Bitwise is taking over as the investment manager of Superstate's $267 million tokenized Crypto Carry Fund (USCC).

The fund, which generates yield through the crypto cash-and-carry basis trade, will be renamed the Bitwise Crypto Carry Fund while keeping the same ticker, smart contracts, and token address, according to an announcement on Thursday.

Notably, the move marks Bitwise’s official entry into tokenized funds. The asset manager operates the largest crypto index fund, the Bitwise 10 Crypto Index Fund (BITW), as well as other asset-specific ETFs and other investment products.

"Capital markets are moving onchain. It's happening fast, and tokenized investment strategies are a core part of this platform shift," Bitwise CEO Hunter Horsley said. "Traditional and crypto-native institutions are increasingly using tokenized funds to benefit from their 24/7 trading, utility in DeFi, transparency, and efficiency."

Bitwise has approximately $11 billion in managed assets.

With the move, Superstate intends to focus on scaling its infrastructure business rather than running funds itself. The firm has also launched the Superstate Short Duration US Government Securities Fund, a tokenized private fund that invests in short-duration U.S. Treasury Bills.

The transition is expected to close on June 1, with no disruption for existing investors. Bitwise will handle investment management, while Superstate will continue providing the onchain infrastructure via its FundOS platform.