Bitwise Crypto Carry Fund (USCC)
Plume Mainnet: can pause transfers, claw back, gate who may hold, mint, change the code. Owner key: a single key. A single key, through a contract, can change the code with no delay.
Solana: can freeze a holder, claw back, gate who may hold, mint. An account only a program can sign for can freeze a holder and claw back tokens.
Research and shelf status are on the memo: Bitwise Crypto Carry Fund (USCC) Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
A share of one series of a Delaware statutory trust, with limited votes; the holder owns the share, not 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: paid the next market day for requests before 5 p.m. ET, two market days later after it.
“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 lives either as a token or as a book entry at Superstate, the transfer agent; the documents read do not say 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, not Bitwise, as the holder of that address.
“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
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | Yes |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
What the issuer publishes
Read from the issuer’s own feed at api.superstate.com, as of 2026-09-24. The monitor reads it daily and alerts 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 | Form | Exemption claimed | Minimum | Sold to date | Investors |
|---|---|---|---|---|---|
| 2025-07-17 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $100,000 | $211,043,879 | 43 |
| 2024-07-17 | D | Rule 506(c); Investment Company Act section 3(c)(7) | $0 | $10,267,391 | 1 |
Filed by Superstate Crypto Carry Fund, a series of Superstate Asset Trust (SEC CIK 2030263). Sold to date counts every sale since the first, not the fund’s size today. Ketju reads EDGAR daily; a new filing reopens this file.
- 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.
| Agent | SEC file | TA-2 period | Accounts | Issues with master file | Work it hires out |
|---|---|---|---|---|---|
| Superstate Services LLC | 084-06972 | 2025-12-31 | 107 | 0 | None |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | No | Yes | Yes | Yes | Yes | Owner key: a single key. A single key, through a contract, can change the code with no delay. |
| Plume Mainnet | No | Yes | Yes | Yes | Yes | Owner key: a single key. A single key, through a contract, can change the code with no delay. |
| Solana | Yes | No | Yes | Yes | No | An account only a program can sign for can freeze a holder and claw back tokens. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-24. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Owner | grant and revoke these powers | a single key | 0x8abc…bdd1 |
| Ethereum | Proxy admin | change the code | a contract run by a single key | 0x2bb7…af3d |
| Ethereum | Allowlist owner | decide who may hold, grant and revoke these powers | a single key | 0x7747…b2fe |
| Plume Mainnet | Owner | grant and revoke these powers | a single key | 0x8abc…bdd1 |
| Plume Mainnet | Proxy admin | change the code | a contract run by a single key | 0x02db…5cf2 |
| Plume Mainnet | Allowlist owner | decide who may hold, grant and revoke these powers | a single key | 0x7747…b2fe |
| Solana | Mint authority | mint new tokens | a single key | LEZGws…MoHX |
| Solana | Freeze authority | freeze a holder | an account only a program can sign for | 2Yq4T3…pM7x |
| Solana | Permanent delegate | claw back tokens | an account only a program can sign for | 2Yq4T3…pM7x |
Ethereum: 5 contract reads at block 26047041, 4 functions in verified source, 2026-09-24
- eip1967.implementation=0x7e906c0006d3f08be94ef4685c59b5cde4fb4fef
- eip1967.admin=0x2bb7b8b4df7fd96baf7cb9a2ce9e292ecd5baf3d
- owner()=0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1
- paused()=false
- allowlist()=0xbcbc2b4fb2abe1c598c9ea91e0b03338e4728d1f
- allowlist in verified source 0x7e90…4fef
- accountingPause in verified source 0x7e90…4fef
- adminBurn in verified source 0x7e90…4fef
- mint in verified source 0x7e90…4fef
Plume Mainnet: 5 contract reads at block 95241515, 4 functions in verified source, 2026-09-24
- eip1967.implementation=0x14422a660e508858c20fd3a73d15c625eab12c4d
- eip1967.admin=0x02dbbebcda529d849b9b92cb97f028140fea5cf2
- owner()=0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1
- paused()=false
- allowlist()=0x2e55171f6ebebbd1ea7ac2e8c97b50557f27d88c
- allowlist in verified source 0x1442…2c4d
- accountingPause in verified source 0x1442…2c4d
- adminBurn in verified source 0x1442…2c4d
- mint in verified source 0x1442…2c4d
Solana: 4 contract reads at block 450016428, 0 functions in verified source, 2026-09-24
- mintAuthority=LEZGws32A591zEyNrnqjdbTxTw9AYg6wbVCCRAvMoHX
- freezeAuthority=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
- permanentDelegate=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
- defaultAccountState=frozen
Where it trades
| Venue | Kind |
|---|---|
| Superstate subscription and redemption | issuer primary |
How it exits
| Path | Cutoff | Settlement | Settles in |
|---|---|---|---|
| Redeem with the fund at NAV by the daily cutoff | 5:00 p.m. Eastern | Priced at the market day’s closing NAV; paid T+1 for requests before 5 p.m. ET and T+2 after, as US dollars to a bank account or USDC on Ethereum or Solana. Tokens are redeemed by sending them to the redemption address or, on Ethereum, calling offchainRedeem. USDC payouts run through Circle, and the fact sheet says the redemption program may be modified or terminated at any time | USD, USDC |
- 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
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s and against the issuer’s published record; and its market quote against the issuer’s published NAV. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. EDGAR is read for the issuer’s Form D filings and the transfer agent’s registration; a new filing reopens the file. A change opens a review item in the governance queue and reopens the file before any client action. Subscribers get an email naming each of their clients who hold it, with the household result.
File history
Not revised since it was filed. A revision keeps the superseded copy as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-24 | Filed. |
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