Kraken’s tokenized equities arm xStocks has listed VCXx, a tokenized version of the Fundrise Innovation Fund that gives eligible non-U.S. investors direct exposure to SpaceX, OpenAI, Anthropic, Databricks and more than 20 other private technology companies through a single onchain token.
The partnership between xStocks and Fundrise, announced on March 27, 2026, converts the publicly listed Fundrise Innovation Fund (NYSE: VCX) into a blockchain-native instrument. VCXx marks the first tokenized closed-end fund on Kraken’s platform, extending xStocks beyond individual equities and ETFs.
The fund’s largest allocations sit in three of the most sought-after private AI companies: Anthropic at roughly 21% of the portfolio, Databricks at approximately 18%, and OpenAI at around 10%. The remaining basket spans SpaceX, Anduril, Ramp and 23 additional private tech firms.
What VCXx Is and Which Private Giants It Covers
VCXx is a tokenized wrapper around the Fundrise Innovation Fund, a closed-end fund that pools stakes in pre-IPO technology companies. None of the underlying holdings, including SpaceX, OpenAI and Anthropic, trade on public stock exchanges, which has historically locked retail investors out of participating in their growth.
The fund itself has delivered strong returns. Since its inception in July 2022, VCX has posted roughly 84% in cumulative net returns, translating to approximately 18.8% annualized. That track record drew intense market interest when VCX officially listed on the NYSE on March 19, 2026.
Within four days of its NYSE debut, VCX surged from roughly $19 to approximately $315, trading at a 16 to 19 times premium above its net asset value. The fund holds an estimated $650 to $679 million in net assets, suggesting buyers are willing to pay a steep markup for access to private tech exposure.
That extreme premium underscores how limited retail access to private AI companies remains. Companies like Anthropic and OpenAI have commanded valuations in the hundreds of billions during private funding rounds, yet ordinary investors have had no direct path to participate until products like VCX appeared.
How Kraken’s Tokenized Equities Platform Works
VCXx is issued by Backed Assets (JE) Limited, a Jersey-based entity, and offered through Payward Digital Solutions Ltd., Kraken’s parent company. The token represents economic exposure to the underlying VCX fund shares through a custodied structure.
The listing is restricted to eligible investors outside the United States. U.S. persons cannot access VCXx, a regulatory boundary consistent with how other xStocks tokenized products operate. The platform navigates this by issuing tokens under non-U.S. jurisdiction rules while the underlying VCX fund itself trades on the NYSE under SEC oversight.
Arjun Sethi, Co-CEO of Payward, framed the listing as a step toward broader financial inclusion:
“VCX is more than a public listing. By tokenizing this public venture fund, we are opening access for eligible investors around the world to participate in some of the most transformative private technology companies of our time.”
Arjun Sethi, Co-CEO of Payward (Kraken parent)
The xStocks platform has grown considerably since launch. It has processed over $25 billion in combined transaction volume, serves more than 100,000 unique holders globally, and lists over 100 tokenized stocks and ETFs. The addition of VCXx extends the platform’s scope from public equities into tokenized closed-end funds, a category that did not previously exist on xStocks.
The move parallels a broader trend of traditional financial institutions exploring crypto-native distribution. BNP Paribas recently added six crypto-linked ETNs to its trading offering, while Morgan Stanley is preparing a Bitcoin ETF with the cheapest fee in the market at 14 basis points.
Why Tokenized Access to Pre-IPO Unicorns Matters Now
The significance of VCXx extends beyond a single product listing. Real-world asset tokenization is one of the fastest-growing segments of the crypto industry in 2025 and 2026, with platforms like Backed Finance and Ondo tokenizing public equities and bonds. Tokenizing private company exposure through a fund structure represents a newer frontier.
Fundrise itself has leaned into the narrative. The company described VCX on social media as “the public ticker for private tech,” positioning the fund as a bridge between public and private markets:
VCX is the public ticker for private tech
— Fundrise (@fundrise) February 17, 2026
Source: @fundrise on X
For crypto-native investors, VCXx offers something the NYSE-listed VCX shares cannot: potential onchain utility. According to the announcement, VCXx is designed to enable use cases such as collateralization, lending and automated strategies, though actual DeFi integrations have not been confirmed at the time of launch.
The listing arrives during a period of sharp broader market stress. The Crypto Fear & Greed Index sits at 9, deep in Extreme Fear territory, while the total crypto market cap stands at $2.38 trillion with Bitcoin dominance at 56.07%.
That contrast, a bullish product launch against a backdrop of extreme market fear, highlights the divergence between infrastructure development and short-term sentiment. Kraken is building distribution rails for a category of assets that most retail investors have never been able to touch, regardless of what Bitcoin’s price does this week.
VCXx is live now on the xStocks platform for eligible non-U.S. investors. The VCX fund continues to trade on the NYSE under standard SEC oversight.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
