Bitwise’s Crypto Carry Fund paired 10.8 million XRP in custody with a 10.5 million XRP futures short, creating a 97.48% quantity hedge. The 0.91% futures premium annualizes to a 14.57% implied yield, before fees and execution costs. CFTC data shows leveraged funds held 13,822 net short positions in Coinbase XRP futures, while exact counterparties remain undisclosed. Bitwise’s XRP ETF separately held 362 million XRP worth approximately $531.3 million as of September 2, illustrating two distinct uses of the same asset under the Bitwise name.
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