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Deployments · Superstate · platform by Superstate

Bitwise Crypto Carry Fund (USCC)Updated 28 Oct 2026

A private tokenised fund for qualified purchasers that runs the crypto cash-and-carry trade on bitcoin and ether, launched by Superstate in 2024 inside a Delaware trust. In 2026 Bitwise took over investment management and the fund was renamed, with Superstate keeping the on-chain infrastructure.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 22 Jul 2024[5] — Restricted to qualified purchasers; about $127 million on chain in October 2026. · Reviewed 13d ago

Assets
Fund interest[5]
Fund shares issued as tokens; the fund holds spot crypto hedged with futures, plus cash
Networks
Ethereum Public, permissionless[5]
Plume Public, permissionless[3]
Solana Public, permissionless[3]
Use cases
Primary issuance[5]Fund subscription and redemption[3]
Jurisdictions
United States

Participants

Likely relevant regulation

Assets

Data feeds

  • Fund NAVChainlink LabsNAVLink (Data Feeds and DataLink)Ethereum[2][1]USCC NAV per share feed on Ethereum, issuer Superstate; also offered as a DataLink stream.

Metrics

  • ~$267mAssets under management · as of 7 May 2026context[6]
    Gross supply, shown not counted: 85.6% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-22).
  • ~$228.66mAssets under management (counted part) · as of 7 May 2026[6]
    85.6% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-22, source superstate-uscc-holdings-oct22).
  • $127.42mAssets under management · as of 11 Oct 2026context[3]
    On-chain via rwa.xyz. Gross supply, shown not counted: 85.6% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-22).
  • ~$109.12mAssets under management (counted part) · as of 11 Oct 2026[3]
    85.6% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-22, source superstate-uscc-holdings-oct22).
  • ~$102.28mAssets on Ethereum · as of 11 Oct 2026 · on Ethereumcontext[3]
    On-chain via rwa.xyz: 8.68 million tokens at about $11.78 NAV. Gross supply, shown not counted: 85.6% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-22).
  • ~$87.59mAssets on Ethereum (counted part) · as of 11 Oct 2026 · on Ethereum[3]
    85.6% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-22, source superstate-uscc-holdings-oct22).
  • ~$16.99mAssets on Plume · as of 11 Oct 2026 · on Plumecontext[3]
    On-chain via rwa.xyz; supply times NAV. Gross supply, shown not counted: 85.6% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-22).
  • ~$14.55mAssets on Plume (counted part) · as of 11 Oct 2026 · on Plume[3]
    85.6% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-22, source superstate-uscc-holdings-oct22).
  • ~$8.15mAssets on Solana · as of 11 Oct 2026 · on Solanacontext[3]
    On-chain via rwa.xyz; supply times NAV. Gross supply, shown not counted: 85.6% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-22).
  • ~$6.98mAssets on Solana (counted part) · as of 11 Oct 2026 · on Solana[3]
    85.6% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-22, source superstate-uscc-holdings-oct22).
  • $211.04mFund interests sold since launch · as of 17 Jul 2025[7]
    Form D 'total amount sold' since the first sale on 2024-07-12: cumulative subscriptions into the fund, whose interests are issued as tokens; 43 investors had invested. Gross of redemptions, so it is not a balance. Latest amendment found is July 2025.
  • 43 investorsInvestors in the offering · as of 17 Jul 2025[7]
    Form D count of investors who have already invested.

Timeline

  1. Happened 7 May 2026 · Participant joined · recorded 11 Oct 2026
    Bitwise announces it will take over management of the fund, by then about $267 million, renaming it the Bitwise Crypto Carry Fund from 1 June.[6]
  2. Happened 22 Jul 2024 · Launch · recorded 11 Oct 2026
    Superstate launches USCC as its second fund with a 0.75 percent fee and daily liquidity.[5]

Sources

  1. [1]Chainlink data feeds directory: Arbitrum list, including Data Streams and DataLink feeds (machine-readable feed list behind data.chain.link) — Chainlink. Accessed 16 Oct 2026. Provider's own feed directory; JSON with no page headline, so the title is descriptive. Each entry names the feed, its proxy contract and, for SmartData feeds, the issuer and data source..B
  2. [2]Chainlink data feeds directory: Ethereum mainnet (machine-readable feed list behind data.chain.link) — Chainlink. Accessed 16 Oct 2026. Provider's own feed directory; JSON with no page headline, so the title is descriptive. Each entry names the feed, its proxy contract and, for SmartData feeds, the issuer and data source..B
  3. [3]USCC asset page — RWA.xyz. Accessed 11 Oct 2026.A
  4. [4]USCC asset page (service provider listing) — RWA.xyz. Accessed 11 Oct 2026.C
  5. [5]Introducing the Superstate Crypto Carry Fund (USCC) — Superstate, 22 Jul 2024. Accessed 11 Oct 2026.B
  6. [6]Bitwise to take over Superstate's $267M tokenized crypto carry fund — The Defiant, May 2026. Accessed 11 Oct 2026.C
  7. [7]Superstate Crypto Carry Fund, a series of Superstate Asset Trust: Form D notice of exempt offering (amendment) signed 2025-07-17 — Superstate Crypto Carry Fund (SEC Form D/A), 17 Jul 2025. Accessed 26 Oct 2026.A
  8. [8]Bitwise Crypto Carry Fund (USCC) asset page — Superstate. Accessed 28 Oct 2026. Service providers section read from the page HTML..B

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