Bitwise Takes Over $267 Million Tokenized Fund – CIO Matt Hougan Says Every Fund Will ‘Eventually’ Move On-Chain

• Bitwise said it will officially assume investment management responsibilities for the Superstate Crypto Carry Fund on June 1.
• Following the transition, the fund will be renamed the Bitwise Crypto Carry Fund while continuing to trade under the USCC ticker.
• In a post on X, chief investment officer Matt Hougan said he believes “eventually, every fund will be tokenized.”

Bitwise chief investment officer Matt Hougan stated that every fund will "eventually" be tokenized on Thursday after the firm announced it was taking over the investment management of the Superstate Crypto Carry Fund (USCC).

“Eventually, every fund will be tokenized,” he wrote in a post on X. The $11 billion crypto asset manager announced on Thursday that it is taking over investment management of the Superstate Crypto Carry Fund, a $267 million tokenized fund that generates yield by exploiting the persistent gap between crypto futures prices and spot prices. 

The deal is expected to close on June 1, when it will be renamed the Bitwise Crypto Carry Fund, retaining its USCC ticker and existing smart contracts. USCC’s price remained flat in morning trade, with retail sentiment on Stocktwits around the tokenized fund in ‘neutral’ territory. 

Bitwise Pushes Beyond Traditional Crypto Products

Last week, in an interview with The Street, Hougan said tokenized stocks will end the slow “email era” of trading. His comments align with those of other industry leaders, like BlackRock CEO Larry Fink, who told CNBC in 2025 that the market is at the “beginning of tokenization of all assets.” 

Hougan also suggested that the SEC chair's prediction that the entire U.S. stock market will move on-chain means stablecoin markets would need to be 20 times larger, and activity on blockchains like Ethereum (ETH) and Solana (SOL) would have to explode to support the volume. 

Superstate Steps Back To Focus On Fund Infrastructure

The deal also signals a strategic pivot for Superstate, the fintech firm that built and ran USCC. Rather than compete in asset management, it is stepping back entirely to focus on FundOS, its infrastructure platform for on-chain funds, which will continue to power USCC under Bitwise's management. Superstate founder Robert Leshner called it "a great example of what FundOS makes possible: world-class asset managers running tokenized funds on Superstate's infrastructure."

For crypto markets, it's another avenue of liquidity. Institutional money is no longer flowing exclusively into spot Bitcoin ETFs. It is also beginning to move into on-chain fund structures that offer yield, round-the-clock liquidity, and compatibility with decentralized finance protocols. 

Bitcoin’s price fell nearly 1% in the last 24 hours to around $80,600, a sharp tumble after breaching $82,000 on Wednesday. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter. 

Read also: Bitcoin Rally Stalls Ahead Of Jobless Claims As Crude Oil Extends Decline: Crypto Market Sees $420M In Liquidations

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