Bitwise Asset Management plans to take over management of Superstate’s tokenized crypto carry fund, marking the crypto asset manager’s entry into tokenized investment products.
The fund, currently called the Superstate Crypto Carry Fund (USCC), seeks to generate yield through crypto cash-and-carry trades, which involve capturing the premium between spot crypto prices and futures contracts. The fund is available to qualified purchasers and is expected to be renamed the Bitwise Crypto Carry Fund after the transition closes on June 1.
Superstate said it will step back from fund management to focus on FundOS, its infrastructure platform for tokenized funds, while Bitwise assumes investment management responsibilities for USCC. The company will continue operating the fund’s onchain infrastructure, including token issuance, transfer agency services and smart contracts.
USCC’s investors include hedge funds, venture funds, corporations, wealthy individuals and crypto protocols, according to the announcement. Data from RWA.xyz shows the fund has about $224.6 million in assets under management.
Superstate Crypto Carry Fund. Source: RWA.xyz
Bitwise, which says it manages about $11 billion in client assets, offers crypto investment products including exchange-traded funds, private funds and staking, while Superstate operates blockchain-based fund infrastructure and tokenized Treasury products.
Superstate raised $82.5 million in January to expand its blockchain-based infrastructure for tokenized equities and onchain securities issuance.
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Active crypto investment strategies expand onchain
This year has seen tokenized investment products expand beyond Treasury-backed funds into more actively managed strategies. RWA.xyz data shows tokenized real-world assets have grown to more than $31 billion, including about $1.2 billion tied to active-strategy products.
RWA.xyz currently tracks 29 tokenized active-strategy products, with the Superstate Crypto Carry Fund ($224.6 million) ranking among the largest, alongside Spiko Amundi Overnight Swap Fund (EUR) ($367.6 million) and Mantle Index Four Fund ($134.1 million).
Active tokenized funds. Source: RWA.xyz
Beyond tokenized funds, crypto exchange-traded products have also moved beyond passive price-tracking exposure into more actively managed and yield-generating strategies.
In an exclusive interview with Cointelegraph in March, 21Shares President Duncan Moir said crypto’s fast-evolving market structure makes the asset class particularly suited to actively managed investment products.
In January, regulated DeFi exchange DigiFT launched what it described as the first actively managed tokenized equity fund on Ethereum in partnership with BNY, while Laser Digital introduced a tokenized Bitcoin yield fund using arbitrage, lending and options strategies to generate returns beyond spot BTC exposure.
Globally, actively managed ETFs held close to $1.8 trillion in assets by the end of 2025, according to Morningstar and Goldman Sachs Asset Management data.
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