What is Superstate Crypto Carry Fund?

The Superstate Crypto Carry Fund (USCC) is a private tokenized investment fund that provides qualified purchasers with exposure to crypto cash-and-carry basis trades, staking rewards, and U.S. Treasury securities. It operates by holding spot crypto assets like BTC, ETH, and SOL, corresponding futures contracts on CME, liquid staking tokens, and short-term Treasuries, capturing yield from basis convergence, staking income, and interest while aiming for market-neutral returns benchmarked against the Federal Funds Rate.

Income accrues daily through mark-to-market valuations and is reflected in the fund's NAV, which determines the increasing redemption value of a fixed supply of USCC ERC-20 tokens minted upon subscription.

Subscriptions and redemptions occur daily via USD or USDC, with a 0.75% annual management fee (waived until AUM exceeds $50 million) plus minor operational costs accrued in NAV.

The fund maintains compliance through allowlists for token transfers and is available only to verified qualified purchasers under U.S. securities regulations.