VENUEVERITAS

RWA / 收益情报

USCC Bitwise Crypto Carry Fund

加密套利基金基金份额

代币化基金，以加密货币期货基差（carry）交易为主要策略，质押收益为次要来源，并以 USTB 部位进行现金管理——并非等同于国债收益的产品。

比较 RWA查看证据

收益从何而来？

追溯经济上的支付方。公示 APY 不是保证回报。

  1. Fund takes basis positions to capture futures-spot spread
  2. Basis P&L realized as futures converge/roll
  3. Eligible crypto holdings may be staked

    Secondary staking rewards

  4. Cash/collateral sleeve held in USTB

    Liquidity management, not primary yield

  5. Superstate FundOS computes NAV from basis, staking, and sleeve return
  6. NAV accretion reflected in USCC redemption value
  7. Holdings split across sleeves is dated when disclosed

    Not assumed constant

一级来源
期货基差
二级来源
质押
经济上的支付方
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.
浮动 / 固定
浮动
毛收益 / 净收益
未确定
带日期的收益快照
未知

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.

已核验已结构化 · 来源

收益如何分配

机制
净值累积
备注
Value accrues into fund NAV; no direct coupon.

底层是什么？

仅基于一级证据的底层资产与策略。

包括 BTC、ETH、SOL 及 XRP 的现货与托管持仓；质押／流动性质押持仓（质押 SOL、EtherFi 包装的 eETH）；美元现金担保品；USTB 短期国债部位；以及在 CME 与 Coinbase 上的 BTC、ETH、SOL、XRP 期货空头部位，用以实现该基金的现货与期货基差（cash-and-carry）策略。

  • 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.

已核验已结构化 · 来源

出问题时会发生什么？

结构性损失路径——不是风险评分。未知保护保持 Unknown。

谁首先承担损失
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.
已记录的保护安排
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.
投资者敞口
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.

已核验已结构化 · 来源

如何拿回资金？

一级赎回 ≠ 二级 DEX 流动性。资格是有范围的。

合格投资者
Qualified Purchasers in supported jurisdictions.
一级赎回
Daily redemption via USD or USDC (USDC redemption is processed through Circle as a third party), subject to a 5:00pm ET daily cutoff.
时点
Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
结算资产
USD or USDC.
最低额
$100,000 minimum investment.
限制
Qualified Purchaser eligibility; allowlist gating for onchain wallets.
二级流动性
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.

已核验已结构化 · 来源

谁持有底层资产？

分别梳理资产托管、现金托管、加密资产托管与代币控制。

资产托管
Crypto assets are custodied at Anchorage Digital; the Fund is a series of a Delaware Statutory Trust.
现金托管
USD/USDC subscriptions and redemptions are processed via Superstate; NAV Fund Services acts as NAV calculation agent.
加密资产托管
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.

已核验已结构化 · 来源

费用

毛收益与净收益不是一回事。不按 APY 排名。

  • 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.2026-08-30 · 已核验已结构化 · 来源

监管

授权按实体 × 法域 × 工具界定——不是品牌标签。

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.

实体
Bitwise Crypto Carry Fund
法域
US
工具
Private fund share (tokenized)
授权 / 注册
UNKNOWN — no additional SEC registration instrument located this pass

已核验已结构化 · 来源

审计 / 鉴证

智能合约审计不等于基金审计或贷款审计。没有合并的「已审计」徽章。

  • Fund AuditErnst & Young LLP日期未知 · Named fund auditor per Superstate's official USCC asset page; specific audit report date not itemized this pass.已核验已结构化 · 来源

智能合约 / 代币控制

运营控制——不是去中心化评分。

铸造
Superstate FundOS-controlled issuance to allowlisted holders across supported networks (Ethereum, Solana, Plume) or as book-entry shares.
销毁
Superstate FundOS-controlled redemption/burn; USDC redemption is processed via Circle as a third party.
暂停
UNKNOWN
冻结 / 黑名单
Allowlist gating implies restriction capability; specific freeze/blacklist mechanics not itemized this pass.
升级
UNKNOWN
白名单
Investors must sign up, be approved, and add their wallet to the allowlist before holding/trading/using USCC onchain.

已核验已结构化 · 来源

代币化层

链
Ethereum · Solana · Plume
官方所有权记录
Superstate Services LLC (transfer agent) FundOS record is the official ownership record; shares may also be held as book-entry (non-tokenized).
转让限制
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.

已核验已结构化 · 来源

研究维度

  • USCC 是否为国债收益型产品？

    并非如此——其主要收益来源为期货基差（carry），而非国债利息。USTB 部位仅为次要的现金管理持仓，并非主要的收益来源。

    已核验已结构化 · 来源

  • 谁可以持有 USCC？

    依 Superstate FundOS 的基金发行条款，限白名单合格投资人持有。

    已核验已结构化 · 来源

  • 目前基差／质押／国债的比例分配为何？

    本次并未以特定日期快照形式揭露——请勿虚构目前的百分比。

    已研究未确定 · 来源

哪些环节必须持续运转？

仅列重大依赖。数量不是风险评分。

  • 发行人Bitwise Crypto Carry FundFund share issuance
  • 投资管理人Bitwise Investment Manager, LLCStrategy execution
  • 过户代理人Superstate FundOSTokenization / official ownership record
  • Underlying FundUSTB sleeveCash / collateral management
  • CounterpartyFutures exchanges / prime brokersBasis trade execution

证据域

  • Entity / issuer已核验已结构化

    Bitwise + Superstate named

  • Legal claim已核验已结构化

    Fund share, tokenized

  • Yield source已核验已结构化

    Futures basis primary, staking secondary

  • Yield waterfall已核验已结构化
  • Loss waterfall已研究未确定

    Basis/counterparty risk not fully itemized

  • Underlying assets已核验已结构化

    Basis positions + staking + USTB sleeve

  • Distribution mechanism已核验已结构化

    NAV accretion

  • Redemption已研究未确定

    Redemption specifics unresolved

  • Fees已研究未确定
  • Custody已研究未确定

    Venue/custodian names not itemized

  • Regulation已核验已结构化

    Private fund, tokenized

  • Assurance / audit未研究

    No assurance report identified this pass

  • Token control已核验已结构化

    Superstate allowlist

  • Tokenization / chain已核验已结构化

    Superstate transfer agent record

  • Dependencies已核验已结构化
  • Geographic / eligibility restrictions已核验已结构化

    Allowlist gating

未决缺口

  • 各期货交易场所（CME 与 Coinbase）之间保证金／担保品隔离机制的详细内容尚未逐项列出
  • 目前基差／质押／USTB 部位的百分比分配属于随时间变动的特定日期快照——本文不将其记录为固定配置
  • 基金层级审计报告的日期尚未列出（仅列出审计机构名称）

一级来源

RWA／收益资产情报。无评分。无 APY 排名。未解决状态保持未解决。