RIADeFiPublished by Ketju Research
Research files · synthetic yield

Ketju research: Bitwise Crypto Carry Fund (USCC)

Adverse research assessmentPublished by Ketju Research

This file describes the economic claim, control, loss, and exit evidence. Firm-shelf policy is a separate conclusion; client action and amount belong to the advisor. Not investment, legal, tax, or compliance advice.

Research summary

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.

Observable review triggers

  • 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

Facts on file

Research assessment
Adverse
Client selection
Not considered
Exposure
synthetic yield
Chains examined
Ethereum, Plume Mainnet, Solana
Instruments
USCC
Reviewed
Next review

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