@Bitwise has officially completed its takeover of the Superstate Crypto Carry Fund, renaming it the Bitwise Crypto Carry Fund while retaining the same USCC ticker, smart contracts, and token
@Bitwise has officially completed its takeover of the Superstate Crypto Carry Fund, renaming it the Bitwise Crypto Carry Fund while retaining the same USCC ticker, smart contracts, and token address. The deal, which closed on June 1, marks Bitwise's first move into tokenized funds as @SuperstateInc shifts to focus on its FundOS tokenization platform.
USCC is a tokenized fund available to qualified purchasers that seeks to capture yield via the crypto cash-and-carry trade, capitalizing on the persistent premium of crypto futures prices over spot prices. The fund holds $BTC, $ETH, $SOL, and $XRP and is currently sized at approximately $259 million with an annual yield of around 4%.
The structure goes beyond a conventional yield product. More than $100 million of USCC's assets are actively deployed as collateral in decentralized finance protocols including Aave and Kamino, as well as Morpho, allowing holders to borrow stablecoins against their position. Bitwise will assume full investment management responsibilities for the fund, while Superstate will continue to operate the onchain infrastructure, including tokenized issuance and digital transfer agency services, ensuring no disruption to existing investors throughout the transition.
The fund has attracted a broad base of crypto-native institutional investors, spanning hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.Subscriptions and redemptions are facilitated through USD or USDC, with liquidity available each market day.
$XRP's inclusion in an institutional yield vehicle alongside $BTC and $ETH reflects a broader shift in how the asset is being treated by professional investors. XRP spot ETFs have pulled in $1.41 billion in cumulative net inflows since their November 2025 launch, with May's inflow of $118.29 million already surpassing April's $81.59 million to become the strongest month of 2026. That momentum has come even as Bitcoin and Ethereum saw outflows of over $1 billion and $255 million, respectively, during the same period.
The USCC handover is also the second fund divestiture Superstate has executed in recent weeks. Last month, $2.2 trillion asset manager Invesco took over Superstate's onchain money market fund that gives investors U.S. Treasury yield, signaling that the firm has made a deliberate choice to exit direct fund management and concentrate on FundOS as a white-label infrastructure platform. Tokenized real-world assets now exceed $30 billion globally, and the USCC transition places Bitwise squarely at the centre of that market.
Sources:Bitwise and Superstate joint press release via PR NewswireCoinDesk: Bitwise enters tokenization in takeover of Superstate's $267M carry fund24/7 Wall St.: XRP ETF inflows hit a 2026 high
