Bitwise Asset Management will assume management of Superstate's tokenized crypto carry fund on June 1 [2].

The move signals a shift toward the tokenization of traditional investment vehicles to meet growing institutional demand for on-chain assets. By acquiring this specific vehicle, Bitwise enters the tokenized fund market with an established product rather than building from the ground up.

The fund, which trades under the ticker USCC, has a size of $267 million [1]. Following the transition, the vehicle will be renamed the Bitwise Crypto Carry Fund. This transition allows Bitwise to expand its suite of offerings into actively managed on-chain products, catering to investors who prefer the efficiency of blockchain-based settlement, and ownership.

Bitwise Chief Investment Officer Matt Hougan said every fund will "eventually" move on-chain [2]. This transition reflects a broader trend where traditional asset managers are integrating distributed ledger technology to reduce administrative overhead and increase transparency.

Superstate's Crypto Carry Fund has served as a bridge for investors seeking exposure to digital assets through a tokenized structure. Bitwise intends to leverage this existing infrastructure to scale its presence in the U.S. market. The management transition is scheduled to be finalized by the start of June [2].

The strategy aligns with a wider industry push toward the "tokenization of everything," where real-world assets and traditional fund shares are converted into digital tokens. This process aims to provide liquidity to previously illiquid assets, and streamline the distribution of investment products across global markets.

“every fund will 'eventually' move on-chain”

The acquisition of the USCC fund demonstrates the accelerating convergence of traditional asset management and decentralized finance. By moving a $267 million fund on-chain, Bitwise is betting that tokenization will become the industry standard for fund administration, potentially reducing the reliance on legacy custodial systems and manual reconciliation.