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Kraken's xStocks platform has listed VCXx, a tokenized version of the Fundrise Innovation Fund that gives eligible non-U.S. investors onchain exposure to some of the most sought-after private technology companies in the world, including SpaceX, OpenAI, and Anthropic.
The partnership between xStocks and Fundrise, <a href="https://blog.kraken.com/product/xstocks/fundrise-vcx-tokenize-leading-private-tech-companies" rel="noopener noreferrer nofollow">announced on March 27, 2026</a>, tokenizes the publicly traded Fundrise Innovation Fund (NYSE: VCX) into an onchain asset called VCXx. The token is issued by Backed Assets (JE) Limited and offered through Payward Digital Solutions Ltd., Kraken's parent company.
VCXx does not grant direct share ownership in the underlying companies. Instead, it provides price exposure to the fund's portfolio through a tokenized wrapper that settles onchain, distinguishing it from traditional brokerage access where shares are held in centralized custodial accounts.
<h2 id="what-vcxx-holds-and-how-the-fund-breaks-down">What VCXx Holds and How the Fund Breaks Down</h2>
The fund's largest position is Anthropic at approximately 20.7% of the portfolio. Databricks follows at roughly 17.7%, with OpenAI at 9.9%, Anduril at 6.9%, Ramp at 5.1%, and SpaceX at 5%.
These six companies represent over 64% of the fund's total allocation. All are late-stage private firms that have historically been accessible only to venture capital investors, institutional allocators, and accredited participants in secondary market transactions.
VCXx is available only to eligible investors outside the United States. The restriction reflects the broader regulatory caution around securities tokenization in U.S. markets, where the SEC continues to scrutinize tokenized equity products. Investors in permitted jurisdictions can access the token through Kraken's xStocks infrastructure, subject to local rules.
<h2 id="tokenized-private-equity-as-a-digital-ownership-frontier">Tokenized Private Equity as a Digital Ownership Frontier</h2>
For most retail investors, companies like SpaceX and Anthropic have been entirely out of reach. SpaceX has remained private despite a valuation exceeding $350 billion. OpenAI's recent funding rounds have valued it above $300 billion. Anthropic has raised billions without any public listing.
Tokenization changes that equation. VCXx represents a verifiable, transferable onchain position in a fund that bundles these otherwise inaccessible assets. The same digital ownership infrastructure that underpins NFTs and tokenized collectibles now extends to fractional exposure in private technology companies, a shift that parallels broader trends in <a rel="noopener noreferrer nofollow">how regulatory frameworks are adapting to digital asset ownership</a>.
The distinction matters: tokenized exposure is not the same as holding equity directly. Investors gain price exposure to the fund's net asset value, not governance rights or direct claims on the underlying companies. That risk disclosure is critical as the product reaches a wider audience.
Existing alternatives for retail private-market access, such as secondary market SPVs and closed-end venture funds, have carried high minimums and limited liquidity. VCXx offers a more accessible entry point by trading on Kraken's tokenized equities rails alongside 100+ other tokenized stocks and ETFs.
<blockquote>
 "By tokenizing this public venture fund, we are opening access for eligible investors around the world."
 Arjun Sethi, Co-CEO of Payward (Kraken's parent company) — via Kraken blog
</blockquote>
<blockquote>
 "We built VCX to act as a bridge between the public and private markets."
 Ben Miller, CEO of Fundrise
</blockquote>
<h2 id="xstocks-platform-scale-and-the-broader-rwa-push">xStocks Platform Scale and the Broader RWA Push</h2>
Kraken's xStocks platform has processed over $25 billion in combined transaction volume in under seven months since launch, with more than 100,000 unique holders across its tokenized asset lineup. The platform now supports over 100 tokenized stocks and ETFs.
<figure><img src="https://nftenex.com/wp-content/uploads/2026/03/nftenex__coingecko__price-chart-4.jpg" alt="CoinGecko price chart for Kraken's Tokenized Equities Platform Lists VCXx Offering Exposure to SpaceX, OpenAI, Anthropic and More">
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 CoinGecko market snapshot used to anchor the spot-price section for ethena.
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VCXx extends xStocks beyond public equities into private markets for the first time. The token enables DeFi use cases including collateralization, lending, and integration into automated onchain strategies, functionality that traditional brokerage shares cannot support.
The listing arrives amid growing institutional momentum behind real-world asset tokenization. Platforms like Backed Finance, Ondo, and Republic have each launched tokenized equity or RWA products over the past year. Kraken's entry with a private-equity vehicle rather than another public stock token signals a new frontier for the sector, one that connects <a rel="noopener noreferrer nofollow">blockchain infrastructure directly to high-demand investment products</a>.
<figure><img src="https://nftenex.com/wp-content/uploads/2026/03/nftenex__defillama__protocol-tvl-chart.jpg" alt="DefiLlama protocol tvl chart for Kraken's Tokenized Equities Platform Lists VCXx Offering Exposure to SpaceX, OpenAI, Anthropic and More">
 <figcaption>
 DefiLlama DeFi dashboard used to support the liquidity and protocol-activity discussion for ethena.
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</figure>
Competitor moves reinforce the trend. Robinhood has announced a planned private venture fund structure ($RVI) with a similar thesis, targeting tokenized access to late-stage private companies. VCXx differentiates itself as the first live tokenized product offering bundled exposure to SpaceX, OpenAI, Anthropic, and Databricks simultaneously.
The VCX fund itself debuted with a significant premium above its net asset value, according to market reports, reflecting outsized investor demand for private tech exposure through public and tokenized vehicles. According to unconfirmed reports, the premium reached multiples of NAV, though exact figures vary by source and trading session.
The launch also comes at a moment of broader market stress. The crypto <a rel="noopener noreferrer nofollow">Fear and Greed Index</a> sits at 9, deep in "Extreme Fear" territory. That VCXx is launching into this environment suggests institutional appetite for tokenized private-market exposure is decoupled from short-term crypto sentiment.
Looking ahead, the regulatory trajectory for tokenized securities will determine how far products like VCXx can scale. The current U.S. exclusion limits addressable demand, but if tokenized equity frameworks gain clarity in major jurisdictions, Kraken's xStocks infrastructure is positioned to list additional private-market vehicles beyond VCX.
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.<a href="https://nftenex.com/kraken-vcxx-tokenized-equities/" rel="noopener noreferrer nofollow">Read original article on nftenex.com</a>

Kraken Lists VCXx Token for SpaceX, OpenAI & Anthropic

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