Bitwise Asset Management has just made its first move into tokenized funds, and it already has $259 million behind it.
The company announced that it will assume investment management in the Bitwise Crypto Carry Fund, symbol USCC, a tokenized fund built on a market-neutral fundamental trading strategy that currently provides a 4% annual return. Full details of the land Via the official Bitwise announcement, The product is available to qualified buyers starting now.
The fund was originally established by Superstate in 2024, and Superstate will not withdraw. The company continues to operate on-chain infrastructure through its FundOS platform while Bitwise takes over as investment manager, a handover that keeps the technical backbone intact while bringing one of the most established crypto asset managers into the driver’s seat.
What the USCC Fund actually does
The strategy at the heart of USCC is cryptocurrency trading, and it’s worth understanding clearly. The fund holds spot positions in major crypto assets, such as Bitcoin, Ethereum, Solana, and XRP, and simultaneously sells futures contracts tied to those same assets. The return comes from the spread between the spot price and the futures price, a gap that tends to persist in cryptocurrency markets due to the structural demand for long-term exposure among traders.
The result is a neutral market position. The Fund does not make a directional bet on whether BTC or ETH will rise or fall. It captures the difference between where those assets are traded in the spot market and where futures are traded, and turns that difference into a return for investors. At the current rate, this return is 4% per year, which is not explosive, but rather steady and separate from the directional fluctuations that make it difficult to hold most cryptocurrency investments during market cycles.
Fundamental trading is not a new idea in traditional finance, but applying it systematically across multiple crypto assets within a token fund structure is still relatively new. USCC packages this strategy into a format that qualified buyers can access without having to manage the trade themselves, manage positions, or deal with the complexity of holding spot and futures exposure simultaneously.
DeFi integration sets this box apart
Most tokenized funds stop at the token itself. USCC goes further. Tokens representing positions in the fund are accepted as collateral across major DeFi lending marketplaces, specifically Aave, Kamino, and Morpho. This means that investors holding USCC tokens are not only sitting in a yield-generating position, they can move that position into the lending protocol and borrow stablecoins against it.
This changes the entire capital efficiency picture. An investor can hold USCC, receive a 4% base return, and at the same time use those tokens as collateral to access liquidity without selling. It is a structure that allows the same capital to do two things at once, which is essentially impossible in traditional fund investing but becomes natural when the fund is on-chain.
The fact that Aave, Kamino, and Morpho are already accepting USCC tokens as collateral at launch is no small detail. Getting three of DeFi’s top lending markets to integrate a fund token before they change managers indicates that the cross-chain finance community is taking the product seriously. This type of integration does not happen automatically, it reflects the quality of Superstate’s infrastructure and the credibility offered by Bitwise.
Bitwise’s first token fund and what it stands for
This is Bitwise’s first tokenized fund, and the timing reflects the direction the company sees the market heading. Bitwise has spent years building a track record in crypto asset management, ETFs, index funds, and research, and moving into tokenized products is a logical extension of that work into on-chain rails. USCC is not a hub for Bitwise. It’s an expansion of the format that the company clearly believes has become a permanent part of how institutions access cryptocurrencies.
It is also worth noting the partnership structure. Bitwise is responsible for investment management while Superstate retains the infrastructure role. It’s a division of labor that suits each party’s strengths, Superstate built FundOS specifically to run the funds’ on-chain operations, and Bitwise provides the asset management credibility and distribution the $259 million fund needs to grow. Neither company is trying to do the other’s job, and this clarity leads to better results than arrangements in which the roles overlap.
For qualified buyers interested in accessing the fund, Bitwise directs inquiries to bitwiseinvestments.com Or directly through their official channels.
Why a yield-neutral product matters to the market right now
The broader context around the USCC is worth sitting down with for a moment. Cryptocurrency markets in 2025 and into 2026 have shown that directional exposure is still very volatile, and assets that post massive gains in one quarter can give back significant portions of those gains in the next quarter. For institutional investors and qualified buyers who want exposure to the cryptocurrency ecosystem without riding the volatility curve, the market-neutral yield product fills a gap that has been difficult to address cleanly.
USCC isn’t the only producer in this space, but the combination of a $259 million fund size, acceptance of DeFi collateral across three major protocols, Superstate’s proven on-chain infrastructure, and Bitwise’s asset management track record makes it one of the most complete offerings available at this level.
The 4% annual yield is the headline number, but the structure around it, the neutrality, composability, and institutional-level management, is what makes the product worth paying attention to beyond the yield figure alone. For anyone monitoring where token funding is headed, the USCC is a clear data point in this direction.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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