Bitwise has announced its entry into the tokenized fund market by acquiring Superstate's $267 million Crypto Carry Fund, effective June 1. The fund, which will be renamed the Bitwise Crypto Carry Fund, operates on Superstate's blockchain infrastructure and employs a "cash-and-carry" strategy to capitalize on the price differences between spot crypto and futures contracts. Over $100 million of the fund's assets are utilized as collateral in DeFi protocols like Aave and Kamino. This acquisition marks Bitwise's first venture into tokenized investment products, a rapidly expanding sector in digital assets. Tokenized funds allow investors to hold blockchain-based ownership tokens, facilitating 24/7 movement and settlement. The market for tokenized real-world assets has grown significantly, with global assets surpassing $30 billion. Superstate, founded by Compound creator Robert Leshner, will now focus on its infrastructure platform, FundOS, as it transitions away from direct fund management.