Bitwise Enters Tokenized RWA Market With $267M USCC Acquisition

Bitwise is moving into tokenized funds through a planned takeover of Superstate’s Crypto Carry Fund, a $267 million onchain investment product that trades under the USCC ticker.

The transition is expected on June 1. Bitwise will become investment manager and rename the product the Bitwise Crypto Carry Fund, while the fund keeps its existing ticker, smart contracts and token address, according to Bitwise’s announcement.

Superstate is not exiting the product entirely. The tokenization firm will continue to run the onchain infrastructure, including tokenized issuance and digital transfer agency services.

Bitwise Gets Its First Tokenized Fund Through USCC

USCC gives qualified investors exposure to a crypto cash-and-carry strategy. The fund seeks to capture the spread between spot crypto markets and futures contracts, a trade that can become more profitable when futures prices rise above spot prices.

According to RWA.xyz, USCC offers exposure to crypto basis strategies across Bitcoin, Ether, staking Ether and U.S. Treasury securities. Ownership in the fund is represented by the ERC-20 token USCC.

Bitwise already manages more than $11 billion across crypto ETFs, index strategies and private funds. Taking over USCC gives it a live tokenized product rather than a small test fund.

Superstate Keeps the Tokenization Infrastructure

The handoff leaves Superstate in a narrower but important role. Its tokenization platform will continue to support the fund’s issuance and transfer functions, while Bitwise handles investment management.

That split fits a wider pattern in tokenized funds. Asset managers want onchain distribution and settlement, but many do not want to build the registry and transfer infrastructure themselves.

Superstate has been moving in that direction already. Invesco recently took over the investment management role for one of Superstate’s onchain funds, while Superstate continued to provide tokenization infrastructure. The USCC transition extends that model into a crypto basis strategy.

Tokenized Funds Are Moving Beyond Treasury Products

Most early tokenized fund activity centered on Treasury and money-market products. USCC is different because it brings a crypto trading strategy into a tokenized fund wrapper.

That distinction matters for Bitwise. The firm is not just adding another onchain Treasury product to its shelf. It is taking over a fund that uses basis trading and collateral activity across crypto markets.

Nakamoto Daily recently covered how Coinbase Asset Management launched CUSHY, a stablecoin credit fund with a tokenized share class. The Bitwise deal sits in the same lane, with asset managers using tokenization for strategies that go beyond passive exposure.

The shift is less about putting a token label on an existing product and more about the operating layer behind it: records, transfers, settlement and where investors can use fund shares once they are onchain.

Bitwise Steps Into Tokenization Without Starting From Zero

The deal gives Bitwise a ready-made tokenized fund with assets, investors and onchain infrastructure already in place. Superstate keeps the rails, while Bitwise adds the asset manager brand and portfolio responsibility.

That is a faster route than launching a new product and waiting for institutional capital to arrive. It also gives Superstate room to focus on FundOS and related infrastructure rather than managing every strategy itself.

For tokenized funds, the move is another sign that the market is becoming more specialized. The managers are taking the portfolios. The infrastructure firms are keeping the pipes.