Bitwise Crypto Carry Fund yield rises to 6% amid basis expansion

Bitwise’s Crypto Carry Fund is now yielding nearly 6%, up from roughly 4% just a couple of months ago. The 30-day SEC yield hit 5.90% as of August 25, a jump that coincides with a widening futures basis across major crypto assets. For context, a futures basis trade is one of the oldest tricks in finance: you buy the spot asset, short the futures contract, and pocket the difference. When futures trade at a premium to spot (a condition called contango), this spread generates yield without requiring any opinion on where prices are headed. Inside the fund’s mechanics The fund, trading under the ticker USCC, holds a portfolio of major digital assets including Bitcoin, Ether, Solana, and XRP on the long side. Simultaneously, it shorts the corresponding futures contracts. The spread between spot and futures prices is where the money comes from. But USCC isn’t running a plain vanilla basis trade. The fund also holds positions in liquid staking and restaking tokens like EtherFi’s wrapped eETH (weETH) and JitoSOL, a staked Solana derivative. These positions layer additional yield on top of the basis capture. The fund currently manages $137.70 million in assets, with a net asset value of $11....