Bitwise Debuts Inaugural Tokenized Fund, the Bitwise Crypto Carry Fund, in Partnership with Superstate

Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets (as of April 1, 2025), and Superstate, a leading financial technology firm reshaping capital market infrastructure, today announced the completion of the transition of investment management of the Superstate Crypto Carry Fund (USCC) to Bitwise. Bitwise is now the investment manager of the fund, which has been renamed the Bitwise Crypto Carry Fund.

USCC is a tokenized fund available to qualified purchasers that seeks to capture yield via the crypto cash-and-carry trade, capitalizing on the persistent premium of crypto futures prices over spot prices. With over $259 million¹ in assets under management, a yield of 4%,² and a management fee of 0.75%, the fund has attracted a broad base of crypto-native institutional investors, spanning hedge funds, venture funds, corporations, vaults, wealthy individuals, and protocols.

"Completing this transition is a meaningful milestone for Bitwise and for our investors,” said Hunter Horsley, CEO of Bitwise. “The Bitwise Crypto Carry Fund gives institutions a smarter way to put capital to work in crypto, capturing real yield through the basis trade, with the transparency and accessibility that only tokenized infrastructure can offer. We've long believed that onchain funds represent the future of asset management, and now we're running one. We're grateful to the Superstate team for building the infrastructure that made this possible, and we look forward to growing this fund for years to come."

This transition comes as institutional interest in tokenized funds reaches an inflection point. The onchain market for tokenized real-world assets has grown to over $30 billion globally, with tokenized U.S. Treasuries alone surpassing $15 billion, making yield-bearing funds the fastest-growing category.³ The broader tokenized asset market is projected to reach $18.9 trillion by 2031, as major financial institutions increasingly look to blockchain infrastructure to improve liquidity, settlement efficiency, and investor access.⁴

The fund retains the original USCC token symbol, smart contracts, and token address. Bitwise has assumed full investment management responsibilities for the fund, and Superstate will continue to power the fund's onchain infrastructure through FundOS, its platform for tokenized fund issuance and SEC-registered transfer agency services. Superstate will serve as sub-adviser for the fund for 120 days.

Notes:

(1) As of May 29, 2026.

(2) As of May 29, 2026.

(3) RWA.xyz as of April 27, 2026.

(4)  BCG and Ripple, “Approaching the Tokenization Tipping Point," April 7, 2025.

About Superstate

Superstate partners with issuers to bring securities onchain, enabling access to new investor capital and modern financial markets. Through Opening Bell, Superstate partners with companies issuing tokenized equity. Through FundOS, it serves asset managers launching tokenized funds. Both platforms support compliant issuance, record keeping, direct investor registration, and onchain market integration via their SEC-registered transfer agency infrastructure. Superstate's flagship funds USTB and USCC validated this infrastructure at institutional scale before transitioning to leading asset managers on FundOS. Learn more at superstate.com.

Risks and Important Information

Bitwise Investment Manager and its affiliates (collectively, “Bitwise”) are providing this information to qualified investors for informational purposes only in relation to a potential opportunity to subscribe for shares (“Shares”) in the Bitwise Crypto Carry Fund (the “Fund”). This is neither an offer to sell nor a solicitation for an offer to buy Shares in the Fund. Any offer to sell or solicitation of an offer to buy Shares will be made solely through the Fund’s definitive offering documents, identified as such, with respect to the Fund in compliance with the terms of all applicable securities and other laws.

Certain of the Bitwise investment products may be subject to the extreme risks associated with investing in crypto assets. Because crypto assets are a new technological innovation with a limited history, future regulatory actions or policies may limit the ability to sell, exchange or use a crypto asset. Crypto assets may decline in popularity, acceptance or use, which may impact their price.

There is no guarantee or assurance that an investor’s investment objectives will be met through an investment into any Bitwise investment product, and an investor may lose all or a portion of the investment. Investors into any Bitwise investment product should be willing to accept a high degree of volatility in the price of the investment product and the possibility of significant losses. Any investment in any Bitwise investment product involves a substantial degree of risk.

The Shares will be offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The Shares are not registered under the Securities Act of 1933 (the “Securities Act”), the Investment Company Act of 1940 (the “Investment Company Act”), or any state securities commission or any other regulatory body.

There is no guarantee that any Fund will meet its investment objective.

For qualified investors only.