firm enters the market for tokenized investment products.

Bitwise CEO Hunter Horsley addressed the move in a statement. “Capital markets are moving onchain,” he said.

He added that traditional and crypto-native institutions now use tokenized funds. His comments followed confirmation of the planned takeover.

Superstate Shifts Focus as Onchain Funds Grow

Superstate founded the Crypto Carry Fund and built its blockchain framework. The company now plans to concentrate on its FundOS infrastructure platform.

Robert Leshner, founder of Superstate and creator of Compound, leads the firm’s tokenization strategy. The company will step back from direct fund management after the transition.

Last month, Invesco took over Superstate’s onchain money market fund. That product provides investors with U.S. Treasury yield exposure.

Invesco manages about $2.2 trillion in assets globally. The takeover marked another change in Superstate’s operating model.

Tokenized funds allow investors to hold blockchain-based ownership tokens in traditional investment products. These tokens can settle and transfer around the clock.

Supporters say tokenization can reduce settlement times and improve fund mobility. Investors can also use tokenized shares in decentralized finance systems.

Data from RWA.xyz shows tokenized real-world assets exceed $30 billion globally. Tokenized U.S. Treasury products account for more than $15 billion of that total.

USCC investors will retain the same blockchain address and token contracts after the change. Superstate will continue to support issuance and transfers even after Bitwise assumes management control.

The post Bitwise Enters Tokenization With $267M USCC Takeover appeared first on CoinCentral.