Crypto asset manager Bitwise is entering the fast-growing tokenized fund market for the first time through a planned takeover of Superstate’s crypto carry fund.

Bitwise intends to assume investment management responsibilities for the Superstate Crypto Carry Fund, known by its ticker USCC, on June 1, the firms said on Thursday.

The fund will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate’s blockchain infrastructure.

USCC manages more than $267 million in assets and gives qualified investors exposure to a crypto “cash-and-carry” strategy. The trade seeks to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish market conditions. More than…