Bitwise to become the investment manager of Superstate's $267 million AUM tokenized crypto carry fund, USCC.
SAN FRANCISCO and NEW YORK, May 7, 2026 /PRNewswire/ -- Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets (as of April 1, 2025), and Superstate, a leading financial technology firm reshaping capital market infrastructure, today announced the intent to transition investment management of the Superstate Crypto Carry Fund (USCC) to Bitwise. Bitwise will become the investment manager of the fund, which will be renamed the Bitwise Crypto Carry Fund.
USCC is a tokenized fund available to qualified purchasers that seeks to capture yield via the crypto cash-and-carry trade, capitalizing on the persistent premium of crypto futures prices over spot prices. With over $267 million1 in assets under management, the fund has attracted a broad base of crypto-native institutional investors, spanning hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.
The transition marks Bitwise's entry into tokenized funds, deepening its presence in a market where it has long been a trusted voice. For Superstate, it reflects a deliberate shift: stepping back from fund management to focus on FundOS, its infrastructure platform for onchain funds, which will continue to power USCC.
"Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this platform shift," said Hunter Horsley, CEO of Bitwise. "Traditional and crypto-native institutions are increasingly using tokenized funds to benefit from their 24/7 trading, utility in DeFi, transparency, and efficiency. We're thrilled to join Superstate's best-in-class infrastructure with Bitwise's track record in crypto asset management to continue to expand access to the full range of opportunities for investors in crypto."
The deal comes as institutional interest in tokenized funds reaches an inflection point. The on-chain market for tokenized real-world assets has grown to over $30 billion globally, with tokenized U.S. Treasuries alone surpassing $15 billion2, making yield-bearing funds the fastest-growing category. The broader tokenized asset market is projected to reach $18.9 trillion by 20313, as major financial institutions increasingly look to blockchain infrastructure to improve liquidity, settlement efficiency, and investor access.
"We're proud to welcome Bitwise as the investment manager of USCC. Bitwise is one of the most trusted names in crypto, and this partnership is a great example of what FundOS makes possible: world-class asset managers running tokenized funds on Superstate's infrastructure," -said Robert Leshner, Founder & CEO of Superstate.
Upon completion of the transition, expected on June 1, 2026, USCC will be renamed the Bitwise Crypto Carry Fund, while retaining the same USCC ticker, smart contracts, and token address. Bitwise will assume full investment management responsibilities for the fund, while Superstate will continue to operate the onchain infrastructure, including tokenized issuance and digital transfer agency services, ensuring no disruption to existing investors throughout the transition.
About Bitwise
Bitwise Asset Management is a global crypto asset manager with $11 billion in client assets and a suite of over 70 investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 5,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 21 banks and broker-dealers. The Bitwise team of over 200 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
About Superstate
Superstate is the leading financial technology firm modernizing public capital markets. We connect financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through onchain public investment products. Our offerings include Opening Bell, a platform for compliant onchain equity issuance and tokenization; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.com.
Risks and Important Information
Bitwise Investment Manager and its affiliates (collectively, "Bitwise") are providing this information to qualified investors for informational purposes only in relation to a potential opportunity to subscribe for shares ("Shares") in the Bitwise Crypto Carry Fund (the "Fund"). This is neither an offer to sell nor a solicitation for an offer to buy Shares in the Fund. Any offer to sell or solicitation of an offer to buy Shares will be made solely through the Fund's definitive offering documents, identified as such, with respect to the Fund in compliance with the terms of all applicable securities and other laws.
Certain of the Bitwise investment products may be subject to the extreme risks associated with investing in crypto assets. Because crypto assets are a new technological innovation with a limited history, future regulatory actions or policies may limit the ability to sell, exchange or use a crypto asset. Crypto assets may decline in popularity, acceptance or use, which may impact their price.
There is no guarantee or assurance that an investor's investment objectives will be met through an investment into any Bitwise investment product, and an investor may lose all or a portion of the investment. Investors into any Bitwise investment product should be willing to accept a high degree of volatility in the price of the investment product and the possibility of significant losses. Any investment in any Bitwise investment product involves a substantial degree of risk.
The Shares will be offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The Shares are not registered under the Securities Act of 1933 (the "Securities Act"), the Investment Company Act of 1940 (the "Investment Company Act"), or any state securities commission or any other regulatory body. The Fund does not currently operate a redemption program.
There is no guarantee that any Fund will meet its investment objective.
For qualified investors only.
Media Contact
Tova Kaufmann
pr@bitwiseinvestments.com
Jacqueline Ramsay
jacqueline@superstate.co
1 As of April 30, 2026
2 RWA.xyz as of April 27, 2026
3 BCG & Ripple as of April 2025
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SOURCE Bitwise Asset Management
