The tokenized equities platform xStocks has partnered with Fundrise to bring the newly launched Fundrise Innovation Fund onto the blockchain. This move aims to expand investor access to late-stage private technology companies through tokenized assets.
The new token, called VCXx, is expected to go live on the xStocks platform in the coming days. It represents exposure to the Fundrise Innovation Fund, a closed-end fund that recently started trading on the New York Stock Exchange. The fund includes stakes in high-profile private companies such as Anthropic, Databricks, and SpaceX.
The Fundrise Innovation Fund made a strong market debut earlier this month, opening at $31 per share on March 19 and quickly surging to as high as $575. However, the rally was short-lived. Shares dropped significantly following a critical report from Citron Research, which raised concerns about the company’s past regulatory issues. The report referenced 2023 charges from the SEC involving paid solicitation practices and questioned whether similar promotional tactics were being used for VCXx.
By the end of the week, the stock had fallen to $173, marking a sharp decline of nearly 34% in a single day, with further losses in after-hours trading. In response, Fundrise co-founder and CEO Ben Miller dismissed the allegations, calling them part of an unfounded smear campaign. He reaffirmed the company’s mission to democratize access to private tech investments and defended its broader strategy.
Tokenized Stocks Cross $1 Billion as Market Leaders Emerge
The broader tokenized equities market is also gaining momentum. According to data from RWA.xyz, the total value of tokenized stocks surpassed $1 billion earlier this month. This milestone highlights growing investor interest in real-world asset (RWA) tokenization and blockchain-based financial products.
Despite the rapid growth, the market remains highly concentrated. Ondo Finance currently holds around 58% of the market share, while xStocks accounts for approximately 24%. This suggests that a small number of platforms are dominating the space, forming an early duopoly.
