Global crypto asset manager Bitwise will be taking full control of Superstate’s Crypto Carry Fund (USCC), a tokenized private fund that provides qualified purchasers with exposure to crypto-based strategies.

 

The announcement, made via a Bitwise press release, will see the asset manager transition into the role of investment manager of the fund, with the fund renamed the Bitwise Crypto Carry Fund. Although Bitwise will assume management of the fund, Superstate will continue to operate the fund’s on-chain infrastructure, ensuring no disruption during the transition process.

 

 

"Capital markets are moving on-chain. It's happening fast, and tokenized investment strategies are a core part of this platform shift," said Hunter Horsley, Bitwise CEO.

 

"Traditional and crypto native institutions are increasingly using tokenized funds to benefit from their 24/7 trading, utility in decentralized finance, transparency, and efficiency. We're thrilled to join Superstate's best-in-class infrastructure with Bitwise's track record in crypto asset management to continue to expand access to the full range of opportunities for investors in crypto."

 

This partnership between Bitwise and Superstate will see Bitwise deepening its presence in the tokenized fund market, with Superstate taking a step back from tokenized fund management to focus on FundOS, its platform used to manage on-chain tokenized funds.

 

The transition is expected to be completed by June 1, 2026, with the fund’s ticker USCC remaining unchanged, as well as its smart contract and token address.

 

USCC and the Tokenized Funds Market

USCC is Superstate’s tokenized private fund that provides qualified investors exposure to crypto basis and cash and carry trading strategies, allowing them to earn yield from the persistent premium of crypto futures prices over spot prices.

 

The fund currently has assets under management exceeding $267 million, with over $100 million of the fund’s assets being deployed across notable decentralized finance platforms, including Aave and Kamino. Investors include hedge funds, venture capital firms, high-net-worth crypto users, and blockchain protocols.

 

The tokenized funds market has also grown remarkably, with the global tokenized and real-world assets market reaching $33.5 billion. The market is projected to reach $18.9 trillion by 2031 and has attracted several notable traditional finance companies, including BlackRock, Franklin Templeton, and JPMorgan. 

 

Coinbase Global has entered into an agreement to acquire Echo for approximately $375 million, a deal made in a combination of cash and stock. Echo is a blockchain-based investment platform that enables crypto startups and token-based projects to raise capital through private and public token sales.

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What Echo Brings to the Table

Founded by crypto influencer and trader Jordan Fish, better known as “Cobie,” Echo has rapidly grown in the crypto startup funding space. Its platform has helped projects raise more than $200 million across roughly 300 deals.

Echo offers two major fundraising modes:

• Private token raises for selected investors.

• Public token sales via its Sonar product, enabling broader community access.

This dual approach positions Echo as a full-stack capital formation platform for crypto startups — from raising funds to launching tokens.

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Why Coinbase Is Making the Move

For Coinbase, the acquisition is part of a broader ambition to expand beyond being solely a trading platform. The deal reflects several strategic goals:

• Capital-raising infrastructure: By acquiring Echo, Coinbase gains direct access to the infrastructure that allows projects to fundraise on-chain and later trade tokens in secondary markets.

• Expanded services: Coinbase intends to serve both investors and early-stage projects, creating a one-stop shop for launching, funding and trading.

• Ecosystem growth: Echo’s on-chain fundraising model supports Coinbase’s push into tokenized securities and real-world assets, areas identified as growth drivers.

• Acquisition strategy: The deal is part of an ongoing series of acquisitions, reflecting an aggressive strategy to expand Coinbase’s role in crypto infrastructure.

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Potential Impact and Key Considerations

Impact

• For startups: Easier access to capital through Coinbase’s global reach and brand reputation.

• For investors: Potential to access token sales and new asset classes in a secure and regulated environment.

• For Coinbase: Broader user engagement, diversified revenue streams, and a stronger position in the ecosystem.

Considerations

• Execution risk: Integration of Echo’s model into Coinbase’s platform will require careful execution.

• Regulation: Token sales and tokenized securities face ongoing regulatory scrutiny, which could shape how the service operates.

• Competition: Other platforms also offer fundraising services, raising questions about how much advantage Coinbase will gain.

• Integration workload: Combining Echo’s systems with Coinbase’s compliance and infrastructure will take time and resources.

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What This Means for the Industry

The acquisition highlights broader trends in crypto:

• On-chain capital formation is becoming a mainstream strategy, bridging the gap between venture funding and community token sales.

• Exchanges are evolving into full-stack financial service providers, covering fundraising, investment, and trading.

• Ecosystem-building through developer support and early-stage funding is now central to major crypto firms’ growth strategies.

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Conclusion

 

Coinbase’s acquisition of Echo for $375 million is a significant milestone in the evolution of crypto finance. For Coinbase, it strengthens its position as more than just an exchange, aligning it with a future where raising capital, launching tokens, and trading all occur seamlessly on-chain. For startups and investors, it promises expanded opportunities — though success will depend on execution, regulatory clarity, and market adoption.