Key Takeaways
- • Bitwise launched the Bitwise Crypto Carry Fund (USCC), a $259 million tokenized fund featuring XRP alongside Bitcoin, Ethereum, and Solana as equal-weighted assets in its underlying basket.
- • The fund employs a market-neutral basis-trade strategy that generates yield by simultaneously buying spot assets and shorting futures contracts, capturing the price differential (basis) while eliminating directional market exposure.
- • Current fund performance shows assets under management exceeding $250 million with an annualized 30-day yield of approximately 4%, according to Bitwise CEO Hunter Horsley.
- • USCC is tokenized on the FundOS platform and launched by Superstate, enabling on-chain deployment and integration with DeFi protocols including Aave Horizon and Kamino.
- • This marks Bitwise's first entry into the tokenized fund market and signals institutional adoption of XRP through a major asset manager's flagship product.
Summary
Bitwise has entered the tokenized fund market with the launch of the Bitwise Crypto Carry Fund (USCC), a $259 million on-chain product representing the asset manager's first venture into the structure. The fund's inception reflects growing institutional interest in crypto-denominated yield strategies accessible through blockchain infrastructure. CEO Hunter Horsley confirmed the fund's operational status, reporting initial AUM exceeding $250 million.
The fund's strategy departs from traditional cryptocurrency investment models that rely on price appreciation. Instead, USCC employs a market-neutral basis-trade approach: the fund simultaneously purchases spot cryptocurrency assets and shorts corresponding futures contracts, capturing yield from the basis—the spread between spot and futures prices. This methodology generates returns independent of market direction, providing consistent income generation across bull and bear cycles.
XRP holds an equal position in the fund's asset basket alongside major cryptocurrencies Bitcoin, Ethereum, and Solana. This parity treatment represents a significant institutional validation of XRP as a core asset class component. The fund currently delivers an annualized 30-day yield of approximately 4%, offering institutional investors a quantifiable return metric within a market-neutral framework.
The tokenized structure, built on the FundOS platform and launched by Superstate, enables direct on-chain deployment and liquidity provision. Investors gain accessibility through decentralized finance protocols, with the fund compatible with Aave Horizon and Kamino integration, expanding use cases within the DeFi ecosystem. This infrastructure choice underscores the institutional-grade operationalization of tokenized financial products, bridging traditional fund management with blockchain settlement and custody models.
The fund's strategy departs from traditional cryptocurrency investment models that rely on price appreciation. Instead, USCC employs a market-neutral basis-trade approach: the fund simultaneously purchases spot cryptocurrency assets and shorts corresponding futures contracts, capturing yield from the basis—the spread between spot and futures prices. This methodology generates returns independent of market direction, providing consistent income generation across bull and bear cycles.
XRP holds an equal position in the fund's asset basket alongside major cryptocurrencies Bitcoin, Ethereum, and Solana. This parity treatment represents a significant institutional validation of XRP as a core asset class component. The fund currently delivers an annualized 30-day yield of approximately 4%, offering institutional investors a quantifiable return metric within a market-neutral framework.
The tokenized structure, built on the FundOS platform and launched by Superstate, enables direct on-chain deployment and liquidity provision. Investors gain accessibility through decentralized finance protocols, with the fund compatible with Aave Horizon and Kamino integration, expanding use cases within the DeFi ecosystem. This infrastructure choice underscores the institutional-grade operationalization of tokenized financial products, bridging traditional fund management with blockchain settlement and custody models.
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