Bitwise Buys $278M Crypto Fund – Smart Contracts Stay, Bragging Rights Change Hands

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Bitwise is now the proud owner of USCC, a $277.8 million crypto carry fund that will retain its ticker, smart contracts, and token address. This move gives Bitwise its first tokenized fund while Superstate continues to fiddle with onchain infrastructure like a kid who won’t let go of a toy.

Key Takeaways:

  • Bitwise will take over USCC, a tokenized crypto carry fund with $277.8 million in assets. Because nothing says “trust us” like handing over $278 million to a company named after a binary operation.
  • USCC hunts yield from cash-and-carry trades involving BTC, ETH, XRP, and SOL futures. Because why settle for one cryptocurrency when you can overcomplicate your portfolio?
  • Fund holdings also include crypto-related positions, futures contracts, collateral assets, and U.S. Treasury securities. Because nothing says “diversification” like throwing everything but the kitchen sink into a basket.

Bitwise Enters Tokenized Funds With USCC Management Shift

Bitwise Asset Management announced May 7 that it will become the investment manager of the Superstate Crypto Carry Fund (USCC), a tokenized crypto carry fund with roughly $277.8 million in assets. The transition, scheduled for June 1, 2026, will rename the vehicle the Bitwise Crypto Carry Fund-though the ticker, smart contracts, and token address will stay the same. Because why change a winning team, right?

Available to qualified purchasers, USCC offers access to crypto basis strategies, or the difference between spot and futures prices. Bitwise explained on X that USCC is a tokenized fund “that seeks to earn yield via the crypto cash-and-carry trade, a strategy to generate yield from the gap between the spot and futures prices for BTC, ETH, XRP, and SOL.” Fund holdings also include crypto-related positions, futures contracts, collateral assets, and U.S. Treasury securities. Because if you’re going to gamble with other people’s money, why not do it in triplicate?

“The transition marks Bitwise’s entry into tokenized funds, deepening its presence in a market where it has long been a trusted voice.” – Whoever that means.

Subscriptions and redemptions are handled via USD or USDC, with liquidity available each market day. The asset management firm described the fund as “our inaugural tokenized fund, and a major step forward in how we serve institutional investors onchain.” Superstate, the financial tech firm that now has to watch from the sidelines, will continue operating FundOS for the tokenized fund. Because nothing says “collaboration” like a corporate version of musical chairs.

Superstate Keeps FundOS Role After Bitwise Takes Over

Once completed, the crypto asset manager will assume full investment management responsibilities for USCC. Superstate will now focus on FundOS, its infrastructure platform for on-chain funds. Because why let a good platform go to waste when you can outsource the hard part?

Institutional investors in USCC include crypto-native hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols. The broader arrangement combines Bitwise’s crypto asset management operations with Superstate’s onchain fund infrastructure. Bitwise affirmed:

“The fund will transition from Superstate’s management to Bitwise on June 1, 2026, with Superstate continuing to power the onchain rails.” – Because nothing says “progress” like handing the steering wheel but keeping the engine.

The transition also gives Bitwise its first tokenized fund. The crypto asset manager oversees $11 billion in client assets across more than 70 products, including ETFs, separately managed accounts, private funds, hedge fund strategies, and staking offerings. Its client base includes private wealth teams, RIAs, family offices, institutions, banks, and broker-dealers-all supported by more than 200 technology and investment professionals in San Francisco, New York, and London. Because if you’re going to manage billions, you might as well have enough people to fill a stadium.

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2026-05-07 18:27