RWA / YIELD INTELLIGENCE
USCC Bitwise Crypto Carry Fund
Tokenized fund pursuing crypto futures basis (carry) trades as its primary strategy, with staking as a secondary source and a USTB sleeve for cash management — not a Treasury-yield-equivalent product.
Where does the yield come from?
Trace who economically pays. Reported APY is not a guaranteed return.
- Fund takes basis positions to capture futures-spot spread
- Basis P&L realized as futures converge/roll
- Eligible crypto holdings may be staked
Secondary staking rewards
- Cash/collateral sleeve held in USTB
Liquidity management, not primary yield
- Superstate FundOS computes NAV from basis, staking, and sleeve return
- NAV accretion reflected in USCC redemption value
- Holdings split across sleeves is dated when disclosed
Not assumed constant
- Primary source
- Futures basis
- Secondary source
- Staking
- Who pays economically
- Crypto futures basis spread (carry trade) as the primary source; staking rewards as a secondary source; a short-duration Treasury sleeve (USTB) for cash management.
- Variable / fixed
- Variable
- Gross / net
- Unresolved
- Dated yield snapshot
- Unknown
Primary yield driver is the futures basis (carry) between spot and futures crypto prices — a market-neutral-style strategy return, not a lending or Treasury coupon. Secondary staking income supplements returns. A portion of assets may sit in a USTB sleeve for cash/collateral management, which is NOT the primary yield driver and should not be equated with a Treasury-yield product.
How yield is distributed
- Mechanism
- NAV accretion
- Notes
- Value accrues into fund NAV; no direct coupon.
What does the token represent?
Token ownership is not automatically direct ownership of the underlying assets.
- Legal claim type
- Fund share
- Domicile
- US
Fund share in the Bitwise Crypto Carry Fund, tokenized via Superstate FundOS. NOT equivalent to a Treasury-yield product despite holding a USTB sleeve.
Derived / wrapped claim: USCC's yield is primarily crypto futures basis (carry), not Treasury interest. The USTB sleeve is a secondary cash/collateral holding — do not describe USCC as equivalent to a Treasury-yield fund.
Official website https://docs.superstate.com
Issuers, managers & service parties
- Investment managerBitwise Investment Manager, LLC
US — Investment manager of the Bitwise Crypto Carry Fund.
- OtherSuperstate Advisers LLC
US — Named sub-advisor to the fund per Superstate's official asset page.
- Transfer agentSuperstate Services LLC
US — Named transfer agent (FundOS tokenization platform) per Superstate's official asset page.
- CustodianAnchorage Digital
US — Named crypto custodian per Superstate's official asset page.
- AdministratorNAV Fund Services
Jurisdiction unresolved — Named NAV calculation agent per Superstate's official asset page.
- AuditorErnst & Young LLP
US — Named fund auditor per Superstate's official asset page.
- IssuerBitwise Crypto Carry Fund
US — The Fund is a series of a Delaware Statutory Trust issuing shares represented by USCC.
What sits underneath?
Underlying assets and strategies from primary evidence only.
Spot and custody positions in BTC, ETH, SOL, and XRP; staked/liquid-staked positions (staked SOL, EtherFi-wrapped eETH); USD cash collateral; a USTB short-duration Treasury sleeve; and short futures positions on CME and Coinbase (BTC, ETH, SOL, XRP) implementing the fund's cash-and-carry basis strategy.
- Spot BTC/ETH/SOL/XRP
- Staked SOL / liquid-staked ETH (weETH)
- USD cash collateral
- USTB short-duration Treasury sleeve
- Short CME/Coinbase crypto futures
Per-holding portfolio percentages are a dated, time-varying snapshot disclosed on Superstate's and Bitwise's asset pages — this pack does not store a current percentage as a permanent fact.
What happens when things go wrong?
Structural loss path — not a risk score. Unknown protections stay Unknown.
- Who takes the loss first
- No traditional credit first-loss stub is documented for USCC; loss exposure instead flows through mark-to-market movement of the fund's basis/carry positions and margin, per its published holdings.
- Documented protections
- The fund's long-spot / short-futures cash-and-carry construction is designed to reduce directional (beta) exposure, but this is NOT a risk-free arbitrage. Holdings span both CFTC-regulated venues (CME futures) and Coinbase futures — venue/counterparty risk differs across these two categories.
- Investor exposure
- Basis collapse or widening can produce a mark-to-market NAV drawdown even though the position is notionally delta-neutral; futures venue, FCM, or margin failure can impair NAV; staked/liquid-staked positions (e.g. weETH, staked SOL) carry their own slashing/de-peg/liquid-staking impairment risk; a forced unwind of positions crystallizes losses rather than allowing them to be ridden out. The USTB/cash sleeve is liquid but does not eliminate strategy-level losses from the basis, staking, or futures legs.
Do not describe USCC's risk profile as equivalent to a Treasury-yield product because it holds a USTB/cash sleeve — that sleeve provides collateral/liquidity, not first-loss protection against basis or staking losses.
How do I get my money back?
Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.
- Eligible investors
- Qualified Purchasers in supported jurisdictions.
- Primary redemption
- Daily redemption via USD or USDC (USDC redemption is processed through Circle as a third party), subject to a 5:00pm ET daily cutoff.
- Timing
- Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
- Settlement asset
- USD or USDC.
- Minimum
- $100,000 minimum investment.
- Restrictions
- Qualified Purchaser eligibility; allowlist gating for onchain wallets.
- Secondary liquidity
- Tokenized shares are also usable in select DeFi lending markets (Aave, Kamino, Morpho per the asset page) — this is secondary-market/collateral usage, not issuer redemption.
Who holds the underlying assets?
Separate asset custody, cash custody, crypto custody, and token control.
- Asset custody
- Crypto assets are custodied at Anchorage Digital; the Fund is a series of a Delaware Statutory Trust.
- Cash custody
- USD/USDC subscriptions and redemptions are processed via Superstate; NAV Fund Services acts as NAV calculation agent.
- Crypto custody
- Anchorage Digital is the named crypto custodian per the official Superstate asset page.
See tokenControl block — Superstate FundOS manages allowlist-gated tokenized shares across Ethereum, Solana, Plume, and book-entry.
Fees
Gross yield and net yield are not the same. Not ranked by APY.
- Management fee0.75% annual rate of USCC's average daily Net Asset Value; accrues daily, payable monthly in arrears; no performance-based fee or allocation.
Regulation
Authorization is entity × jurisdiction × instrument scoped — not a brand label.
USCC represents shares in the Bitwise Crypto Carry Fund managed by Bitwise Investment Manager, LLC, tokenized via Superstate's FundOS platform; offered to eligible/allowlisted investors, not the general public.
- Entity
- Bitwise Crypto Carry Fund
- Jurisdiction
- US
- Instrument
- Private fund share (tokenized)
- Authorization / registration
- UNKNOWN — no additional SEC registration instrument located this pass
Audit / assurance
Smart-contract audits are not fund audits or loan audits. No combined “audited” badge.
- Fund AuditErnst & Young LLPDate unknown · Named fund auditor per Superstate's official USCC asset page; specific audit report date not itemized this pass.
Smart-contract / token controls
Operational controls — not a decentralization score.
- Mint
- Superstate FundOS-controlled issuance to allowlisted holders across supported networks (Ethereum, Solana, Plume) or as book-entry shares.
- Burn
- Superstate FundOS-controlled redemption/burn; USDC redemption is processed via Circle as a third party.
- Pause
- UNKNOWN
- Freeze / blacklist
- Allowlist gating implies restriction capability; specific freeze/blacklist mechanics not itemized this pass.
- Upgrade
- UNKNOWN
- Allowlist
- Investors must sign up, be approved, and add their wallet to the allowlist before holding/trading/using USCC onchain.
Tokenization layer
- Chains
- Ethereum · Solana · Plume
- Official ownership record
- Superstate Services LLC (transfer agent) FundOS record is the official ownership record; shares may also be held as book-entry (non-tokenized).
- Transfer restrictions
- Allowlist-gated; transfers restricted to eligible/approved holders.
Tokenized shares also integrate with select DeFi lending markets (Aave on Ethereum, Kamino on Solana, Morpho on Ethereum) per the asset page.
Research dimensions
Is USCC a Treasury-yield product?
No — the primary yield source is futures basis (carry), not Treasury interest. The USTB sleeve is a secondary cash-management holding, not the main return driver.
Who can hold USCC?
Allowlisted eligible investors, per fund offering terms via Superstate FundOS.
What is the current basis/staking/Treasury split?
Not disclosed as a dated snapshot in this pass — do not invent a current percentage.
What must keep working?
Material dependencies only. Count is not a risk score.
- IssuerBitwise Crypto Carry FundFund share issuance
- Investment managerBitwise Investment Manager, LLCStrategy execution
- Transfer agentSuperstate FundOSTokenization / official ownership record
- Underlying FundUSTB sleeveCash / collateral management
- CounterpartyFutures exchanges / prime brokersBasis trade execution
Evidence domains
- Entity / issuerVerified structured
Bitwise + Superstate named
- Legal claimVerified structured
Fund share, tokenized
- Yield sourceVerified structured
Futures basis primary, staking secondary
- Yield waterfallVerified structured
- Loss waterfallResearched unresolved
Basis/counterparty risk not fully itemized
- Underlying assetsVerified structured
Basis positions + staking + USTB sleeve
- Distribution mechanismVerified structured
NAV accretion
- RedemptionResearched unresolved
Redemption specifics unresolved
- FeesResearched unresolved
- CustodyResearched unresolved
Venue/custodian names not itemized
- RegulationVerified structured
Private fund, tokenized
- Assurance / auditNot researched
No assurance report identified this pass
- Token controlVerified structured
Superstate allowlist
- Tokenization / chainVerified structured
Superstate transfer agent record
- DependenciesVerified structured
- Geographic / eligibility restrictionsVerified structured
Allowlist gating
Open gaps
- Detailed margin/collateral segregation mechanics at each futures venue (CME vs. Coinbase) not itemized
- Current basis/staking/USTB sleeve percentage split is a dated, time-varying snapshot — not stored here as a fixed allocation
- Fund-level audit report date not itemized (auditor name only)
Primary sources
RWA / Yield Asset Intelligence. No RWA score. No APY ranking. Unresolved states remain unresolved.