Key Takeaways
- • Bitwise Crypto Carry Fund (USCC) has achieved a 30-day APY of 10.04%, up 176% from 30 days prior, demonstrating significant yield expansion in crypto basis trading strategies as of September 4, 2026.
- • Total Asset Value has grown to $84.01 million, representing a 51.63% increase over the past 30 days, indicating strong institutional investor demand for market-neutral crypto carry strategies.
- • The fund employs a cash-and-carry trading strategy designed to capture the spread between spot and futures prices across multiple crypto assets while managing risk through Treasury securities exposure, with a management fee of 0.75%.
- • Bitwise took over investment management of the tokenized fund (previously Superstate's Crypto Carry Fund) and offers shares via the USCC token or book-entry records, with flexible redemptions available through either token burn or portal-based redemption requests typically processed within two business days.
- • Recent yield data shows the fund trading at a Net Asset Value of $11.72 (up 0.59% from 30 days prior), with a 7-day APY of 23.67%, signaling a substantial widening of crypto basis spreads driving near-term performance.
Summary
Bitwise's Crypto Carry Fund has delivered compelling yields for qualified purchasers seeking exposure to market-neutral cryptocurrency strategies. As of early September 2026, the fund's 30-day annualized percentage yield (APY) reached 10.04%, representing a dramatic 176% surge from the prior month—a move that underscores the expanding profitability of basis trading in digital assets. The fund's net asset value stands at $11.72 per share, with total assets under management climbing to $84.01 million, up 51.63% in a single month.
The fund's strategy centers on crypto basis trades, which capture the spread between spot and futures market prices across multiple cryptocurrency assets while employing U.S. Treasury securities as a risk management overlay. This market-neutral approach is designed to generate yield independent of directional cryptocurrency price movements. Bitwise, which assumed management of the fund from Superstate, charges a 0.75% management fee and makes the strategy accessible to qualified purchasers through tokenized shares (the USCC token) or traditional book-entry ownership structures.
The sharp acceleration in yields—moving from approximately 4% earlier in the year to current 10% levels—reflects a material widening of cash-and-carry spreads in cryptocurrency markets. Seven-day APY data reached 23.67%, suggesting that basis spreads have expanded significantly in the near term, likely driven by shifts in futures contract premiums relative to spot prices. This dynamic creates favorable conditions for carry traders willing to lock in the spread differential over time.
Redemption mechanics are designed for flexibility: shareholders can exit positions by burning USCC tokens directly on-chain or transferring tokens to the contract's Ethereum address, or through traditional portal-based redemption requests. The fund has set a minimum redemption of zero USDC, and redemption requests submitted by 4:59 p.m. ET on business days are typically processed by the next market open, with payment expected within two or more business days. Software solutions facilitate USDC-to-USD conversion for both subscriptions and redemptions.
The fund's rapid asset growth and yield expansion reflect both technical factors—widening cryptocurrency basis spreads—and institutional appetite for alternative yield strategies in crypto markets. With 13 trailing 30-day active addresses and $84 million in assets, the fund has established itself as a meaningful vehicle for institutional capital seeking crypto-denominated returns uncorrelated to digital asset price direction.
The fund's strategy centers on crypto basis trades, which capture the spread between spot and futures market prices across multiple cryptocurrency assets while employing U.S. Treasury securities as a risk management overlay. This market-neutral approach is designed to generate yield independent of directional cryptocurrency price movements. Bitwise, which assumed management of the fund from Superstate, charges a 0.75% management fee and makes the strategy accessible to qualified purchasers through tokenized shares (the USCC token) or traditional book-entry ownership structures.
The sharp acceleration in yields—moving from approximately 4% earlier in the year to current 10% levels—reflects a material widening of cash-and-carry spreads in cryptocurrency markets. Seven-day APY data reached 23.67%, suggesting that basis spreads have expanded significantly in the near term, likely driven by shifts in futures contract premiums relative to spot prices. This dynamic creates favorable conditions for carry traders willing to lock in the spread differential over time.
Redemption mechanics are designed for flexibility: shareholders can exit positions by burning USCC tokens directly on-chain or transferring tokens to the contract's Ethereum address, or through traditional portal-based redemption requests. The fund has set a minimum redemption of zero USDC, and redemption requests submitted by 4:59 p.m. ET on business days are typically processed by the next market open, with payment expected within two or more business days. Software solutions facilitate USDC-to-USD conversion for both subscriptions and redemptions.
The fund's rapid asset growth and yield expansion reflect both technical factors—widening cryptocurrency basis spreads—and institutional appetite for alternative yield strategies in crypto markets. With 13 trailing 30-day active addresses and $84 million in assets, the fund has established itself as a meaningful vehicle for institutional capital seeking crypto-denominated returns uncorrelated to digital asset price direction.
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