Bitwise Crypto Carry Fund (USCC)

Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.

The verdict is on the memo: Bitwise Crypto Carry Fund (USCC) Not approved

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

A share of one series of a Delaware statutory trust, with limited votes. The holder owns the share and does not own the coins, futures, or cash the fund holds.

“The Fund is a series of a Delaware Statutory Trust”

Superstate: USCC, Bitwise Crypto Carry Fund (fund page) · Details, Structure · words found 2026-09-24

Who may hold it

Qualified purchasers in the places Superstate supports.

“Qualified Purchasers in supported jurisdictions”

Superstate: USCC, Bitwise Crypto Carry Fund (fund page) · Details, Eligible investors · words found 2026-09-24

First purchase minimum

$100,000 first investment, unless Superstate waives it.

“The minimum initial investment is $100,000 unless waived by Superstate.”

Superstate docs: Bitwise USCC · Subscribing · words found 2026-09-24

Account types

Individuals with $5 million or more to invest and institutions with $25 million or more.

“Only available to Qualified Purchasers in supported countries with at least $5m in investable assets for individuals, or $25m for institutions.”

Superstate docs: Getting started · Eligibility, Superstate Funds · words found 2026-09-24

Who it may be transferred to

Freely, but only between wallets on the Superstate allowlist.

“USCC is freely transferable between wallet addresses on the Allowlist.”

Superstate docs: Bitwise USCC · Opening summary · words found 2026-09-24

How a holder redeems

Each market day. Requests before 5 p.m. ET are paid the next market day; later requests are paid two market days later.

“Proceeds are delivered T+1 for requests received before 5pm ET, or T+2 after.”

Superstate docs: Bitwise USCC · Redeeming · words found 2026-09-24

Who keeps the official record

A share exists either as a token or as a book entry at Superstate, the transfer agent. The documents we read do not state which record governs if they differ.

“Ownership in the Fund is via the USCC token or book-entry record keeping.”

Superstate: USCC, Bitwise Crypto Carry Fund (fund page) · About USCC · words found 2026-09-24

What the issuer says it can freeze or take back

Superstate’s admin address mints, adds and removes allowlisted wallets, and can burn a holder’s tokens. The documents name Superstate as the holder of that address; they do not name Bitwise.

“Our smart contracts are upgradable and various functions are gated behind the Superstate Admin Address calling them. This includes all minting, adding or removing users from the allowlist, and forcibly burning an investor’s tokens (if required by exogenous legal circumstances, for example).”

Superstate docs: Smart contracts · EVM contracts, below the Plume address list · words found 2026-09-24

What the issuer publishes

Ketju read these figures from the issuer’s own feed at api.superstate.com, as of 2026-09-24. Ketju reads the feed daily and sends an alert when the chain shows more tokens than the record states or when the market quote moves away from the published NAV.

• USCC NAV $11.7467 per token.
• USCC: 14,690,961 shares outstanding. 9,360,214 of them are tokens on Ethereum, Plume Mainnet, Solana (63.7%); the rest are held off chain on the transfer agent’s books.

What the issuer filed with the SEC

A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.

Filed by Superstate Crypto Carry Fund, a series of Superstate Asset Trust (SEC CIK 2030263). Sold to date counts every sale since the first and does not show the fund’s size today. Ketju reads EDGAR daily and reviews this file again when a new filing appears.

What the filing record shows
• No Form D amendment since 2025-07-17; a continuing offering amends each year.

The transfer agent’s SEC record

A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

Who holds the keys

Ketju read every current holder of each power from the chain on 2026-09-24. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.

Where it trades

Redemption

Review triggers
• The Ethereum or Plume owner, proxy admin, implementation, or allowlist contract changes (Superstate says its EVM allowlists move to v4.2 in September 2026), or the Solana mint, freeze, or permanent-delegate authority changes
• Superstate’s 120-day sub-adviser term ends (about 29 September 2026), or Superstate stops serving as transfer agent
• A Form D amendment for CIK 2030263 names Bitwise, changes the exemption or the minimum, or reports new sales
• The fund pays a redemption later than T+2, suspends the redemption program, or burns a holder’s tokens
• Bitwise or Superstate publishes the memorandum or trust agreement, or says which record governs

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s and with the issuer’s published record, and its market quote with the issuer’s published NAV. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju reads EDGAR for the issuer’s Form D filings and the transfer agent’s registration and reviews the file again when a new filing appears. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.

Sources

• Superstate: USCC, Bitwise Crypto Carry Fund (fund page) · primary · accessed 2026-09-24
  Supports: eligible investors, $100,000 minimum, Delaware statutory trust series, daily 5pm ET cutoff, service providers, shares by network and book entry, DeFi holdings, holdings as of 2026-09-22, limited voting rights, USDC redemption through Circle
• Bitwise: Bitwise Crypto Carry Fund (USCC) · primary · accessed 2026-09-24
  Supports: $172.57M AUM, eligible investors, service providers, daily liquidity, holdings
• Superstate docs: Bitwise USCC · primary · accessed 2026-09-24
  Supports: $100,000 minimum unless waived, transfers between allowlisted wallets, T+1 and T+2 settlement, NAV marking method, Ethereum, Solana, Plume
• Superstate docs: Smart contracts · primary · accessed 2026-09-24
  Supports: USCC contract addresses, upgradeable contracts, admin mints, allowlists, and burns, Solana allowlist program as freeze authority, EVM allowlist moves to v4.2 in September 2026
• Superstate docs: Getting started · primary · accessed 2026-09-24
  Supports: account types, $5M individuals, $25M institutions
• SEC EDGAR: Superstate Crypto Carry Fund, a series of Superstate Asset Trust, Form D/A filed July 17, 2025 · primary · accessed 2026-09-24
  Supports: series of a Delaware trust, Rule 506(c), section 3(c)(7), $100,000 minimum, $211.0M sold to 43 investors, Superstate Advisers as investment manager
• Superstate public fund API: USCC daily NAV, assets, and shares outstanding (fund 2) · primary · accessed 2026-09-24
  Supports: NAV per share, shares outstanding, assets under management
• USCC Solana token metadata (api.superstate.com, instrument 2) · primary · accessed 2026-09-24
  Supports: issuer-anchored Solana mint, fund description
• Verified USCC implementation on Ethereum, FundTokenV1_3_0 (Sourcify) · primary · accessed 2026-09-24
  Supports: adminBurn from any address without approval, owner-only pause, mint and bulkMint, allowlist check on transfer
• Bitwise: Bitwise Debuts Inaugural Tokenized Fund, the Bitwise Crypto Carry Fund (2026-06-01) · primary · accessed 2026-09-24
  Supports: manager transition, same token and contracts, Superstate as transfer agent, 120-day sub-adviser term, $259M AUM on 2026-05-29
• Bitwise: USCC fact sheet (as of June 1, 2026) · primary · accessed 2026-09-24
  Supports: partnership tax, K-1, not IRA eligible, redemption program may be modified or terminated, unitary 0.75% fee