Key Highlights
- A collaboration between xStocks and Fundrise will transform the VCX fund into a blockchain-based asset named VCXx.
- The fund provides access to private equity positions in leading firms including SpaceX, OpenAI, Anthropic, and Databricks.
- The tokenized stock market reached a $1 billion valuation milestone this month.
- Following its NYSE debut, VCX experienced dramatic volatility, climbing from $31 to $575 before declining to $173 amid short-seller scrutiny.
- The xStocks platform has facilitated over $25 billion in trading volume with a user base exceeding 100,000 globally.
Alternative investment platform Fundrise and tokenized equities provider xStocks have unveiled plans to launch an on-chain version of the Fundrise Innovation Fund. The digital asset, designated as VCXx, will debut on xStocks in the near future.
Currently trading on the New York Stock Exchange as VCX, the Fundrise Innovation Fund operates as a closed-end investment vehicle holding private equity stakes in prominent technology enterprises. Its portfolio features industry leaders such as SpaceX, Anthropic, OpenAI, and Databricks.
The fund commenced NYSE trading on March 19 with an initial share price of $31. Strong investor enthusiasm drove prices to a peak of $575 per share shortly after launch.
The stock experienced significant turbulence following a Thursday publication from Citron Research, a firm known for short-selling activities. The report highlighted 2023 SEC enforcement actions against Fundrise Advisors LLC concerning paid promotional activities and questioned whether the company currently compensates social media influencers for VCX promotion.
By week’s end, shares settled at $173—representing a Friday decline of almost 34%—with an additional 5.9% drop during extended trading hours. In response to criticism, Fundrise CEO Ben Miller characterized the attacks as baseless and defended the fund’s business model during a CNBC interview.
Understanding the Tokenization Process
According to xStocks and Fundrise, transforming VCX into a blockchain-based token democratizes access to private market investments for investors worldwide. Traditionally, late-stage private company investments like those held in the VCX portfolio remained exclusive to institutional players and accredited high-net-worth individuals.
The VCXx token infrastructure enables cross-platform functionality, operating seamlessly across digital wallets, blockchain protocols, and various trading venues. Additionally, the token supports decentralized finance applications including collateralization and lending mechanisms.
Operating on Payward’s infrastructure—the corporate entity behind cryptocurrency exchange Kraken—xStocks currently offers more than 100 tokenized equities and exchange-traded funds. The platform has generated over $25 billion in cumulative transaction activity and serves more than 100,000 distinct wallet addresses internationally.
Payward’s recent collaboration with Nasdaq to explore integration between conventional equity markets and blockchain networks complements this VCX tokenization initiative.
Tokenized Equity Market Reaches Billion-Dollar Threshold
This partnership announcement coincides with a significant industry benchmark. According to RWA.xyz analytics, the aggregate value of blockchain-based equity tokens surpassed $1 billion earlier this month.
Market concentration remains pronounced between two dominant platforms. Ondo commands approximately 58% market share, while xStocks holds roughly 24%, based on RWA.xyz data.
A March 2025 analysis from Foresight Ventures observed market consolidation favoring these established platforms, attributing the trend to regulatory compliance challenges, liquidity network effects, and varying tokenization framework implementations.
The VCXx token is anticipated to launch on the xStocks platform imminently, according to information available at publication time.
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