Key Highlights
- The Fundrise Innovation Fund is being tokenized through a collaboration between xStocks and Fundrise, creating the on-chain asset VCXx.
- VCX provides exposure to private equity stakes in major technology firms including SpaceX, OpenAI, Anthropic, and Databricks.
- The tokenized stock market achieved a significant milestone, surpassing $1 billion in aggregate on-chain value this month.
- Following its NYSE debut, VCX shares skyrocketed from an initial $31 to a peak of $575 before retracting to $173 amid controversy sparked by Citron Research.
- With over $25 billion in processed transactions and a global user base exceeding 100,000 unique holders, xStocks continues expanding its reach.
In a groundbreaking collaboration, xStocks, a platform specializing in tokenized securities, has joined forces with Fundrise, an alternative investment provider, to launch an on-chain version of the Fundrise Innovation Fund. This blockchain-based asset, designated as VCXx, is scheduled to debut on xStocks’ marketplace in the near future.
XStocks and Fundrise are partnering to tokenize the VCX Fund, enabling blockchain-based access to private tech investments. This initiative seeks to democratize venture capital access, potentially reshaping how illiquid assets are traded and owned. What challenges might this… pic.twitter.com/4fiUTYqVpT
— Times of Blockchain (@TimesOfBlockC_) March 29, 2026
Trading under the VCX ticker on the New York Stock Exchange, the Fundrise Innovation Fund is structured as a closed-end investment vehicle containing private equity positions in several high-profile technology enterprises. The portfolio features prominent names such as SpaceX, [[LINK_START_0]]OpenAI[[LINK_END_0]], Anthropic, and Databricks.
The fund made its NYSE entrance on March 19 with an opening price of $31 per share. Strong initial investor interest drove the price to an impressive $575 per share just days after launching.
The celebration was short-lived, however, as VCX experienced significant turbulence following criticism from Citron Research on Thursday. The short-seller’s analysis highlighted that the Securities and Exchange Commission had previously charged Fundrise Advisors LLC in 2023 over issues concerning paid promotion disclosure. Citron further questioned whether the company might currently be compensating social media influencers to generate hype around VCX.
By week’s end, shares had tumbled to $173, representing a substantial 34% decline on Friday alone, followed by an additional 5.9% drop during extended trading hours. In response to the allegations, Fundrise CEO Ben Miller spoke with CNBC, characterizing the criticism as a baseless attack and standing by the fund’s investment strategy.
The Mechanics Behind VCX Tokenization
Through the tokenization of VCX, both xStocks and Fundrise aim to democratize access to private market investments for a wider spectrum of global investors. Traditionally, gaining exposure to late-stage private enterprises like those featured in the VCX holdings has been restricted to institutional players and ultra-wealthy individuals.
The VCXx tokenized instrument is engineered for seamless integration across digital wallets, blockchain protocols, and various trading venues. Additionally, it enables advanced functionality such as serving as collateral and facilitating lending activities within decentralized finance ecosystems.
xStocks operates on infrastructure provided by Payward, the corporate entity behind cryptocurrency exchange Kraken. The platform currently offers more than 100 tokenized equities and exchange-traded funds, having facilitated over $25 billion in cumulative trading volume across its global network of 100,000-plus unique participants.
Payward recently unveiled a strategic collaboration with Nasdaq aimed at developing bridges between conventional equity markets and blockchain-based systems, complementing this latest tokenization initiative involving VCX.
Tokenized Equities Market Reaches $1 Billion Threshold
This partnership between xStocks and Fundrise arrives as the tokenized stock sector achieves a significant benchmark. According to analytics from RWA.xyz, the cumulative market capitalization of tokenized equities on blockchain networks surpassed $1 billion earlier in the month.
Market concentration is evident among two primary platforms. Ondo commands approximately 58% of the market share, while xStocks represents about 24%, based on data compiled by RWA.xyz.
A research publication from Foresight Ventures released in March 2025 identified growing consolidation among these pioneering platforms, attributing the trend to regulatory compliance challenges, liquidity network effects, and variations in tokenization frameworks.
The VCXx tokenized asset is anticipated to become available on the xStocks platform in the upcoming days, according to current information.
