Bitwise Asset Management will take over as investment manager of Superstate's USCC tokenized crypto carry fund on June 1, 2026, managing approximately $267 million in assets. This marks Bitwise's first tokenized fund and the second time this year Superstate has handed off a product to a major asset manager, following an earlier transition. The pattern suggests institutional asset managers are absorbing tokenized fund infrastructure at scale.
For Armada's crypto desk, USCC represents a category of tokenized yield-bearing instrument that sits between pure crypto collateral and tokenized T-Bills. If Bitwise's institutional branding improves USCC's credit quality perception and liquidity profile, it could emerge as an acceptable collateral type for select crypto repo counterparties such as family offices or market makers holding the fund. Legal should assess whether USCC post-transition qualifies under existing collateral eligibility criteria.