Bitwise will take over the $267 million tokenized crypto arbitrage fund under Superstate

Bitwise Asset Management and Superstate jointly announced that Bitwise will take over the investment management responsibilities of the Superstate Crypto Carry Fund (USCC), which is a tokenized spot arbitrage strategy fund managing approximately $267 million in assets. The transaction is expected to be completed on June 1, and the fund will be renamed the Bitwise Crypto Carry Fund, but will retain its existing code, smart contracts, and token addresses.

Bitwise will be responsible for portfolio management, while Superstate will continue to operate the on-chain infrastructure, including tokenized issuance and digital transfer agency services. This is Bitwise's first tokenized fund, and it is the second time this year that Superstate has transferred a fund to a large asset management company, following Invesco's takeover of its $967 million tokenized government bond fund USTB.

Superstate is shifting from fund operations to focus on its tokenized infrastructure platform FundOS, and Coinbase Asset Management's Crypto Yield fund was also launched on that platform last week.