Bitwise to Manage Superstate's $267M Tokenized Crypto Carry Fund

Why It Matters

The partnership validates tokenized investment strategies as a mainstream asset class and accelerates institutional adoption of on‑chain finance infrastructure.

Key Takeaways

• Bitwise becomes manager of $267M tokenized crypto carry fund.
• Fund renamed Bitwise Crypto Carry Fund, retains ticker and smart contracts.
• Superstate pivots to FundOS platform, exiting direct fund management.
• Invesco previously took over Superstate's $967M tokenized treasury fund.
• Tokenized real‑world assets forecast $2T by 2028, $400B by 2030.

Pulse Analysis

Bitwise Asset Management’s appointment as the investment manager of the Superstate Crypto Carry Fund marks the firm’s first foray into a tokenized vehicle, overseeing roughly $267 million of on‑chain assets. The fund, which captures the futures‑spot premium on Bitcoin and Ether, will be rebranded as the Bitwise Crypto Carry Fund while preserving its existing ticker, smart‑contract code, and token address. By taking over portfolio duties, Bitwise signals confidence that tokenized strategies can deliver institutional‑grade returns, and it positions itself alongside a growing list of traditional managers entering the crypto‑token space. The transition also underscores Superstate’s strategic pivot from managing funds to scaling its FundOS infrastructure, a blockchain‑native issuance and transfer‑agency platform.

Earlier this year Invesco assumed control of Superstate’s $967 million tokenized treasury fund, and Coinbase Asset Management launched its Crypto Yield fund on FundOS, illustrating a repeatable “blueprint” for on‑chain fund distribution. By retaining the on‑chain rails, Superstate can monetize its technology while delegating investment expertise to firms like Bitwise, creating a modular ecosystem that could accelerate tokenized product adoption across hedge funds, corporate treasuries and DeFi protocols. Industry analysts see tokenized real‑world assets as the next frontier of digital finance.

S. Treasury tokens alone surpassing $15 billion, and forecasts from Standard Chartered and a joint Keyrock‑Securitize report project the market to reach $2 trillion by 2028 and $400 billion by 2030 respectively. The IMF’s recent description of tokenization as a “structural shift” reinforces the view that regulators and institutions are preparing for a permanent on‑chain layer. Bitwise’s move therefore not only expands its product suite but also validates the broader belief that tokenized investment strategies will become a core component of modern capital markets.

Deal Summary

Bitwise Asset Management will become the investment manager of Superstate's Crypto Carry Fund (USCC) on June 1, taking over a tokenized cash‑and‑carry strategy with roughly $267 million in assets. The transition marks Bitwise's first tokenized fund and follows Superstate's earlier handoff of its $967 million tokenized treasury fund to Invesco. The deal is set to close on June 1, with Superstate retaining the on‑chain infrastructure.