- On May 7, Bitwise Asset Management revealed that it would take over as investment manager for the Superstate Crypto Carry Fund (USCC).
- This will be Bitwise’s first tokenized fund, and the fund will be renamed as Bitwise Crypto Carry Fund with the same ticker used. His transition is expected to be completed on June 1, 2026.
- The USCC Fund will use a “cash and carry” strategy, which is a A strategy for generating return from the gap between spot prices and futures prices For Bitcoin, Ethereum, Solana, and Ripple.
On May 7, Bitwise, a leading cryptocurrency asset management company, announced the launch of its services inaugural token box, Bitwise Crypto Carrying Fund (USCC), In partnership with Superstate.
Amid the boom in the cryptocurrency sector, this announcement from Bitwise has sparked euphoria among institutional investors.
This is not the fund, but Bitwise is acting as the investment manager for Superstate’s Crypto Carry Fund (USCC). However, it will change its name to Bitwise Crypto Carry Fund while keeping the same index as before, along with smart contracts and token address. According to the official announcement, the transition process is expected to end on June 1, 2026.
What is USCC (Bitwise Crypto Carry Fund)?
USCC is a private token fund available only to qualified investors. The box will be born Return through cash and carry trade In the cryptocurrency market. This is also known as core trading. This technique helps the fund achieve a return at the usual premium at which cryptocurrency futures prices are traded compared to the spot prices of Bitcoin (BTC). Ethereum (ETH), Solana (SOL), and XRP.
The USCC Fund also comes with returns on ether and investing in US Treasuries to provide additional yield. This fund will allow investors to hold their shares as USCC tokens on blockchains such as Ethereum, Solana, and Plume. Apart from this, they can also opt for the traditional book entry form.
As of April 30, the USCC Fund has over $267 million in assets under management, while recent data suggests it is around $277 million. These impressive assets under management come from growing demand among cryptocurrency-based institutional investors such as hedge funds, investment funds, corporations, treasuries, wealthy individuals, and protocols. According to the last Official dataThe fund is offering about 4.36%.
This fund will allow investors to gain exposure to cryptocurrency-based investing without trading in them.
This is a major announcement for institutional investors as the fund comes directly from Bitwise and Superstate connected infrastructure. It also uses one of the best cryptocurrency return strategies, making it attractive to institutional investors.
Amid positive developments in regulatory frameworks for digital assets, token funds are attracting the attention of major institutional investors as they offer numerous benefits. “Investors are becoming more interested in token funds because they have the ability to benefit from the unique properties of blockchain: 24/7 trading, utility in decentralized finance, transparency, and efficiency,” the official post on X said.
Apart from this, tokenized funds like USCC can be easily integrated with DeFi protocols for purposes such as collateral. Institutional investors can quickly handle this money, which is a major pain point in financing. In traditional finance, there are restrictions on when these funds can be traded.
Hunter Horsley, CEO of Bitwise, said in the official press release“Capital markets are moving on-chain. It’s happening fast, and token investment strategies are a key part of this platform shift. We’re thrilled to join Superstate’s best-in-class infrastructure with Bitwise’s track record in crypto asset management to continue expanding access to the full range of opportunities for crypto investors.”
“We are proud to welcome Bitwise as an investment manager for the USCC,” said Robert Leshner, Founder and CEO of Superstate. “Bitwise is one of the most trusted names in cryptocurrency, and this partnership is a great example of what makes FundOS possible: world-class asset managers managing token funds on Superstate’s infrastructure.”
The success of tokenized funds such as BUIDL and the US Tokenized Treasury Market
A prime example for understanding the boom in token funds is the success story of BlackRock BUIDL, a USD institutional digital liquidity fund. The fund was launched by BlackRock in 2024 on Ethereum through Securitize. This fund invests in US Treasury securities along with repurchase agreements and cash. After the launch, the fund became one of the largest token funds.
According to rwa.xyzThe total value of assets locked in BUIDL is around $2.63 billion. This fund also acts as collateral on platforms like Binance, as well as trades on Uniswap.
Apart from this, the tokenized US treasury has also reached new heights thanks to the increasing demand. Most recently, token US Treasuries reached $15 billion in early May after rising about $1.06 billion in the past 30 days.
In the past few months, the sector of token-based real assets without stablecoins has grown impressively. According to on-chain data, the value of cumulative distributed assets locked in token assets is hovering around $31.12 billion after rising more than 3% in the past 30 days.
On May 7, Ondo Finance, JPMorgan Kinexys, Mastercard, and Ripple announced that they had executed the first cross-border, cross-bank redemption of a tokenized US Treasury fund. According to the official statement, this transaction was executed in just 5 seconds on the XRP Ledger. In this transaction, they used a public blockchain network along with traditional banking infrastructure for real-time settlement.
This is not the first time a financial giant like JPMorgan has implemented such settlements on blockchain networks, as it has already processed trillions of dollars in transactions on its blockchain platforms.
Apart from this, other examples of tokenized products include Superstate, which also has its own USTB fund. This fund holds nominal short-term Treasury bonds.
While the demand is on Token securities It is constantly growing, and it also faces opposition from naysayers. Groups such as the World Federation of Exchanges (WFE) asked regulators in the manifesto to apply the same full securities rules to tokenized shares.
Likewise, SIFMA (Securities Industry and Financial Markets Association) has also raised concerns about granting some exemptions to token trading by saying that it may pose a threat to investor protection.
Read also: Shares of the token soared past $1.5 billion as Wall Street reached record highs
