Bitwise Crypto Carry Fund (USCC)

USCC is a share of the Bitwise Crypto Carry Fund, one series of a Delaware statutory trust. The fund buys bitcoin, ether, solana, and XRP, sells futures against them, and earns the gap between the two prices as the futures near expiry. Superstate launched it in July 2024; Bitwise took over as manager on 1 June 2026. Superstate still issues the tokens on Ethereum, Plume, and Solana, keeps the shareholder record as an SEC-registered transfer agent, and holds every admin key. The fund held $172.6 million on 24 September 2026, down from $623 million at its peak in November 2025. Only qualified purchasers may buy: the fund pages say so, and the fund’s Form D claims Rule 506(c) and the section 3(c)(7) exclusion. The minimum is $100,000. Holders redeem any market day and are paid the next market day for requests before 5 p.m. ET. The assessment is adverse. Model clients are not qualified purchasers. For one who is, USCC paid 4.90% over the last 30 days and 5.1% over the last year, against 3.6% and 3.7% for Superstate’s Treasury fund, USTB. The extra point and a half pays for margin posted at futures venues, a restaked-ether leg its futures do not hedge, a new manager, a Form D not amended since July 2025, and single keys that can mint, burn, and upgrade the token.

Review triggers: events that reopen the verdict
• Bitwise or Superstate publishes the memorandum and trust agreement and they change the investor class, the redemption terms, or which record governs
• The fund opens to accredited investors under section 3(c)(1), or to investors below the qualified-purchaser test
• The owner key 0x8abc…bdd1, the allowlist key 0x7747…b2fe, or the Solana allowlist program’s upgrade key moves to a multisig with a delay
• The fund delays a redemption past T+2, suspends the redemption program, or reports a loss on a venue, a custodian, or weETH

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-12-24.

The research file

What the holder owns

The holder owns a share of the fund, not its coins or futures. Superstate’s fund page says “The Fund is a series of a Delaware Statutory Trust”; EDGAR still lists it as Superstate Crypto Carry Fund, a series of Superstate Asset Trust. Its risk notes say shareholders “will not be permitted to take part in the management or control of the Fund’s business, and will have only certain limited voting rights.” The fund pays no distributions: income raises the NAV per share, which started at $10.00 on 12 July 2024 and stood at $11.746714 on 24 September 2026. The fact sheet says it is taxed as a partnership, issues K-1s, and is not open to IRAs. One share exists either as a token or as a book entry at Superstate; the documents read do not say which record governs if the two differ. The trust agreement and memorandum were not public and were not read.

How the trade earns and how it loses

Futures on these coins usually trade above spot. The fund buys the coin, sells a future of the same size, and keeps the gap as the future converges on spot at expiry. The holdings Superstate published for 22 September 2026 match each long leg to its short within 1%: $34.2 million of bitcoin against $34.3 million of short bitcoin futures, $45.4 million of ether against $45.2 million short, $19.6 million of solana against $19.4 million, and $25.9 million of XRP against $26.1 million. The futures trade on CME, Coinbase, and FalconX. Losses come from four places. Marks move before the gap closes: Superstate’s own example has NAV fall when the gap widens, and the worst drop in the daily record was 0.48%, from 21 to 23 July 2025. Of the ether leg, $38.6 million is weETH, EtherFi’s restaked ether, which ether futures do not hedge if weETH trades below ether. About $56 million of cash and bitcoin is labeled collateral, and Superstate says futures positions and margin are held “at the Trading Venues,” not with Anchorage, the custodian. OTC forwards and options are valued on dealer marks. The fund charges 0.75% a year and no performance fee.

Who may hold, and how money gets out

Superstate’s and Bitwise’s pages list eligible investors as “Qualified Purchasers in supported jurisdictions,” and Superstate’s getting-started page sets that at $5 million of investments for individuals and $25 million for institutions. Its onboarding pages, by contrast, ask only for proof of accredited status to invest in USTB or USCC; the Form D’s section 3(c)(7) claim settles the floor at qualified purchaser. The minimum is $100,000 “unless waived by Superstate.” Tokens move only between wallets on Superstate’s allowlist, which also admits DeFi protocols Superstate has audited. A holder redeems by sending tokens to the redemption address or, on Ethereum, calling offchainRedeem; the order prices at that day’s 5 p.m. ET NAV and pays US dollars or USDC the next market day, or the day after for late orders. USDC payouts run through Circle, and the fact sheet warns that “The redemption program may be modified or terminated at any time, in which case investors may not be able to redeem shares in the future.”

Who controls the tokens

On Ethereum and Plume, USCC is Superstate’s upgradeable FundToken (version 1.3.0 on Ethereum). One plain key, 0x8abc…bdd1, owns both contracts. The verified code lets the owner mint, pause every transfer, point the token at a new allowlist, and “burn tokens from any address without approval.” Each proxy admin is a contract that the same key owns, so it alone can replace the code. The allowlist contracts that decide who may hold belong to a second single key, 0x7747…b2fe, which also runs USTB’s allowlist. The Ethereum token already points at a new allowlist, 0xbcbc…d1f, not the V3 address Superstate’s docs list, in line with its notice of a September 2026 move to version 4.2. On Solana, a single key, LEZG…moHX, can mint. New accounts start frozen; the freeze authority and the permanent delegate, which can move or burn any balance, are one program account, 2Yq4…pM7x, shared with USTB and CUSHY. Superstate says its allowlist program is the freeze authority; on 24 September 2026 that program’s upgrade authority was one plain key, 2ccH…kMA. No multisig or delay guards any of these powers. Superstate says Turnkey manages its private keys. Bitwise, the manager, holds no key the documents name.

The record against the filings

Superstate’s fund API gave $172,570,523 and 14,690,961 shares on 24 September 2026. Its page counts 7,208,189 tokens on Ethereum, 1,443,653 on Plume, 708,371 on Solana, and 5,307,683 in book entry, which is 23,064 shares short of the API’s figure; the page does not explain the gap. Of the Ethereum tokens, 5,235,609, or 36% of every share, sit in Aave as borrowers’ collateral. The fund grew to $623 million on 23 November 2025 and fell to $258.7 million by 1 June 2026. In the first month under Bitwise it fell to $167.6 million, and to $125.8 million by 1 August, before rising again. The only Form D amendment, filed 17 July 2025, reports $211 million sold to 43 investors and names Superstate Advisers as manager. A continuing offering amends its Form D each year; none is on EDGAR for 2026, so the SEC record names neither Bitwise nor the sales that took the fund past $600 million.

Comparison and decision

Spiko’s cash-and-carry fund, also on file, holds a Marex certificate that pays a basis index; USCC holds the coins and futures itself, so its holder carries Anchorage custody, venue margin, and EtherFi directly. Against USTB, a Treasury fund on the same Superstate contracts that USCC itself holds, USCC paid 1.3 points more over the last 30 days (4.90% against 3.59%) and 1.5 points more over the year to 1 September 2026 (5.11% against 3.66%), and its yield depends on a futures premium that can shrink to nothing. The token adds allowlisted transfers and use as Aave collateral; it does not add a faster exit than the daily redemption. The assessment is adverse; the program stays research-only, and it is ineligible for model clients because they are not qualified purchasers.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Superstate: USCC, Bitwise Crypto Carry Fund (fund page) · primary · accessed 2026-09-24
  Supports: $172.57M AUM, NAV $11.746714, 4.90% 30-day yield, shares by network and book entry, Aave and Kamino holdings, holdings as of 2026-09-22, service providers, limited voting rights, USDC through Circle
• Bitwise: Bitwise Crypto Carry Fund (USCC) · primary · accessed 2026-09-24
  Supports: eligible investors, service providers, holdings, daily liquidity
• Superstate docs: Bitwise USCC · primary · accessed 2026-09-24
  Supports: strategy, $100,000 minimum unless waived, allowlisted transfers, T+1 and T+2 redemption, NAV marking method, basis-widening example
• Superstate docs: Smart contracts · primary · accessed 2026-09-24
  Supports: contract addresses, admin mints, allowlists, and burns, allowlist program as Solana freeze authority, allowlist v4.2 migration, audited protocols on the allowlist
• Superstate docs: Security · primary · accessed 2026-09-24
  Supports: Anchorage custody, futures margin at trading venues, overlapping ownership records, Turnkey key management
• Bitwise: Bitwise Debuts Inaugural Tokenized Fund, the Bitwise Crypto Carry Fund (2026-06-01) · primary · accessed 2026-09-24
  Supports: manager transition, same token and contracts, 120-day sub-adviser term, $259M AUM on 2026-05-29
• Bitwise: USCC fact sheet (as of June 1, 2026) · primary · accessed 2026-09-24
  Supports: partnership tax, K-1, not IRA eligible, redemption program may be modified or terminated, unitary 0.75% fee, holdings as of 2026-05-27
• SEC EDGAR: Superstate Crypto Carry Fund, a series of Superstate Asset Trust, Form D/A (2025-07-17) · primary · accessed 2026-09-24
  Supports: Rule 506(c), section 3(c)(7), $100,000 minimum, $211.0M sold to 43 investors, Superstate Advisers as manager, no 2026 amendment
• Superstate public fund API: USCC daily NAV, assets, and shares (fund 2) · primary · accessed 2026-09-24
  Supports: NAV since 2024-07-12, AUM peak $623.0M on 2025-11-23, worst NAV drop 0.48%, shares outstanding
• Superstate public fund API: USTB yield (fund 1), for comparison · primary · accessed 2026-09-24
  Supports: USTB 30-day yield 3.59%
• Superstate public fund API: USTB daily NAV (fund 1), for comparison · primary · accessed 2026-09-24
  Supports: USTB NAV return 3.66%, 2025-09-01 to 2026-09-01
• Superstate public fund API: USCC holdings (fund 2) · primary · accessed 2026-09-24
  Supports: spot, staked, and futures legs, collateral, weETH, USTB
• Verified USCC implementation on Ethereum, FundTokenV1_3_0 (Sourcify) · primary · accessed 2026-09-24
  Supports: adminBurn without approval, owner-only pause, setAllowlist, mint

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.