Bitwise Launches Tokenized Cryptocurrency Carry Fund in Partnership With Superstate
Bitwise Asset Management launched the Bitwise Crypto Carry Fund on May 7, its first tokenized fund product, in a partnership with Superstate, a tokenized asset platform. The fund targets yield through a carry strategy, capturing the spread between spot and futures cryptocurrency prices.
Bitwise announced the product via a PR Newswire release that positions it as a bridge between traditional fund structures and on-chain settlement rails.
Fund Structure and Strategy
A carry strategy in cryptocurrency markets involves holding a long spot position while selling a futures contract at a premium, collecting the difference as yield. The Bitwise fund uses Superstate’s tokenization infrastructure to represent fund shares as on-chain tokens, allowing institutional investors to hold, transfer, and redeem positions without the settlement delays typical of traditional fund administration.
Superstate, founded by former Compound Finance developer Robert Leshner, has built tokenized versions of money market funds and Treasury products. This marks Bitwise’s first product that issues fund shares directly on a blockchain rather than via conventional brokerage channels.
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Background
Bitwise manages more than $12 billion in assets across its cryptocurrency exchange-traded fund lineup and index products.
The firm launched one of the U.S. market’s earliest cryptocurrency ETFs and has expanded into institutional separate accounts. Its takeover of Superstate’s USCC tokenized fund, a $267 million product, preceded this new launch by weeks.
The tokenized fund sector has attracted firms including BlackRock, Franklin Templeton, and WisdomTree, all of which have issued on-chain fund vehicles since 2023. A BCG and Ripple report cited in the announcement projected the tokenized asset market could reach $18.9 trillion by 2033.
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What Comes Next
Bitwise has not disclosed target fund size or a hard close date for the carry fund.
Institutional demand for yield-bearing cryptocurrency products has grown as spot Bitcoin (BTC) ETFs captured more than $40 billion in net inflows since their January 2024 U.S. launch. A carry fund sits further along the risk spectrum than an ETF, targeting investors willing to accept strategy-level complexity for a defined yield profile.
Whether the product gains traction will depend on basis spreads in the futures market, which compressed in early 2025 before widening again as Bitcoin (BTC) pushed toward new highs in the first quarter of 2026.
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