Bitwise Takes Over $267 Million USCC Tokenized Crypto Fund From Superstate
Bitwise Asset Management took over the $267 million USCC tokenized cryptocurrency fund from Superstate on May 7, making its first entry into the on-chain fund market. CoinDesk covered the broader signal environment around the deal.
The USCC fund holds a basket of major cryptocurrencies and operates as a tokenized structure on a public blockchain, allowing investors to hold shares as on-chain tokens rather than through traditional custodied brokerage accounts.
What the USCC Fund Is
USCC is a tokenized fund that tracks a basket of major cryptocurrencies. A tokenized fund, a structure that represents ownership shares as blockchain tokens, allows investors to hold, transfer, and settle fund positions on-chain without relying on traditional fund administration infrastructure.
The USCC fund is one of the larger tokenized cryptocurrency products operating on public blockchain infrastructure as of May 2026, with $267 million in assets under management at the time of the handover.
Bitwise is a cryptocurrency-focused asset manager known primarily for its index funds and spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded products. Taking over USCC marks the firm’s move beyond ETFs and into the on-chain fund category, which differs structurally from exchange-listed products.
Background
Superstate, founded by former Compound Finance CEO Robert Leshner, built USCC as part of a broader thesis that institutional-grade fund products could be issued and managed natively on public blockchains.
The firm launched USCC in 2024 as interest in tokenized real-world assets and on-chain fund structures grew among institutional investors. The transfer to Bitwise does not indicate a failure of the product.
Leshner’s team appears to be reorienting Superstate toward other segments of the tokenized asset market. Bitwise gains an established AUM base and a functioning on-chain infrastructure without building from scratch.
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Outlook
The USCC takeover positions Bitwise alongside BlackRock’s BUIDL and Franklin Templeton’s BENJI as an asset manager with an active tokenized product on public infrastructure.
Whether Bitwise grows USCC’s AUM through its existing institutional distribution or repositions the fund for retail access through its ETF channels remains to be seen. The tokenized fund category is expanding, and the transfer signals that product consolidation among asset managers may accelerate as the market matures.
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