Just saw Bitwise is making a move into tokenization by taking over Superstate's carry fund - that's a $267M operation. Interesting timing given how much institutional interest there's been in tokenized assets lately. Superstate was already doing solid work in that space, so this acquisition kind of makes sense if Bitwise wants to expand beyond just managing spot crypto. The carry fund structure is pretty clever for institutions looking to get exposure without the operational headache. Feels like we're seeing more traditional finance infrastructure players actually committing real capital to this tokenization thing rather than just talking about it. Wondering if this signals more consolidation coming in the space or if other players are going to build their own tokenization arms.