Key Highlights

  • A collaboration between xStocks and Fundrise will bring the VCX fund to blockchain as the VCXx token.
  • VCX provides access to private equity stakes in SpaceX, OpenAI, Anthropic, and Databricks.
  • The on-chain tokenized stock market reached a combined valuation exceeding $1 billion this month.
  • Following its NYSE debut, VCX shares climbed from $31 to $575 before dropping to $173 amid criticism from Citron Research.
  • The xStocks platform has facilitated over $25 billion in trading volume with a user base exceeding 100,000 holders worldwide.

Alternative investment firm Fundrise has joined forces with tokenized equities provider xStocks to launch a blockchain version of the Fundrise Innovation Fund. The digital asset, designated as VCXx, will become available on the xStocks marketplace in the near future.

The underlying Fundrise Innovation Fund operates on the New York Stock Exchange with the VCX ticker symbol. This closed-end investment vehicle maintains private equity positions in several high-profile technology enterprises, including SpaceX, OpenAI, Anthropic, and Databricks.

Trading commenced on the NYSE on March 19 with an initial price of $31 per share. Strong investor appetite drove the price to a peak of $575 shortly after launch.

The valuation experienced a significant correction following commentary from Citron Research released on Thursday. The short-selling firm highlighted previous SEC enforcement actions against Fundrise Advisors LLC in 2023 concerning undisclosed paid promotions and suggested regulatory scrutiny regarding potential influencer marketing of VCX shares.

By week’s end, shares settled at $173, representing a Friday decline of nearly 34%, with an additional 5.9% reduction during extended trading hours. Fundrise CEO Ben Miller responded to CNBC, characterizing the criticism as a baseless attack while standing by the fund’s strategy.

Tokenization Mechanics Explained

The tokenization initiative aims to democratize access to private market investments for a wider international audience. Traditionally, participation in late-stage private companies held within the VCX portfolio required institutional status or substantial personal wealth.

The VCXx digital token operates across multiple wallet platforms, blockchain protocols, and trading venues. The asset enables various decentralized finance applications, including collateral backing and lending protocols.

xStocks operates on technology infrastructure provided by Payward, which serves as the parent entity of cryptocurrency exchange Kraken. The platform currently features more than 100 tokenized equity securities and exchange-traded funds, having processed upward of $25 billion in aggregate transaction volume across a global user base of over 100,000 participants.

Payward recently unveiled a collaborative initiative with Nasdaq aimed at bridging conventional equity markets with blockchain-based systems, complementing the current VCX tokenization effort.

Tokenized Equities Reach Billion-Dollar Threshold

This partnership announcement arrives as the tokenized stock sector achieves a significant benchmark. Information from RWA.xyz indicates that the aggregate on-chain value of tokenized equities surpassed $1 billion during the current month.

Market concentration centers around two primary platforms. Ondo commands approximately 58% of the sector, while xStocks represents about 24%, based on RWA.xyz tracking data.

A March 2025 analysis from Foresight Ventures identified ongoing market consolidation around these established platforms, attributing the trend to regulatory compliance challenges, liquidity network effects, and variations in tokenization frameworks.

The VCXx token launch on the xStocks platform is scheduled for the coming days, according to the latest available information.