Overnight

Four

Mantle

Carry

Bitwise Asset Management plans to take over management of Superstate’s tokenized crypto carry fund, marking the crypto asset manager’s entry into tokenized investment products.
The fund, currently called the Superstate Crypto Carry Fund (USCC), seeks to generate yield through crypto cash-and-carry trades, which involve capturing the premium between spot crypto prices and futures contracts. The fund is available to qualified purchasers and is expected to be renamed the Bitwise Crypto Carry Fund after the transition closes on June 1.
Superstate said it will step back from fund management to focus on FundOS, its infrastructure platform for tokenized funds, while Bitwise assumes investment management responsibilities for USCC. The company will continue operating the fund’s onchain infrastructure, including token issuance, transfer agency services and smart contracts.
USCC's investors include hedge funds, venture funds, corporations, wealthy individuals and crypto protocols, according to the announcement. Data from RWA.xyz shows the <a href="https://app.rwa.xyz/assets/USCC" rel="noopener noreferrer nofollow">fund</a> has about $224.6 million in assets under management.<img alt="Superstate Crypto Carry Fund. Source: RWA.xyz " height="1270" src="https://payload.lum-tri.org/api/media/file/Screenshot%202026-05-07%20at%2010.06.57%E2%80%AFAM.png?prefix=media%2Fcontent" width="2313">
Superstate Crypto Carry Fund. Source: <a href="https://app.rwa.xyz/assets/USCC" rel="noopener noreferrer nofollow">RWA.xyz&nbsp;</a>
Bitwise, which says it manages about $11 billion in client assets, offers crypto investment products including exchange-traded funds, private funds and staking, while Superstate operates blockchain-based fund infrastructure and tokenized Treasury products.
<a href="https://cointelegraph.com/news/superstate-raises-82m-tokenized-capital-markets" rel="noopener noreferrer nofollow">Superstate raised $82.5 million in January</a> to expand its blockchain-based infrastructure for tokenized equities and onchain securities issuance.
Related: <a href="https://cointelegraph.com/news/etherfi-turns-to-real-world-assets-for-yield-with-25m-plume-allocation" rel="noopener noreferrer nofollow">EtherFi turns to real-world assets for yield with $25M Plume allocation</a>
<h2 id="active-crypto-investment-strategies-expand-onchain">Active crypto investment strategies expand onchain</h2>
This year has seen tokenized investment products expand beyond Treasury-backed funds into more actively managed strategies. RWA.xyz data shows tokenized real-world assets have grown to more than $31 billion, including about $1.2 billion tied to active-strategy products.
RWA.xyz currently tracks 29 tokenized active-strategy products, with the Superstate Crypto Carry Fund ($224.6 million) ranking among the largest, alongside Spiko Amundi Overnight Swap Fund (EUR) ($367.6 million) and Mantle Index Four Fund ($134.1 million).<img alt="Active tokenized funds. Source: RWA.xyz" height="1385" src="https://payload.lum-tri.org/api/media/file/Screenshot%202026-05-07%20at%2010.04.30%E2%80%AFAM-1.png?prefix=media%2Fcontent" width="2249">
Active tokenized funds. Source: <a href="https://app.rwa.xyz/active-strategies" rel="noopener noreferrer nofollow">RWA.xyz</a>
Beyond tokenized funds, crypto exchange-traded products have also moved beyond passive price-tracking exposure into more actively managed and yield-generating strategies.&nbsp;
In an <a href="https://cointelegraph.com/news/active-management-seen-as-next-phase-for-crypto-etfs-21shares-duncan-moir" rel="noopener noreferrer nofollow">exclusive interview</a> with Cointelegraph in March, 21Shares President Duncan Moir said crypto’s fast-evolving market structure makes the asset class particularly suited to actively managed investment products.
In January, regulated DeFi exchange DigiFT launched what it described as the first actively <a href="https://www.nasdaq.com/press-release/digift-introduces-first-actively-managed-tokenized-equity-fund-bny-investment" rel="noopener noreferrer nofollow">managed</a> tokenized equity fund on Ethereum in partnership with BNY, while Laser Digital <a href="https://www.laserdigital.com/company-news/laser-digital-asset-management-launches-upgraded-bitcoin-diversified-yield-fund/" rel="noopener noreferrer nofollow">introduced</a> a tokenized Bitcoin yield fund using arbitrage, lending and options strategies to generate returns beyond spot BTC exposure.
Globally, actively managed ETFs held close to $1.8 trillion in assets by the end of 2025, according to Morningstar and Goldman Sachs Asset Management <a href="https://www.goldmansachs.com/insights/articles/why-active-etfs-are-gaining-momentum-as-investors-seek-new-solutions" rel="noopener noreferrer nofollow">data</a>.
Magazine: <a href="https://cointelegraph-magazine.com/guide-top-emerging-global-crypto-hubs-2026/" rel="noopener noreferrer nofollow">Guide to the top and emerging global crypto hubs: Mid-2026</a>

Bitwise enters tokenized funds via Superstate’s crypto carry vehicle

Table of Contents

Cointelegraph

Other articles published on May 7, 2026

Join our free newsletter for daily crypto updates!