Bitwise Launches $259M Tokenized Crypto Carry Fund Integrated Across Aave, Kamino and Morpho
Bitwise Asset Management has officially launched its first tokenized investment vehicle, the Bitwise Crypto Carry Fund, trading under the ticker USCC. The product begins operations with approximately $259 million in assets under management and is structured as a market-neutral crypto basis trade strategy. Tokenized fund shares are already integrated as collateral across several decentralized lending protocols, including Aave, Kamino and Morpho.
The fund is issued through Superstate’s FundOS infrastructure, which converts traditional fund ownership into on-chain tokens. According to the official asset registry, Bitwise acts as the investment manager. The strategy generates returns by holding spot exposures to Bitcoin, Ethereum, Solana and XRP while maintaining corresponding short futures positions.
This isolates the price differential between spot and derivatives markets, removing directional price exposure. Tracked metrics prior to launch show an annualized 30-day yield of roughly 4 percent. The on-chain tokenization enables immediate utility in decentralized borrowing markets without requiring fund redemption. Aave officially confirmed that USCC has been approved as an asset issuer and deployed across Aave Horizon.
More than $120 million in shares has already been deposited as collateral on the platform. Bitwise CEO Hunter Horsley verified that identical integrations are active on Kamino and Morpho, allowing investors to draw stablecoin liquidity against their fund positions while the underlying basis strategy continues to accrue yield.
By separating the yield-generating portfolio from the liquidity layer, the structure addresses a standard operational friction in traditional asset management. Investors do not need to liquidate positions to access capital, and the fund does not need to hold unallocated cash reserves to meet withdrawal requests. Collateralized borrowing runs independently alongside the core basis trade.
USCC is currently available only to qualified purchasers. Aave’s governance process approved the token type ahead of public deployment, establishing collateral parameters and risk limits prior to the initial deposit window. The fund is now live on its originating issuance platform and across the specified lending markets, with collateral utilization active as the product enters its standard operating cycle.
