Bitwise has completed the transition of investment management for USCC, now renamed the Bitwise Crypto Carry Fund, in partnership with Superstate. The announcement was published on June 1, 2026, at 09:00 ET, with Bitwise saying the tokenized fund has more than $259 million in assets under management and is available to qualified purchasers.
The fund seeks to generate yield through a crypto cash-and-carry strategy, which attempts to capture the spread between spot crypto prices and futures contracts. Bitwise reported a 4% yield and a 0.75% management fee, with both figures dated May 29, 2026 in the company’s release.
Superstate Keeps the On-Chain Infrastructure Role
The transition changes who manages the portfolio, but not the fund’s token infrastructure. Bitwise said USCC keeps the same ticker, smart contracts and token address, while Superstate continues to power tokenized issuance and transfer-agency services through FundOS. Superstate will also serve as sub-adviser for 120 days.
Bitwise’s live USCC page shows slightly more current operational data. As of May 31, 2026, the page listed $258.73 million in AUM, a $11.602808 NAV per share and a 3.93% 30-Day SEC Yield, so the yield and AUM should be cited by date rather than treated as fixed figures.
The fund’s strategy is not described as a simple equal-weighted basket. The holdings page shows exposure across cash, USTB, Bitcoin, Ether, Solana, XRP and futures positions, including short futures contracts across BTC, ETH, SOL and XRP as of May 31 at 4 p.m. EDT.
Tokenized Shares Enter DeFi Collateral Markets
USCC’s on-chain structure also lets tokenized fund shares move into DeFi lending markets. Bitwise’s USCC page lists DeFi integrations with Aave on Ethereum, Kamino on Solana and Morpho on Ethereum, with about $121.7 million in USCC TVL on Aave, $13.2 million on Kamino and a nominal Morpho balance as of June 1.
Aave Labs separately shared a post saying more than $120 million of Bitwise Crypto Carry Fund shares were being used as collateral in Aave’s RWA market, with stablecoin borrowing rates below 3%. That borrowing-rate detail should remain attributed to the Aave-linked social update, not treated as a universal or permanent rate for all USCC collateral users.
The transition marks Bitwise’s first tokenized fund, while Superstate remains the infrastructure provider behind the on-chain rails. The confirmed development is operational control moving to Bitwise, not a change to USCC’s smart contracts or token address, and any claim about future growth, liquidity or DeFi usage should depend on subsequent fund data rather than launch-day positioning.