> For the complete documentation index, see [llms.txt](https://docs.superstate.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.superstate.com/investors/tokenized-funds/available-funds/bitwise-uscc.md).

# Bitwise USCC

> New to Superstate? Start with [Getting started](/investors/getting-started.md) and the [Investor Portal](/investors/investor-portal.md).

The Bitwise Crypto Carry Fund (USCC) pursues crypto basis and carry strategies. Shares of the fund are issued as USCC tokens on Ethereum, Solana, and Plume, or held in book-entry by Superstate. USCC is freely transferable between wallet addresses on the Allowlist. Purchases and redemptions are facilitated through USD or USDC, with liquidity each market day.

### Fund information

USCC seeks yield from crypto basis strategies (the differential between spot and futures prices) across Bitcoin and Ether, including staking, alongside U.S. Treasury securities. Return accrues as interest income, reflected in a continuously increasing NAV per share rather than distributions. Its NAV/S started at $10.000000 and updates on a daily basis. Its 30-day yield reflects the change in NAV/S, including basis accrual, staking rewards, and mark-to-market effects.

To learn, please refer to [Bitwise's fund overview](https://bitwiseinvestments.com/crypto-funds/uscc), the [USCC fund page](https://superstate.com/assets/uscc) and [How NAV, income & yield work](/investors/tokenized-funds/nav-income-and-yield.md) for shared fund income mechanics.

### Subscribing

Investors can view subscription instructions in the Superstate portal. Subscriptions can be sent with a USD wire or USDC (on Ethereum, Solana, or Plume). USCC is priced once per market day at 5pm ET: shares are delivered T+1 for orders received before 5pm ET, or T+2 after. The minimum initial investment is $100,000 unless waived by Superstate. Shares are delivered as tokens to an allowlisted address or as book-entry.

See [Subscription](/investors/tokenized-funds/subscribe.md) for the step-by-step.

### Redeeming

Investors can view redemption instructions in the Superstate portal. Proceeds are paid as U.S. Dollars to a bank account, USDC to an Ethereum address, or USDC to a Solana address. Proceeds are delivered T+1 for requests received before 5pm ET, or T+2 after.

See [Redemption](/investors/tokenized-funds/redeem.md) for the step-by-step.

### Tokenizing book-entry shares

Investors can convert book-entry USCC shares into tokens on Ethereum, Solana, or Plume. Tokenization works the same across all Superstate funds; only the supported networks differ. 

See [Tokenizing book-entry shares](/investors/investor-portal/tokenizing-book-entry-shares.md) for the step-by-step.

### NAV per share

**How is USCC NAV calculated?**

USCC’s Net Asset Value per Share (NAV/S) is calculated as total assets minus total liabilities, divided by outstanding shares. NAV/S fluctuates daily based on accrued income and mark-to-market movements across all portfolio positions. While the 30-day yield reflects performance over a trailing period, the daily NAV/S captures snapshots of the economic value of the portfolio.

USCC’s NAV is calculated each business day using 4:00 PM ET market marks across all holdings. Each position is valued at its respective closing or reference price at the daily mark, and these values are aggregated to determine total fund assets. Outstanding shares are determined based on prior-day balances adjusted for subscriptions and redemptions.

Marking Methodology:

* Spot Assets (BTC, ETH, SOL, XRP): 4:00 PM ET Coinbase closing price
* CME Futures: 4:00 PM ET CME settlement price
* Liquid Staking Tokens (lsETH, weETH, JitoSOL): 4:00 PM ET conversion rate
* Staking Income: Accrued rewards from 5:00 PM ET (prior trading day) to 5:00 PM ET
* OTC Forwards and Options: Dealer-provided OTC marks

Daily mark-to-market adjustments ensure that NAV accurately reflects current portfolio valuations, providing transparency and enabling subscriptions and redemptions even when positions experience temporary valuation fluctuations.

**Why does the USCC NAV sometimes decline?**

Daily NAV reflects mark-to-market gains and losses, including unrealized valuation changes that have not been realized through trade execution. When market prices move between daily valuation points, those changes flow through NAV even if the economic value of the strategy remains intact.

For example, on December 1st, the fund enters a basis trade by purchasing 100 SOL spot at $130 and selling 100 November SOL futures at $131. By December 2nd, spot rises to $135 (+$500), while the futures price increases to $136.5 (−$550 on the short) as the basis widens from $1.00 to $1.50. This results in a $50 mark-to-market NAV decline driven by basis expansion.

This loss is unrealized, as no positions have been closed, and reflects temporary mark-to-market basis movement, which can cause the NAV to decline even though the expected value of the trade remains the collection of the $500 basis as the futures contract converges to spot at expiry.

### Market days & holidays

See [the holiday calendar](/investors/tokenized-funds.md#market-days-and-holidays).

### Addresses

Token contracts and oracles by chain: [see Smart contracts](/investors/smart-contracts.md).

### Documents

Fund documents and statements are available in the [Investor Portal](https://superstate.com/assets/uscc).

#### More info

* [Historical NAV/S, AUM, and Yield](https://superstate.com/assets/uscc)
* [Current holdings, supported networks, DeFi integrations, and service providers](https://superstate.com/assets/uscc)

For **Disclosures and Risk Factors** related to the Bitwise Crypto Carry Fund visit [superstate.com/assets/uscc#disclaimers](https://superstate.com/assets/uscc#disclaimers)