Bitwise Asset Management has stepped into tokenized funds for the first time, taking over investment management of the Bitwise Crypto Carry Fund, ticker USCC, which already holds $259 million in assets. The fund is open to qualified purchasers starting now.
USCC was originally built by Superstate in 2024 around a market-neutral basis-trade strategy. The handoff is a split arrangement: Bitwise comes in as investment manager, while Superstate keeps running the on-chain infrastructure through its FundOS platform. The technical backbone stays the same; the name on the management door changes.
A yield that doesn't depend on crypto going up
The strategy itself is worth spelling out. The fund holds spot positions in Bitcoin, Ethereum, Solana, and XRP, while simultaneously selling futures contracts tied to those same assets. The yield comes from the spread between spot and futures prices, a gap that persists in crypto because traders consistently pay a premium for leveraged long exposure. The fund captures that premium rather than betting on price direction. It doesn't matter whether BTC rallies or dumps; the position is neutral either way.
Packaging a basis trade across multiple crypto assets inside a tokenized fund is still relatively uncommon. USCC does it in a format investors can access without managing the spot positions, the futures legs, or the margin mechanics themselves.
What separates USCC from most tokenized funds is the DeFi layer. Tokens representing fund positions are accepted as collateral on Aave, Kamino, and Morpho. That means a holder can earn the basis yield and borrow stablecoins against the same tokens without selling. The same capital generates yield and provides liquidity access at once, something traditional fund structures simply don't allow. At the current rate, that yield sits at 4% annually, steady rather than spectacular, but it accrues regardless of which direction the underlying assets move.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
