Bitwise Crypto Carry Fund yield rises to 6% as futures basis widens

The fund launched in July 2024 as a tokenized fund originally managed by Superstate. Bitwise assumed management on June 1, 2026. The tokenized shares exist on Ethereum and Solana, making the fund composable with decentralized finance protocols.

AUM stood at roughly $259 million in early June before Bitwise took over, then fell to $137.70 million.

The yield depends on the futures basis widening. When market optimism pushes futures above spot, the spread expands. The current environment produces a nearly 6% yield on a market-neutral strategy, compared with money market funds and short-duration Treasuries.

The main risk is basis compression. If futures premiums narrow or flip to backwardation, the yield shrinks or disappears. The staking positions provide some cushion but introduce smart contract risk that a pure futures basis trade would not carry.