Bitwise is acquiring management of Superstate’s $267 million Superstate Crypto Carry Fund (USCC) effective June 1, 2026, marking the crypto asset manager’s first direct entry into tokenized investment products. The deal follows Invesco’s acquisition of Superstate’s onchain money market fund in April, signaling a strategic pivot by the tokenization startup toward infrastructure rather than fund operations.
Superstate Shifts to Infrastructure, Bitwise Moves Into Tokenized Products
Superstate, founded by Robert Leshner (creator of Compound), is exiting direct fund management to focus exclusively on FundOS, its platform for launching and operating tokenized investment products. The move reflects a broader trend: as institutional adoption of blockchain-based assets accelerates, infrastructure plays increasingly compete with direct fund management for founder attention and capital. Bitwise’s entry into tokenized fund management signals confidence that the sector is maturing beyond niche products into core institutional infrastructure.
$267 Million Fund Uses DeFi Protocols as Core Collateral Strategy
USCC employs a cash-and-carry strategy, profiting from spot-futures price spreads across crypto markets. The fund has deployed over $100 million in collateral across DeFi protocols including Aave and Kamino, according to onchain data. Bitwise currently manages $11 billion in crypto assets across ETFs and private funds. The transfer to Bitwise management consolidates tokenized fund operations under a single institutional player as competitors including BlackRock, Franklin Templeton, and Fidelity expand their own tokenized Treasury and money-market offerings.
Tokenized Assets Hit $30 Billion as Institutions Move Onchain
Global tokenized real-world assets reached $30 billion, with $15 billion in tokenized U.S. Treasury products alone. Hunter Horsley, Bitwise CEO, stated: “Capital markets are moving onchain. Traditional and crypto-native institutions are increasingly using tokenized funds.” Invesco’s $2.2 trillion in assets under management acquiring Superstate’s money market fund in April underscores institutional appetite for onchain settlement and 24/7 trading cycles that tokenized products enable.
Bitwise Moves Faster Than Superstate on Product Management
The June 1 transition marks Bitwise’s first tokenized fund management contract. No details on fee structure or investor communication have been disclosed. Superstate retains control of FundOS, its core infrastructure offering, while exiting competitive fund management. The deal caps a two-year expansion in tokenized asset adoption and positions Bitwise to compete directly with traditional asset managers entering the onchain space.
