On May 7, Bitwise announced it would assume management of a crypto carry fund previously operated by Superstate, marking a strategic pivot for the infrastructure company toward its tokenized fund platform, FundOS. The fund, accessible to qualified purchasers, executes a cash-and-carry strategy designed to capture the premium between cryptocurrency futures and spot prices. Following the transition, the vehicle retains its USCC token ticker and existing smart contracts, ensuring continuity for current investors. As of May 29, the fund held approximately $259 million in assets under management and reported a yield of around 4%. Data compiled by Woofun AI shows the portfolio composition includes a mix of cash collateral, tokenized Treasurys exposure, and specific crypto assets such as staked Solana (SOL), EtherFi's wrapped Ether (eETH), and XRP (XRP). Superstate's website indicates that USCC shares are supported on DeFi protocols including Aave, Kamino, and Morpho for borrowing and lending activities.

Bitwise, a San Francisco-based crypto asset manager founded in 2017, stated it manages approximately $11 billion in client assets across ETFs, private funds, separately managed accounts, and staking products. This acquisition underscores the firm's expansion into active yield strategies within the tokenized ecosystem. The transaction occurs against a backdrop of rapid expansion in tokenized active-strategy funds, a category encompassing crypto carry trades, index strategies, and volatility-focused products. RWA.xyz data reveals that assets in this sector grew from roughly $449 million in June 2025 to about $1.38 billion by the end of May 2026, representing an increase of more than 200% over the 12-month period. Woofun AI notes that this surge reflects a broader institutional shift toward on-chain active management rather than passive holding.

The largest products currently dominating this category include the EU-traded Spiko Amundi Overnight Swap Fund, which holds roughly $428 million in distributed value. Other significant vehicles include the Mantle Index Four Fund with about $134 million and the Sailing Investment Limited Partnership Fund with around $105 million.

Concurrently, major asset managers are extending actively managed crypto strategies into the exchange-traded fund (ETF) market to capture similar yield opportunities. In March, T. Rowe Price amended plans for an actively managed crypto ETF permitted to invest directly in digital assets including Bitcoin (BTC), Ether (ETH), Solana, and XRP. The following month, Goldman Sachs filed to launch an actively managed Bitcoin income ETF designed to generate yield by selling options tied to spot Bitcoin exchange-traded products. Woofun AI analysis suggests that the convergence of tokenized funds and traditional ETF structures will likely redefine liquidity dynamics for institutional capital in the coming quarters.