Crypto ETF Issuer Bitwise Unveils Tokenized Crypto Carry Fund Targeting BTC, ETH, XRP Yield
Highlights
- Bitwise is taking over management of Superstate's USCC fund, starting from June 1.
- This is the crypto ETF issuer's first tokenized fund.
- The fund will target yields through the gap between spot and futures prices of crypto assets.
Crypto ETF issuer Bitwise has unveiled its Crypto Carry Fund, which will target yields from the difference in the spot and futures prices of crypto assets such as Bitcoin, Ethereum, and XRP. This is notably the asset manager’s first tokenized Fund and comes as the tokenization momentum heats up.
Bitwise Debuts Crypto Carry Fund, Taking Over Superstate’s Tokenized Fund
In an X post, the crypto ETF issuer announced its Crypto Carry Fund (USCC) in partnership with Superstate, noting it was a major step forward in how they serve institutional investors on-chain. The tokenized Fund, which originally belongs to Superstate, will become under Bitwise’s management from June 1.
The asset manager noted that the USCC ticker, smart contracts, and token address will remain unchanged despite the name change from the Superstate Crypto Carry Fund to the Bitwise Crypto Carry Fund. Meanwhile, Superstate will continue to operate the on-chain infrastructure through its lRWA tokenization platform, FundOS, which has tokenized several top RWA assets.
The Fund currently boasts over $267 million in assets under management (AUM), and the tokenized Fund seeks to earn yield through the crypto cash-and-carry trade, which is a strategy that generates yield from the gap between the spot and futures prices of Bitcoin, Ethereum, XRP, and Solana.
Superstate also confirmed the partnership with Bitwise, stating that the crypto ETF issuer will become the tokenized Fund’s investment manager. The firm also highlighted that the Fund already has over 100 institutional investors and has deployed $100 million as DeFi collateral across the top DeFi platforms Aave and Kamino.
“Every Fund Will Be Tokenized”
Commenting on the move to take over the Crypto Carry Fund, Bitwise Chief Investment Officer (CIO) Matt Hougan highlighted the tokenization wave, declaring that every Fund will eventually move on-chain. He also noted that the tokenized Fund was their first and suggested they plan to launch many more.
The launch of this Fund comes as more firms jump on the tokenization wave. As CoinGape reported, crypto exchange Bullish announced plans to acquire Equiniti in a $4.2 billion deal to strengthen its tokenization strategy.
At the same time, more traditional assets continue to move on-chain. Tokenization platform Securitize recently partnered with Jump Trading and Jupiter exchange to bring U.S. tokenized equities on-chain.
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