Superstate Crypto Carry Fund (USCC) is a private, tokenized investment fund offered by Superstate, designed to provide eligible investors with exposure to crypto-based trading strategies, staking, and U.S. Treasury securities. The fund aims to bridge traditional financial assets with crypto capital markets by representing ownership as tokenized shares on blockchain networks. ^{[1] [2]}

Overview

Superstate positions itself as an asset management firm focused on modernizing investment fund infrastructure through tokenization. The Superstate Crypto Carry Fund (USCC) is one of its primary offerings, alongside the Superstate Short Duration US Government Securities Fund (USTB).

USCC is structured as a private fund available to Qualified Purchasers in supported jurisdictions. Its investment strategy involves capitalizing on the price differences between spot and futures markets for cryptocurrencies like Bitcoin and Ether, known as the crypto "cash-and-carry" trade. The fund also incorporates staking of Ether and investments in U.S. Treasury securities to optimize yield and manage risk. Ownership in the fund is tracked through both tokenized shares, primarily on the Ethereum and Plume networks, and traditional book-entry records. The fund aims to offer benefits such as daily liquidity, transparency through daily NAV calculations and weekly public holdings reports, and a compliant structure. ^{[1] [3] [2]}

The fund's structure is designed to leverage the advantages of blockchain technology, including potential for faster settlement, programmability, and embedded compliance. By issuing shares as ERC-20 tokens, Superstate intends to enable future use cases for USCC within the decentralized finance (DeFi) ecosystem, such as collateral or settlement assets. The fund operates under a bankruptcy-remote trust structure domiciled in the United States, utilizing institutional-grade service providers for custody, auditing, and administration. ^{[1] [4]}

Technology

The Superstate Crypto Carry Fund (USCC) utilizes blockchain technology to represent fund ownership as tokenized shares. These shares are issued as ERC-20 tokens, a standard for fungible tokens on the Ethereum blockchain. This allows for the potential for on-chain settlement and integration with decentralized applications. In addition to Ethereum, USCC shares can also be held on the Plume Network and in traditional book-entry form, maintained by Superstate. As of July 2025, a significant portion of USCC's on-chain assets were held on Ethereum, with a smaller amount on Plume. ^{[3] [6] [7]}

Tokenomics

The Superstate Crypto Carry Fund (USCC) generates yield primarily through a multi-strategy approach that includes the crypto cash-and-carry trade, Ether staking, and investments in U.S. Treasury securities. The cash-and-carry strategy involves exploiting the difference between the spot price of a cryptocurrency (like Bitcoin or Ether) and the price of its corresponding futures contract. By simultaneously buying the asset in the spot market and selling a futures contract, the fund aims to lock in a predictable return as the prices converge towards the futures contract's expiration. Additional yield is sought through staking Ether holdings and earning income from short-duration U.S. Treasury Bills. The fund's portfolio is actively managed by Superstate Inc. to optimize yield and risk across these components. ^{[1] [3]}

Yield accrues through an incrementing Net Asset Value per Share (NAV/S), rather than through airdrops, distributions, or token rebasing. The NAV per share is calculated daily by a third-party calculation agent, providing investors with regular transparency into the fund's value. The fund charges a flat management fee of 0.75%. Other expenses may also be incurred and accrue daily. The 30-day yield is calculated based on the annualized accrued net income from the underlying holdings relative to the average outstanding shares and the last calculated NAV, inclusive of fees and expenses, once the fund reaches a certain asset threshold. ^{[3] [9]}

USCC offers daily liquidity on market days, allowing investors to purchase and redeem shares. Subscriptions and redemptions can be facilitated using USD via bank wire or USDC on supported blockchain networks like Ethereum and Solana. The fund's total value locked (TVL), which represents the value of USCC minted on-chain, was approximately $124.06 million as of July 2025, with the majority on Ethereum and a portion on Plume Mainnet. The total assets under management (AUM), including book-entry shares, were approximately $159.25 million as of the same date. ^{[3] [7]}

Use Cases

The tokenized nature of Superstate Crypto Carry Fund (USCC) shares is intended to enable various use cases within the crypto ecosystem for eligible investors. By holding fund ownership as ERC-20 tokens on public blockchains like Ethereum and Plume, qualified purchasers may be able to utilize these shares in decentralized finance (DeFi) protocols. Potential future use cases include using USCC tokens as collateral for borrowing or lending activities within DeFi platforms or for direct settlement in on-chain transactions. ^{[1] [4]}

Superstate aims for its tokenized funds to serve as efficient tools for yield generation and collateral for various crypto-native entities, such as protocols, stablecoin issuers, decentralized autonomous organizations (DAOs), and automated investors. The ability to mint and burn shares effortlessly through smart contracts, an investor portal, or APIs is designed to facilitate integration into established on-chain and off-chain venues. The fund's structure, offering daily liquidity and continuous NAV calculation, is built to match the speed and requirements of the DeFi environment. ^{[4] [8]}

Partnerships

Superstate collaborates with various institutional service providers to manage the Superstate Crypto Carry Fund (USCC). These include:

• Custodian: Anchorage Digital ^[3]
• Auditor: Ernst & Young LLP ^[3]
• NAV Calculation Agent: NAV Fund Services ^[3]
• Investment Manager: Superstate Inc. ^[3]

Additionally, Superstate has established the Superstate Industry Council (SIC), a group comprising institutions from both traditional finance and digital asset sectors. The council's stated purpose is to contribute to Superstate's product development and promote the adoption of tokenization in financial services and capital markets. The council includes a wide range of participants from investment firms, trading firms, custodians, and blockchain projects. ^[4]

Legal Structure

The Superstate Crypto Carry Fund (USCC) is structured as a series of a Delaware Statutory Trust. This structure is designed to be bankruptcy-remote, meaning the fund's assets are legally separate and distinct from Superstate Inc., the investment manager. This separation is intended to safeguard investor assets from potential claims or insolvency of the management firm. ^{[1] [3]}

Superstate Inc. operates as an Exempt Reporting Adviser, a status that exempts it from full registration with the U.S. Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940, based on managing only private funds. The fund is available exclusively to investors who meet specific eligibility criteria, primarily defined as Qualified Purchasers under the Investment Company Act of 1940 and Accredited Investors under the Securities Act of 1933. Investors are required to undergo identity and financial verification processes (KYC/AML) to ensure compliance with applicable laws and eligibility requirements. The fund's domicile is the United States. ^{[1] [3]}

Holdings

As of July 8, 2025, the unaudited portfolio holdings of the Superstate Crypto Carry Fund (USCC) included a mix of USD collateral, U.S. Treasury Bills (held via USTB), cryptocurrency spot positions (Ether, Solana), staked Solana, liquid-staked Ether (lsETH), and cryptocurrency futures contracts (ETH Future, SOL Future). The portfolio composition is subject to change based on the investment manager's discretion. ^[3]

Specific holdings and their approximate percentage of the portfolio as of that date were:

• USD (Collateral): 30.92%
• USTB: 7.32%
• Ether (Custody): 0.33%
• Solana (Custody): 0.01%
• Solana (Staked): 27.87%
• Liquid Collective Staked Ether (lsETH): 33.55%
• ETH Future JUL25 (CME): -35.96% (Short position)
• SOL Future JUL25 (CME): -27.39% (Short position)

The implied yield for the overall portfolio was approximately 8.46% as of the reporting date. ^[3]