xStocks and Fundrise Tokenize Private Tech Fund, Bringing SpaceX and Anthropic On-Chain

TLDR

• xStocks is partnering with Fundrise to tokenize its newly public VCX fund as an on-chain asset called VCXx.
• The VCX fund holds private shares in companies like SpaceX, OpenAI, Anthropic, and Databricks.
• Tokenized stocks crossed $1 billion in total value on-chain earlier this month.
• VCX shares surged from $31 to as high as $575 after listing on the NYSE before falling to $173 after a Citron Research short-seller report.
• xStocks has processed over $25 billion in transactions and has more than 100,000 unique holders globally.

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Tokenized equities platform xStocks has announced a partnership with alternative investment platform Fundrise to bring the Fundrise Innovation Fund on-chain. The new tokenized asset will be listed as VCXx on the xStocks platform in the coming days.

The Fundrise Innovation Fund, which trades on the New York Stock Exchange under the ticker VCX, is a closed-end fund that holds private shares in some of the most talked-about technology companies in the world. Those include SpaceX, OpenAI, Anthropic, and Databricks.

The fund only began trading on the NYSE on March 19, with shares priced at $31. Early demand pushed the stock as high as $575 per share within days of its debut.

However, the stock pulled back sharply after a report from short-seller Citron Research was published on Thursday. Citron noted that Fundrise Advisors LLC faced SEC charges in 2023 related to paid solicitation and called on regulators to look into whether the firm is currently paying influencers to promote VCX.

Shares ended the week at $173, a drop of nearly 34% on Friday, with another 5.9% decline in after-hours trading. Fundrise CEO Ben Miller told CNBC that critics were running an unfounded smear campaign and defended the fund’s approach.

How the Tokenization Works

By tokenizing VCX, xStocks and Fundrise say they are opening up access to private market exposure for a broader range of investors globally. Historically, investing in late-stage private companies like those in the VCX portfolio has required being an institutional investor or a high-net-worth individual.

The tokenized VCXx asset is designed to work across wallets, protocols, and trading platforms. It will also support use cases like collateralization and lending within decentralized finance systems.

xStocks is built on infrastructure operated by Payward, the parent company of crypto exchange Kraken. The platform supports over 100 tokenized stocks and exchange-traded funds and has recorded more than $25 billion in combined transaction volume with over 100,000 unique holders worldwide.

Payward recently announced a partnership with Nasdaq to explore connecting traditional stock markets with on-chain systems, which runs alongside this latest VCX tokenization.

Tokenized Stocks Cross $1 Billion

The xStocks-Fundrise deal comes as the broader tokenized equities market passes a milestone. Data from RWA.xyz shows the total value of tokenized stocks on-chain exceeded $1 billion earlier this month.

Two platforms dominate the space. Ondo holds around 58% of the market, while xStocks accounts for roughly 24%, according to RWA.xyz figures.

A March 2025 report from Foresight Ventures said the market is consolidating around these early leaders, pointing to regulatory barriers, liquidity advantages, and differing tokenization models as key factors.

The VCXx asset is expected to go live on the xStocks platform within the coming days, as of the time of this report.

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