VENUEVERITAS

RWA / 收益情報

USCC Bitwise Crypto Carry Fund

加密套利基金基金份額

代幣化基金，以加密貨幣期貨基差（carry）交易為主要策略，質押收益為次要來源，並以 USTB 部位進行現金管理——並非等同於國債收益的產品。

比較 RWA查看證據

收益從何而來？

追溯經濟上的支付方。公示 APY 不是保證回報。

  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

一級來源
期貨基差
二級來源
質押
經濟上的支付方
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.
浮動 / 固定
浮動
毛收益 / 淨收益
未確定
帶日期的收益快照
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.

已核驗已結構化 · 來源

收益如何分配

機制
淨值累積
備註
Value accrues into fund NAV; no direct coupon.

底層是什麼？

僅基於一級證據的底層資產與策略。

包括 BTC、ETH、SOL 及 XRP 的現貨與託管持倉；質押／流動性質押持倉（質押 SOL、EtherFi 包裝的 eETH）；美元現金擔保品；USTB 短期國債部位；以及在 CME 與 Coinbase 上的 BTC、ETH、SOL、XRP 期貨空頭部位，用以實現該基金的現貨與期貨基差（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.

已核驗已結構化 · 來源

出問題時會發生什麼？

結構性損失路徑——不是風險評分。未知保護保持 Unknown。

誰首先承擔損失
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.
已記錄的保護安排
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.
投資者敞口
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.

已核驗已結構化 · 來源

如何拿回資金？

一級贖回 ≠ 二級 DEX 流動性。資格是有範圍的。

合格投資者
Qualified Purchasers in supported jurisdictions.
一級贖回
Daily redemption via USD or USDC (USDC redemption is processed through Circle as a third party), subject to a 5:00pm ET daily cutoff.
時點
Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
結算資產
USD or USDC.
最低額
$100,000 minimum investment.
限制
Qualified Purchaser eligibility; allowlist gating for onchain wallets.
二級流動性
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.

已核驗已結構化 · 來源

誰持有底層資產？

分別梳理資產託管、現金託管、加密資產託管與代幣控制。

資產託管
Crypto assets are custodied at Anchorage Digital; the Fund is a series of a Delaware Statutory Trust.
現金託管
USD/USDC subscriptions and redemptions are processed via Superstate; NAV Fund Services acts as NAV calculation agent.
加密資產託管
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.

已核驗已結構化 · 來源

費用

毛收益與淨收益不是一回事。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 · 已核驗已結構化 · 來源

監管

授權按實體 × 法域 × 工具界定——不是品牌標籤。

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.

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

已核驗已結構化 · 來源

審計 / 鑑證

智慧合約審計不等於基金審計或貸款審計。沒有合併的「已審計」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.已核驗已結構化 · 來源

智慧合約 / 代幣控制

營運控制——不是去中心化評分。

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

已核驗已結構化 · 來源

代幣化層

鏈
Ethereum · Solana · Plume
官方所有權紀錄
Superstate Services LLC (transfer agent) FundOS record is the official ownership record; shares may also be held as book-entry (non-tokenized).
轉讓限制
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.

已核驗已結構化 · 來源

研究維度

  • USCC 是否為國債收益型產品？

    並非如此——其主要收益來源為期貨基差（carry），而非國債利息。USTB 部位僅為次要的現金管理持倉，並非主要的收益來源。

    已核驗已結構化 · 來源

  • 誰可以持有 USCC？

    依 Superstate FundOS 的基金發行條款，限白名單合格投資人持有。

    已核驗已結構化 · 來源

  • 目前基差／質押／國債的比例分配為何？

    本次並未以特定日期快照形式揭露——請勿虛構目前的百分比。

    已研究未確定 · 來源

哪些環節必須持續運轉？

僅列重大依賴。數量不是風險評分。

  • 發行人Bitwise Crypto Carry FundFund share issuance
  • 投資管理人Bitwise Investment Manager, LLCStrategy execution
  • 過戶代理人Superstate FundOSTokenization / official ownership record
  • Underlying FundUSTB sleeveCash / collateral management
  • CounterpartyFutures exchanges / prime brokersBasis trade execution

證據域

  • Entity / issuer已核驗已結構化

    Bitwise + Superstate named

  • Legal claim已核驗已結構化

    Fund share, tokenized

  • Yield source已核驗已結構化

    Futures basis primary, staking secondary

  • Yield waterfall已核驗已結構化
  • Loss waterfall已研究未確定

    Basis/counterparty risk not fully itemized

  • Underlying assets已核驗已結構化

    Basis positions + staking + USTB sleeve

  • Distribution mechanism已核驗已結構化

    NAV accretion

  • Redemption已研究未確定

    Redemption specifics unresolved

  • Fees已研究未確定
  • Custody已研究未確定

    Venue/custodian names not itemized

  • Regulation已核驗已結構化

    Private fund, tokenized

  • Assurance / audit未研究

    No assurance report identified this pass

  • Token control已核驗已結構化

    Superstate allowlist

  • Tokenization / chain已核驗已結構化

    Superstate transfer agent record

  • Dependencies已核驗已結構化
  • Geographic / eligibility restrictions已核驗已結構化

    Allowlist gating

未決缺口

  • 各期貨交易場所（CME 與 Coinbase）之間保證金／擔保品隔離機制的詳細內容尚未逐項列出
  • 目前基差／質押／USTB 部位的百分比分配屬於隨時間變動的特定日期快照——本文不將其記錄為固定配置
  • 基金層級審計報告的日期尚未列出（僅列出審計機構名稱）

一級來源

RWA／收益資產情報。無評分。無 APY 排名。未解決狀態保持未解決。