Bitwise, a leading crypto asset manager, has announced its entry into the rapidly expanding tokenization market by taking over Superstate’s crypto carry fund. With this move, Bitwise is positioning itself at the intersection of the traditional and crypto markets, specifically targeting institutional and qualified investors with its newest offering.
Bitwise’s strategic move
According to a company statement, Bitwise will officially assume management of the Superstate Crypto Carry Fund starting June 1. The fund will be renamed the Bitwise Crypto Carry Fund and will continue to operate using Superstate’s blockchain infrastructure.
Currently managing over $267 million in assets, the fund provides investors with access to the “cash-and-carry” strategy, a commonly used approach in crypto markets that seeks profit from the difference between spot and futures prices. More than $100 million of the fund’s assets are also utilized as collateral in decentralized finance protocols such as Aave and Kamino.
Rise of the tokenization market
Bitwise now oversees a total crypto asset portfolio valued at $11 billion. This latest move marks Bitwise’s first active foray into tokenization. Through tokenization, investors can hold rights to the fund as blockchain-based digital tokens, enabling transfers and trades at any time without the need for intermediaries.
Traditional asset management firms are also rapidly entering this space. Recently, major institutions like BlackRock, Franklin Templeton, and Fidelity launched blockchain-based treasury and money market products, while native crypto firms have begun testing hedge fund and yield strategies on-chain.
Hunter Horsley, CEO of Bitwise, highlighted the trend by emphasizing that capital markets are moving on-chain and that both traditional and crypto institutions are increasingly leveraging tokenized funds.
Superstate’s new focus: Infrastructure services
Superstate, a tokenization startup founded by Compound protocol’s creator Robert Leshner, announced that after transferring management of the fund, it will shift its focus from fund management to its tokenization platform, FundOS. FundOS is designed as an infrastructure that enables funds to be issued and transferred as digital assets on-chain.
Last month, global investment firm Invesco, which manages $2.2 trillion in assets, took over the management of Superstate’s on-chain money market fund. This fund offers investors returns comparable to US Treasury bills.
Globally, the total value of tokenized real-world assets has surpassed $30 billion, with tokenized US Treasury products alone amounting to $15 billion.
Superstate’s existing investors will retain all core components of the fund—including the USCC trading code, token contracts, and blockchain address—without any changes. Superstate will also continue to handle the issuance and transfer processes of the tokens.
