Bitwise to Manage $267M Tokenized Crypto Carry Fund

Bitwise will assume investment management of Superstate's $267 million tokenized Crypto Carry Fund, which will be renamed the Bitwise Crypto Carry Fund. The firm will keep the same ticker, smart contracts and token address. The transition is scheduled to close on June 1; Superstate expects no disruption to existing token holders or trading.

Bitwise manages about $11 billion in assets, including the Bitwise 10 Crypto Index Fund (BITW). Under the agreement, Bitwise will handle portfolio decisions and day-to-day management while Superstate continues to operate the fund's onchain infrastructure through its FundOS platform.

The fund generates yield using a cash-and-carry basis trade. The strategy involves buying the underlying cryptocurrency and selling futures contracts to lock a spread between spot and futures prices, capturing the futures premium.

Bitwise described the change as its first official entry into tokenized funds. Hunter Horsley, Bitwise's CEO, commented: “Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this platform shift.” He added that institutional and crypto-native firms increasingly use tokenized funds for 24/7 trading, integration with decentralized finance, transparency and efficiency.

Superstate will shift its focus to scaling FundOS and onchain infrastructure rather than operating funds. The firm has already launched other tokenized products, including the Superstate Short Duration US Government Securities Fund, a private tokenized vehicle that invests in short-duration U.S. Treasury bills.

The fund's legal and technical wrapper will remain in place and investors should see no change to the smart contract or token address after the handover. Bitwise will apply its trading, compliance and operational resources to manage the strategy and may broaden distribution through its institutional channels.