Aave

bullish

when

Carry

Bitwise (<a href="https://x.com/Bitwise" rel="noopener noreferrer nofollow">@Bitwise</a>) is entering the tokenized fund market for the first time, announcing a deal to take over investment management of the Superstate (<a href="https://x.com/Superstate" rel="noopener noreferrer nofollow">@Superstate</a>) Crypto Carry Fund (USCC). The transition is set for June 1, 2026, after which the product will be renamed the Bitwise Crypto Carry Fund.<h2 id="how-the-fund-works">How the Fund Works</h2>USCC is a tokenized, institutional-grade vehicle that targets yield through a cash-and-carry strategy. <cite>The fund manages more than $267 million in assets and gives qualified investors exposure to a crypto cash-and-carry approach, seeking to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish market conditions.</cite><cite>It seeks yield from cash-and-carry trades involving <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a>, <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a>, <a href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XRP</a>, and <a href="https://x.com/search?q=%24SOL&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SOL</a> futures markets, with holdings that also include futures contracts, collateral assets, and U.S. Treasury securities.</cite><cite>More than $100 million of the fund's assets are actively deployed as collateral in decentralized finance (DeFi) protocols such as Aave and Kamino.</cite><cite>Institutional investors in USCC include crypto-native hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.</cite><h2 id="a-strategic-pivot-for-both-firms">A Strategic Pivot for Both Firms</h2><cite>The move gives Bitwise, which oversees $11 billion in crypto assets across ETFs and private funds, its first foothold in the growing market for tokenized investment products.</cite><cite>Existing investors will keep the same USCC ticker, token contracts, and blockchain address, while Superstate continues to handle token issuance and transfer services.</cite><cite>The deal also signals a strategic pivot for Superstate, which is stepping back from asset management to focus on FundOS, its infrastructure platform for on-chain funds.</cite><cite>This follows a similar handoff in March, when Invesco took over Superstate's $967 million tokenized treasury fund USTB on comparable terms.</cite>The inclusion of <a href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XRP</a> alongside <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a>, <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a>, and <a href="https://x.com/search?q=%24SOL&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SOL</a> in an institutional carry product is notable. <cite>CME Group launched large-sized futures and smaller-sized Micro futures on SOL and XRP in March and May 2025, respectively, broadening the scope for basis trading strategies.</cite> Bitwise CIO Matt Hougan has said he believes <cite>"eventually, every fund will be tokenized."</cite><cite>Tokenized real-world assets now exceed $30 billion globally, and the deal marks Bitwise's first move into this space as Superstate shifts to focus on its FundOS tokenization platform.</cite>Sources: <a href="https://www.coindesk.com/markets/2026/05/07/bitwise-expands-into-tokenized-funds-with-planned-takeover-of-superstate-s-uscc-fund" rel="noopener noreferrer nofollow">CoinDesk: Bitwise enters tokenization in takeover of Superstate's $267 million carry fund</a> <a href="https://thedefiant.io/news/defi/bitwise-to-take-over-superstate-s-usd267m-tokenized-crypto-carry-fund" rel="noopener noreferrer nofollow">The Defiant: Bitwise to Take Over Superstate's $267M Tokenized Crypto Carry Fund</a> <a href="https://www.cmegroup.com/articles/2025/diversifying-crypto-portfolios-with-xrp-and-sol.html" rel="noopener noreferrer nofollow">CME Group: Diversifying Crypto Portfolios with XRP and SOL</a>

Bitwise Taps Into Xrp For Tokenized Crypto Carry Fund Uscc

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