Bitwise enters tokenization in takeover of Superstate’s $267 million 'carry fund'
Bitwise is acquiring Superstate's $267 million crypto carry fund, marking its entry into tokenized investment products.Summary
Crypto asset manager Bitwise is expanding into the tokenized fund market by acquiring Superstate's crypto carry fund, USCC, for $267 million. The fund, which employs a crypto "cash-and-carry" strategy and has over $100 million in DeFi collateral, will be renamed the Bitwise Crypto Carry Fund and continue on Superstate's blockchain infrastructure. This move provides Bitwise with its first exposure to the rapidly growing tokenized investment product sector, mirroring trends seen from traditional firms like BlackRock and Fidelity. Superstate, founded by Robert Leshner, will shift its focus to its infrastructure platform, FundOS, after previously handing over its onchain money market fund to Invesco. The acquisition highlights the increasing adoption of tokenized funds by both traditional and crypto-native institutions.
(Source：CoinDesk)