Bitwise has completed its acquisition of Superstate's Crypto Carry Fund (USCC), taking control of a tokenized investment vehicle that uses market-neutral crypto trading strategies. The asset manager announced on 7 May it would assume management as Superstate pivots to focus on its FundOS platform. The fund held approximately $259 million in assets under management as of 29 May and reported roughly 4% yield. It generates returns through crypto cash-and-carry trades, capturing premiums between cryptocurrency futures and spot prices whilst maintaining exposure to tokenised Treasuries and digital assets including staked Solana, wrapped Ether and XRP. The takeover reflects broader growth in tokenised active-strategy funds, which expanded from $449 million to $1.38 billion between June 2025 and May 2026.

Bitwise Asset Management has entered the tokenisation market by acquiring Superstate's $267 million USCC carry fund, marking a significant expansion into blockchain-based investment vehicles. The deal represents a major milestone in institutional adoption of crypto-native financial instruments, demonstrating how established asset managers are modernising portfolio strategies through distributed ledger technology. Tokenisation offers faster settlement times, improved transparency and enhanced accessibility compared to conventional investment structures. The acquisition highlights the competitive landscape within cryptocurrency asset management, where firms must innovate to capture institutional capital flows. As regulatory frameworks evolve and institutional players expand their digital portfolios, the move reflects broader industry trends towards digital transformation in wealth management and investment operations.