# Bitwise Crypto Carry Fund (USCC)

<https://galactic.inc/analytics/uscc/>

Data block: 26,238,003 (2026-10-21 02:32 UTC)

[Bitwise](https://bitwiseinvestments.com/) · Funds · Ethereum · Solana
- Price: $11.8006
- Market cap: $98.07M
- Supply: 8,310,424.67
- Holder addresses: 56
- Top 10 share: 107.7%
- Transfer volume (30d) · Ethereum: $84.12M

Bitwise Crypto Carry Fund (USCC) is a tokenized fund offering qualified purchasers access to crypto basis strategies via the USCC token or book-entry records. Across Ethereum and Solana it has a combined supply of 8,310,424.67 tokens held by 56 addresses, for a market cap of $98.07M.

## Price sources

| Source | Value | Type | Estimated | Link | As of |
|---|---|---|---|---|---|
| Chainlink USCC NAV | $11.7902 | On-chain read | No | [data.chain.link](https://data.chain.link/feeds/ethereum/mainnet/uscc-nav-per-share) | 2026-10-21 |

## Supply by chain

| Chain | Supply | Holder addresses | Market cap | Data as of |
|---|---|---|---|---|
| Ethereum | 7,880,619.63 | 48 | $93.00M | [Block 26,238,003](https://etherscan.io/block/26238003) |
| Solana | 429,805.04 | 8 | $5.07M | [Slot 459,449,848](https://solscan.io/block/459449848) |
| Total | 8,310,424.67 | 56 | $98.07M |  |

## Backing

NAV as of 2026-10-16

### Token supply vs reported

| Comparison | Token supply | Reported | Gap | Ratio |
|---|---|---|---|---|
| Ethereum supply vs tokens outstanding reported by the issuer (all chains) | 7,880,619.632 | 16,640,267.900 | −8,759,648.268 | 0.4736 |

### Token supply

| Ethereum, block 26,238,003 | USCC |
|---|---|
| Tokens outstanding | 7,880,619.63 |
| Market cap (Ethereum) | $93.00M |

### Reported assets

| [Issuer report](https://api.superstate.com/v1/funds/2/nav-daily) | Reported |
|---|---|
| Fund net assets (all chains and share classes) | [$196.28M](https://api.superstate.com/v1/funds/2/nav-daily) |
| Shares outstanding (all chains) | [16,640,267.90 USCC](https://api.superstate.com/v1/funds/2/nav-daily) |
| NAV per share | [$11.7955](https://api.superstate.com/v1/funds/2/nav-daily) |

## Key facts

- **Issuer:** [Bitwise](https://bitwiseinvestments.com/)
- **Category:** Funds
- **Chains:** Ethereum, Solana
- **Deployed · Ethereum:** 2024-07-09
- **Transfers (30d) · Ethereum:** 95
- **Transfer volume (30d) · Ethereum:** $84.12M
- **Data block · Ethereum:** [26,238,003](https://etherscan.io/block/26238003)

## Regulatory structure

As of 2026-10-16

- **Issuer legal entity:** [Bitwise Crypto Carry Fund, a series of a Delaware statutory trust (Form D, 2025: “Superstate Crypto Carry Fund, a series of Superstate Asset Trust”)](https://superstate.com/assets/uscc)
- **Jurisdiction of issuer:** [Delaware, US](https://www.sec.gov/Archives/edgar/data/2030263/000094562125000588/primary_doc.xml)
- **Regulatory framework / offering exemption:** [Reg D 506(c); Investment Company Act 3(c)(7)](https://www.sec.gov/Archives/edgar/data/2030263/000094562125000588/primary_doc.xml)
- **Eligible investors:** [Qualified purchasers in supported jurisdictions](https://superstate.com/assets/uscc)
- **Transfer restrictions:** [Allowlist](https://superstate.com/assets/uscc)
- **Transfer agent:** [Superstate Services LLC](https://superstate.com/assets/uscc) [SEC-registered transfer agent (TA-1/A, file 84-06972)](https://www.sec.gov/Archives/edgar/data/2054806/000205480626000001/xslFTA1X01/primary_doc.xml)
- **Custodian / trustee:** [Anchorage Digital](https://superstate.com/assets/uscc)
- **Contract functions (Ethereum bytecode):** [adminBurn(address,uint256), pause()](https://etherscan.io/address/0x7e906c0006d3f08be94ef4685c59b5cde4fb4fef#code)

[Definitions and methodology](https://galactic.inc/analytics/uscc/#regulatory-glossary)

## Contract control

| Holder | Roles | Type | Key use | Last rotated |
|---|---|---|---|---|
| **Ethereum** |  |  |  |  |
| [0x8abc…bdd1](https://etherscan.io/address/0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1) | Upgrade admin, Owner | Single key | Dedicated | [2024-10-31](https://etherscan.io/tx/0xb00c06e2351f64971e9b46072cb6dcc24f372c217a1bf8e43fe12221f992a843) (719 days ago)Rotations in past 24 months: 1 · Within 12 months: No |
| **Solana** |  |  |  |  |
| [2ccHda…wkMA](https://solscan.io/account/2ccHdavxJ3eZ4aUy39sHmykFhiKkuvtomyRLRULrwkMA) | Upgrade admin | Single key | [Shared · 2 assets](https://galactic.inc/analytics/issuers/bitwise/#k-solana-2cchdavxj3ez4auy39shmykfhikkuvtomyrlrulrwkma) | — |
| [LEZGws…MoHX](https://solscan.io/account/LEZGws32A591zEyNrnqjdbTxTw9AYg6wbVCCRAvMoHX) | Minter | Single key | Dedicated | — |
| [2Yq4T3…pM7x](https://solscan.io/account/2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x) | Freezer / blacklister, Permanent delegate | Other contract | — | — |

## Role history

| Role | Key | Type | Added | Days held | Granted by | Other assets |
|---|---|---|---|---|---|---|
| **Ethereum** |  |  |  |  |  |  |
| Upgrade admin | [0x2bb7…af3d](https://etherscan.io/address/0x2bb7b8b4df7fd96baf7cb9a2ce9e292ecd5baf3d) | Other contract | [2024-12-06](https://etherscan.io/tx/0x2bb6bcace2e6d878e4d606d9bc7e676fc734e45716a953bac09ea723200bab2d) | 683 | [0x8c7d…2f8a](https://etherscan.io/address/0x8c7db8a96d39f76d9f456db23d591c2fdd0e2f8a) | — |
| Owner | [0x8abc…bdd1](https://etherscan.io/address/0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1) | Single key | [2024-10-31](https://etherscan.io/tx/0xb00c06e2351f64971e9b46072cb6dcc24f372c217a1bf8e43fe12221f992a843) | 719 | [0x8abc…bdd1](https://etherscan.io/address/0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1) | — |
| Owner | [0x8abc…bdd1](https://etherscan.io/address/0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1) | Single key | [2024-12-06](https://etherscan.io/tx/0xf3a4fb826c0ad217db2209db9d13d0d99e50ee828e1932669749f5eb71af0f45) | 683 | [0x8abc…bdd1](https://etherscan.io/address/0x8abc89d9b56dfd90da18e8e18cfac9111100bdd1) | — |

**Past holders (2)**

| Role | Key | Type | Added | Removed | Days held | Granted by | Other assets |
|---|---|---|---|---|---|---|---|
| **Ethereum** |  |  |  |  |  |  |  |
| Upgrade admin | [0xcb8d…040f](https://etherscan.io/address/0xcb8d325c0af19697b8454481602097f93aa9040f) | Other contract | [2024-07-09](https://etherscan.io/tx/0xbe8d18baf6aa7b9c40d8e099bbb44ef50ce83ba955589a4993127ed0434aabb1) | [2024-12-06](https://etherscan.io/tx/0x2bb6bcace2e6d878e4d606d9bc7e676fc734e45716a953bac09ea723200bab2d) | 150 | [0x5892…167e](https://etherscan.io/address/0x589254a1a3d8ae95ce984900d505d91fd3ed167e) | — |
| Owner | [0x8c7d…2f8a](https://etherscan.io/address/0x8c7db8a96d39f76d9f456db23d591c2fdd0e2f8a) | Single key | [2024-10-29](https://etherscan.io/tx/0x33e50e84da64a500a93a24a0dc5dd4f1741515669b20ff5a9ddc45acdf83491d) | [2024-10-31](https://etherscan.io/tx/0xb00c06e2351f64971e9b46072cb6dcc24f372c217a1bf8e43fe12221f992a843) | 2 | [0x8c7d…2f8a](https://etherscan.io/address/0x8c7db8a96d39f76d9f456db23d591c2fdd0e2f8a) | — |

## Change log

| Time (UTC) | Network | Event | Details | Transaction |
|---|---|---|---|---|
| 2026-07-21 18:34:11 | Ethereum | Implementation upgraded | 0x7e90…4fef | [0x73b4…bcc5](https://etherscan.io/tx/0x73b4604e54b163e843f1631d54e329fbaf1b1f036b43a6d2117580beaf0cbcc5) |
| 2026-07-20 14:14:59 | Ethereum | Implementation upgraded | 0xbc43…23ca | [0xe38f…0990](https://etherscan.io/tx/0xe38fb441aa385cfe91eada867aab14698fbf90acd6ef694e72bfadf1f59f0990) |
| 2025-07-16 19:37:23 | Ethereum | Implementation upgraded | 0x9b72…2a70 | [0x3325…2c85](https://etherscan.io/tx/0x332573cad1b7a57ae7c5652637f660006c7eed2655d9cd9cc43e810ff2062c85) |
| 2025-04-24 18:54:23 | Ethereum | Implementation upgraded | 0x2186…13d8 | [0xd414…56f5](https://etherscan.io/tx/0xd4142ba209b6584156320a76f7ead1cc53b5b5e9dc1f39df028382a7afbd56f5) |
| 2025-02-26 20:28:23 | Ethereum | Implementation upgraded | 0x0f3b…270d | [0x04bf…948a](https://etherscan.io/tx/0x04bf22ab22550bde0f9fa2a130ddf2f20082174b009533501d1daac33cf5948a) |
| 2024-12-06 03:42:23 | Ethereum | Implementation upgraded | 0x4187…a090 | [0x9d99…e5ec](https://etherscan.io/tx/0x9d99882a70865d1bfe20c509ab770cf10dfee8011dbd00df8a3139453abee5ec) |
| 2024-12-06 03:38:23 | Ethereum | Proxy admin changed | 0xcb8d…040f → 0x2bb7…af3d | [0x2bb6…ab2d](https://etherscan.io/tx/0x2bb6bcace2e6d878e4d606d9bc7e676fc734e45716a953bac09ea723200bab2d) |
| 2024-12-06 03:29:23 | Ethereum | Ownership transferred | 0x0000…0000 → 0x8abc…bdd1 | [0xf3a4…0f45](https://etherscan.io/tx/0xf3a4fb826c0ad217db2209db9d13d0d99e50ee828e1932669749f5eb71af0f45) |
| 2024-10-31 15:02:23 | Ethereum | Ownership transferred | 0x8c7d…2f8a → 0x8abc…bdd1 | [0xb00c…a843](https://etherscan.io/tx/0xb00c06e2351f64971e9b46072cb6dcc24f372c217a1bf8e43fe12221f992a843) |
| 2024-10-30 14:37:47 | Ethereum | Implementation upgraded | 0xce46…4219 | [0xc62a…0d86](https://etherscan.io/tx/0xc62af6411f310b704cd08d4d9813475155bb92655c5eea08abf585e355260d86) |

**Show 6 earlier events**

| Time (UTC) | Network | Event | Details | Transaction |
|---|---|---|---|---|
| 2024-10-29 21:33:47 | Ethereum | Ownership transferred | 0x0000…0000 → 0x8c7d…2f8a | [0x33e5…491d](https://etherscan.io/tx/0x33e50e84da64a500a93a24a0dc5dd4f1741515669b20ff5a9ddc45acdf83491d) |
| 2024-10-29 21:31:35 | Ethereum | Implementation upgraded | 0x5ce2…a2e1 | [0x52fa…7d16](https://etherscan.io/tx/0x52fa2d0b7cfbaf284a47b47c0d5c90c918420d2efed10d60f09c04677c937d16) |
| 2024-10-15 12:51:59 | Ethereum | Unpaused | 0x8c7d…2f8a | [0x886e…8087](https://etherscan.io/tx/0x886e7346d21dbc006bf6ab7acb2006fa3e4812a3ae5d5fddfd1578b89ba28087) |
| 2024-07-16 15:58:35 | Ethereum | Paused | 0x8c7d…2f8a | [0x8ccb…3985](https://etherscan.io/tx/0x8ccb30be7a85f249f67361bef52f2efb06c9cb5f4ff4c4f824392cba4c723985) |
| 2024-07-09 16:46:35 | Ethereum | Proxy admin changed | 0x0000…0000 → 0xcb8d…040f | [0xbe8d…abb1](https://etherscan.io/tx/0xbe8d18baf6aa7b9c40d8e099bbb44ef50ce83ba955589a4993127ed0434aabb1) |
| 2024-07-09 16:46:35 | Ethereum | Implementation upgraded | 0x41fe…852b | [0xbe8d…abb1](https://etherscan.io/tx/0xbe8d18baf6aa7b9c40d8e099bbb44ef50ce83ba955589a4993127ed0434aabb1) |

## Leadership

- [Hunter Horsley](https://galactic.inc/analytics/people/hunter-horsley/) · Chief Executive Officer
- [Matt Hougan](https://galactic.inc/analytics/people/matt-hougan/) · Chief Investment Officer
- [Teddy Fusaro](https://galactic.inc/analytics/people/teddy-fusaro/) · President
- [Hong Kim](https://galactic.inc/analytics/people/hong-kim/) · Co-Founder and Chief Technology Officer

## Contracts

| Address | Asset |  |
|---|---|---|
| [0x14d60e7fdc0d71d8611742720e4c50e7a974020c](https://galactic.inc/analytics/uscc/ethereum/0x14d60e7fdc0d71d8611742720e4c50e7a974020c/) | Bitwise Crypto Carry Fund USCC | [Etherscan](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c) |
| [BTRR3sj1Bn2ZjuemgbeQ6SCtf84iXS81CS7UDTSxUCaK](https://galactic.inc/analytics/uscc/solana/BTRR3sj1Bn2ZjuemgbeQ6SCtf84iXS81CS7UDTSxUCaK/) | Bitwise Crypto Carry Fund (Solana) | [Solscan](https://solscan.io/token/BTRR3sj1Bn2ZjuemgbeQ6SCtf84iXS81CS7UDTSxUCaK) |

## Top 10 holders

| # | Address | Balance |
|---|---|---|
| 1 | [0x08b798c40b9ab931356d9ab4235f548325c4cb80](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x08b798c40b9ab931356d9ab4235f548325c4cb80) (Ethereum) | 4,740,858.63 |
| 2 | [0x039d33d49d9826cc4bae38803db60d08e9700e28](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x039d33d49d9826cc4bae38803db60d08e9700e28) (Ethereum) | 2,039,696.73 |
| 3 | [0xf458ad24b1de7c653e8471efb0b87710b316b7d9](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0xf458ad24b1de7c653e8471efb0b87710b316b7d9) (Ethereum) | 657,527.71 |
| 4 | [0x2ec96c9af82ddd650c0776cb0da93beaa7ce2a10](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x2ec96c9af82ddd650c0776cb0da93beaa7ce2a10) (Ethereum) | 495,684.57 |
| 5 | [45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5](https://solscan.io/account/45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5#portfolio) (Solana) | 429,664.17 |
| 6 | [0x08c4d1643b4f8b413bd106a1f1ede9c864daef10](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x08c4d1643b4f8b413bd106a1f1ede9c864daef10) (Ethereum) | 313,323.97 |
| 7 | [0x61ba68b60a53d3a9ce63617c356fad0046038a25](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x61ba68b60a53d3a9ce63617c356fad0046038a25) (Ethereum) | 120,287.08 |
| 8 | [0x420ab45e0bd8863569a5efbb9c05d91f40624641](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x420ab45e0bd8863569a5efbb9c05d91f40624641) (Ethereum) | 66,098.43 |
| 9 | [0xbfbe929807cadbc3fd5191800dfb10454ff5c792](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0xbfbe929807cadbc3fd5191800dfb10454ff5c792) (Ethereum) | 51,300.04 |
| 10 | [0x0a88f1ca96da2fed91d66782c7832ffd51bfb2ac](https://etherscan.io/token/0x14d60e7fdc0d71d8611742720e4c50e7a974020c?a=0x0a88f1ca96da2fed91d66782c7832ffd51bfb2ac) (Ethereum) | 34,577.18 |

## Frequently asked questions

**What is USCC?**

USCC is the token representing ownership in the Bitwise Crypto Carry Fund, which aims to optimize yield from crypto cash-and-carry trades across multiple assets and U.S. Treasury securities.

**Who issues USCC?**

The fund is issued by Bitwise and Superstate.

**How is the USCC price on this page determined?**

The price is derived from the USCC NAV per Share.

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