Asset management firm Bitwise has completed the acquisition of Superstate's Crypto Carry Fund (USCC). This tokenized investment vehicle specializes in generating yield through market-neutral crypto trading strategies. Bitwise announced on May 7 that it would take over management of the fund as Superstate shifts its focus to its FundOS platform, according to Cointelegraph.com. reports.
The fund is open to qualified investors and utilizes a "cash-and-carry" strategy based on capturing the spread between cryptocurrency futures and spot prices. Following the transition, the fund retained its USCC token ticker and existing smart contracts. According to Bitwise, as of May 29, the fund had approximately $259 million in assets under management and a yield of around 4%.
The fund's portfolio consists of a mix of cash collateral, tokenized Treasury bills, and crypto assets such as Solana (SOL), EtherFi (eETH), and XRP. USCC shares are supported for lending operations on DeFi protocols like Aave, Kamino, and Morpho. Founded in 2017, Bitwise currently manages $11 billion in client assets across ETFs and private funds.
The sector for tokenized active strategy funds is showing rapid growth. According to RWA.xyz, the volume of assets in this category has grown from $449 million to $1.38 billion in one year, an increase of more than 200%. Against this trend, major managers like T. Rowe Price are also working on actively managed ETFs that invest directly in Bitcoin, Ethereum, and other digital assets.
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