Bitwise has completed its acquisition of Superstate’s Crypto Carry Fund (USCC), giving the asset management company control of a tokenized investment vehicle that generates yield using a market-neutral crypto trading strategy.
Bitwise announced on May 7 that it will take over management of the fund from Superstate as the infrastructure company shifts its focus to its tokenized fund platform, FundOS.
The Fund is available to eligible purchasers and seeks to generate income through cash-and-carry trading of cryptocurrencies, a strategy that captures the premium between the futures and spot prices of cryptocurrencies. The USCC token ticker and existing smart contracts will be preserved after the migration.
The fund had about $259 million in assets under management as of May 29, and reported a yield of about 4%, according to Bitwise. According to the fund’s disclosures, the portfolio includes cash collateral, tokenized U.S. Treasury exposure, and staked Solana (SOL), EtherFi Wrapped Ether (eETH), $XRP ($XRP).
Superstate’s website shows that USCC stock supports lending and borrowing activity on DeFi protocols including Aave, Kamino, and Morpho.
Bitwise, a San Francisco-based crypto asset management company founded in 2017, said it manages about $11 billion in client assets, including ETFs, private funds, separately managed accounts and staking products.
Bitwise Crypto Carry Fund. sauce: super state
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Tokenized active strategy funds are growing rapidly
The acquisition comes amid rapid growth in tokenized active strategy funds, a category that includes funds related to crypto carry trading, index strategies, and volatility-focused products.
Assets in tokenized active strategy funds grew from approximately $449 million in June 2025 to approximately $1.38 billion by the end of May 2026, an increase of more than 200% in 12 months, according to data from RWA.xyz.
sauce: RWA.xyz
The largest products in this category include the EU-traded Spico Amundi Overnight Swap Fund (approx. $428 million in distributions), the Mantle Index for Fund (approx. $134 million), and the Sailing Investment Limited Partnership Fund (approx. $105 million).
Asset managers are also introducing actively managed crypto strategies to the exchange-traded fund (ETF) market. In March, T. Rowe Price announced that Bitcoin (BTC) and Ether ($ETH), Solana, $XRP.
The following month, Goldman Sachs filed to launch an actively managed Bitcoin Income ETF that would generate yield by selling options tied to physical Bitcoin exchange-traded products.
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