Key Highlights
- Bitwise Asset Management launches its first tokenized fund through the USCC takeover.
- Superstate will continue supporting the fund’s FundOS infrastructure.
- USCC manages over $267 million in assets using crypto cash-and-carry strategies.
Crypto asset management firm Bitwise today announced the launch of the Bitwise Crypto Carry Fund (USCC) in collaboration with Superstate. The move marks Bitwise’s first tokenized fund and aims to bridge traditional institutional finance with on-chain infrastructure.
According to the official announcement, the fund was previously managed by Superstate as the Superstate Crypto Carry Fund and will transition management to Bitwise effective June 1, 2026. Superstate will carry on to back the underlying onchain technology through its FundOS platform.
Existing investors will face no disturbance at the time of transition. The fund will retain its USCC ticker, smart contracts, and token address, with only the name changing to reflect Bitwise’s management.
More about the Crypto Carry Fund
USCC is a tokenized private fund with over $267 million in assets under management (AUM) as of April 30, 2026. It employs a crypto cash-and-carry strategy, looking to generate yield by exploiting the price differential between spot and futures markets for major cryptos like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL).
The strategy also combines staking returns and allocations to U.S. Treasury securities for optimized yield and risk management.
According to the firms, the partnership reflects growing institutional demand for tokenized real-world assets (RWAs). Tokenized funds such as USCC offer unique advantages, including 24/7 trading and settlement, enhanced transparency via blockchain, greater efficiency in capital movement, and compatibility with decentralized finance (DeFi) protocols.
For qualified purchasers, the fund provides exposure to sophisticated crypto strategies that would otherwise need some operational overhead, comprising managing derivatives infrastructure, custody, and regulatory compliance. It is offered under exemptions like Section 4(a)(2) and Rule 506 of Regulation D, and is available only to qualified investors.
Avalanche ETF launch
In a separate expansion effort, Bitwise Asset Management last month introduced the Bitwise Avalanche ETF (BAVA), listed on the NYSE stock exchange. The ETF offers direct exposure to AVAX (Avalanche) with the tracking of price performance and further earnings via staking of assets. Bitwise Onchain Solutions is responsible for conducting staking operations with a target yield of around 5.4% per annum.
The product keeps a sufficient amount of AVAX tokens to maintain liquidity for trading purposes. The ETF has an expense ratio of 0.34% that is waived during the first month on the first $500 million in AUM.
Conventional asset managers move toward blockchain
With increasing regulatory certainty and development in onchain functionality, more and more conventional asset managers are turning toward blockchain-based rails as a means of achieving greater efficiency and expanding their investor pool.
The move by USCC to Bitwise may signal increasing institutional interest in products that combine yield-generating crypto strategies with conventional fund architecture. The launch highlights the growing intersection of traditional financial products and blockchain technology, with both Bitwise and Superstate being at the center of the tokenization trend.
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