Bitwise Completes $259M Takeover of Superstate’s USCC Fund
Bitwise Asset Management finalized its acquisition of Superstate’s Crypto Carry Fund (USCC) on June 1, 2026, gaining control of the $259 million tokenized investment vehicle. This deal marks Bitwise’s entrance into the rapidly expanding tokenized active-strategy fund market.
The USCC fund employs a market-neutral trading approach, generating yield through crypto cash-and-carry strategies. These trades aim to profit from the premium between cryptocurrency futures and spot prices, an increasingly popular mechanism in the institutional investing world. The fund, which remains available to qualified purchasers, continues to operate under its existing USCC token ticker and smart contracts.
As of May 29, the fund managed $259 million in assets and delivered an approximate 4% yield, according to Bitwise. Its portfolio includes a mix of cash collateral, tokenized Treasurys, and crypto holdings such as staked Solana (SOL), EtherFi's wrapped Ether (eETH), and XRP (XRP). Additionally, the USCC token is integrated into decentralized finance protocols like Aave, Kamino, and Morpho, enabling borrowing and lending activities.
Why This Matters
The acquisition is significant not only for Bitwise but also for the broader tokenized fund market, which has been experiencing explosive growth. Data from RWA.xyz shows assets in tokenized active-strategy funds skyrocketed from $449 million in June 2025 to $1.38 billion by May 2026—a 200% increase in just 12 months.
This growth is driven by a variety of strategies, including carry trades like those employed by USCC, index funds, and volatility-focused products. Bitwise’s move into this space positions it to capitalize on the growing demand for tokenized investment vehicles, which offer transparency, liquidity, and accessibility benefits compared to traditional funds.
Other major players are also pushing into actively managed crypto strategies. Earlier this year, T. Rowe Price amended its plans for an actively managed crypto ETF, while Goldman Sachs filed for a Bitcoin income ETF leveraging options strategies. The competitive landscape is heating up as institutional interest in tokenized and actively managed crypto products gains traction.
Bitwise’s Expansion Strategy
Founded in 2017, Bitwise has grown into a leading crypto asset manager, overseeing $11 billion across ETFs, private funds, separately managed accounts, and staking products. The firm has consistently focused on innovation in regulated crypto investment products. Its recent launches include the Bitwise Chainlink ETF (CLNK) in January 2026 and the uplisting of the Bitwise 10 Crypto Index Fund (BITW) to NYSE Arca in December 2025.
The USCC acquisition aligns with Bitwise’s broader strategy of offering institutional-grade access to crypto markets. By entering the tokenized on-chain fund space, the company not only diversifies its product lineup but also taps into a market segment that aligns with its expertise in crypto yield products and index strategies.
What’s Next?
With this acquisition, Bitwise is positioned to become a leader in the tokenized fund sector, a category poised for continued growth. The success of USCC could pave the way for similar tokenized offerings from Bitwise, potentially leveraging its $11 billion asset base and track record in crypto product innovation.
Investors will be watching closely to see whether the fund's yield and performance remain consistent under Bitwise’s management. Additionally, the broader tokenized fund market remains a space to watch, as new entrants and products compete to capture a growing share of institutional assets.