Key Takeaways
- • Bitwise Crypto Carry Fund (USCC) manages $216.21M in assets under management as of June 16, 2026, operating as a tokenized private fund structured as a Delaware Statutory Trust with daily liquidity and a $100,000 minimum investment for Qualified Purchasers.
- • The fund executes market-neutral crypto basis trading strategies, capturing yield from the spread between spot and futures prices across multiple crypto assets while maintaining concurrent exposure to U.S. Treasury securities for risk management.
- • Cross-chain tokenization architecture distributes holdings across Ethereum (54.19% of fund value), Solana (11.73%), Plume (7.84%), and book-entry shares via Superstate (26.24%), enabling multi-network accessibility and DeFi protocol integration.
- • Bitwise assumed investment manager role on June 1, 2026, taking over from Superstate Advisers LLC, which retained the sub-adviser position; Ernst & Young serves as auditor, Anchorage Digital as custodian, and Superstate Services LLC as transfer agent.
- • Fund operates with daily redemption and subscription capability in USD or USDC, providing institutional investors direct onchain access to crypto yield strategies with professional-grade operational infrastructure and third-party oversight.
Summary
The Bitwise Crypto Carry Fund (USCC) represents a significant institutional offering in the tokenized fund space, delivering market-neutral yield generation through crypto basis trading. As of mid-June 2026, the fund held $216.21M in assets under management, positioning it as a material player in the emerging tokenized private fund ecosystem.
The fund's core strategy centers on crypto cash-and-carry trades, a market-neutral approach that exploits pricing differentials between spot and futures markets across multiple digital assets. By simultaneously holding spot crypto positions and shorting equivalent futures contracts, the strategy generates yield regardless of directional price movements. This yield is further optimized through integration with U.S. Treasury securities, creating a balanced portfolio that manages basis risk while capturing carry income.
Structurally, USCC operates as a Delaware Statutory Trust series with ownership tokenized across multiple blockchain networks. Ethereum hosts the largest allocation at $113.4M (54.19% of fund value), with substantial secondary positions on Solana ($24.5M, 11.73%), Plume ($16.4M, 7.84%), and traditional book-entry shares held through Superstate ($54.9M, 26.24%). This multi-chain approach provides flexibility for institutional investors holding assets across different blockchain ecosystems while enabling DeFi protocol integration for participating investors.
Bitwise assumed the investment manager role on June 1, 2026, taking over from Superstate, which continues as sub-adviser. The fund benefits from professional-grade operational infrastructure: Ernst & Young provides audit services, Anchorage Digital acts as custodian, and Superstate Services LLC manages transfer agent functions. Access is limited to Qualified Purchasers with a $100,000 minimum investment, and the fund offers daily liquidity with subscriptions and redemptions facilitated in USD or USDC.
The fund's core strategy centers on crypto cash-and-carry trades, a market-neutral approach that exploits pricing differentials between spot and futures markets across multiple digital assets. By simultaneously holding spot crypto positions and shorting equivalent futures contracts, the strategy generates yield regardless of directional price movements. This yield is further optimized through integration with U.S. Treasury securities, creating a balanced portfolio that manages basis risk while capturing carry income.
Structurally, USCC operates as a Delaware Statutory Trust series with ownership tokenized across multiple blockchain networks. Ethereum hosts the largest allocation at $113.4M (54.19% of fund value), with substantial secondary positions on Solana ($24.5M, 11.73%), Plume ($16.4M, 7.84%), and traditional book-entry shares held through Superstate ($54.9M, 26.24%). This multi-chain approach provides flexibility for institutional investors holding assets across different blockchain ecosystems while enabling DeFi protocol integration for participating investors.
Bitwise assumed the investment manager role on June 1, 2026, taking over from Superstate, which continues as sub-adviser. The fund benefits from professional-grade operational infrastructure: Ernst & Young provides audit services, Anchorage Digital acts as custodian, and Superstate Services LLC manages transfer agent functions. Access is limited to Qualified Purchasers with a $100,000 minimum investment, and the fund offers daily liquidity with subscriptions and redemptions facilitated in USD or USDC.
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