Fundrise Innovation Fund (VCX) Goes On-Chain Through xStocks Partnership for SpaceX and Anthropic Access

Key Highlights

• A collaboration between xStocks and Fundrise will transform the VCX fund into a blockchain-based token called VCXx.
• VCX provides ownership stakes in prominent private firms including SpaceX, OpenAI, Anthropic, and Databricks.
• The on-chain tokenized stock sector recently surpassed $1 billion in aggregate market value.
• Following its NYSE debut, VCX stock climbed from $31 to $575 before retreating to $173 amid short-seller criticism from Citron Research.
• The xStocks platform has facilitated over $25 billion worth of trades and serves more than 100,000 individual token holders worldwide.

Digital securities platform xStocks has revealed a strategic collaboration with investment firm Fundrise to transform the Fundrise Innovation Fund into a blockchain-based asset. The tokenized version, designated as VCXx, will debut on xStocks’ marketplace in the near future.

The Fundrise Innovation Fund operates on the New York Stock Exchange with the VCX ticker symbol. This closed-end investment vehicle provides shareholders with stakes in private companies representing the cutting edge of technology innovation, including SpaceX, [[LINK_START_0]]OpenAI[[LINK_END_0]], Anthropic, and Databricks.

VCX commenced NYSE trading on March 19 at an initial price point of $31 per share. Intense investor interest drove valuations to a peak of $575 per share just days following the public market launch.

The stock experienced significant volatility after short-seller firm Citron Research issued a critical analysis on Thursday. The report highlighted that Fundrise Advisors LLC settled SEC allegations in 2023 concerning undisclosed paid promotions and questioned whether the company might be compensating social media influencers to market VCX shares.

By week’s end, VCX closed at $173, representing a 34% plunge on Friday alone, followed by an additional 5.9% decrease during extended trading hours. Fundrise Chief Executive Ben Miller responded to CNBC, characterizing the criticism as a baseless attack and standing by the fund’s investment strategy.

Understanding the Token Structure

Through the tokenization of VCX, xStocks and Fundrise aim to democratize investment opportunities in private market assets for international investors. Traditionally, gaining exposure to late-stage private enterprises like those within VCX’s portfolio required institutional status or significant personal wealth.

The VCXx digital asset is engineered for compatibility across multiple wallet systems, blockchain protocols, and exchange platforms. Additionally, it enables sophisticated applications such as collateral posting and borrowing within decentralized finance ecosystems.

xStocks operates on technology infrastructure managed by Payward, which serves as the corporate entity behind cryptocurrency exchange Kraken. The service currently offers access to more than 100 tokenized equities and ETFs, having processed cumulative transaction volumes exceeding $25 billion across its global user base of over 100,000 holders.

Payward recently unveiled a collaborative initiative with Nasdaq focused on bridging conventional equity markets with blockchain-based infrastructure, complementing this VCX tokenization effort.

Digital Stocks Reach $1 Billion Threshold

This xStocks-Fundrise initiative arrives as the tokenized securities sector achieves a significant benchmark. Analytics from RWA.xyz indicate that the combined value of blockchain-based stocks surpassed $1 billion earlier this month.

Market concentration remains notable, with two platforms controlling the majority. Ondo commands approximately 58% of market share, while xStocks represents roughly 24% of the sector, based on RWA.xyz data.

A March 2025 analysis by Foresight Ventures observed that the market is coalescing around these established players, citing regulatory compliance requirements, liquidity network effects, and varying tokenization approaches as determining factors.

The VCXx token is scheduled to launch on the xStocks platform in the coming days, according to current projections.

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