March 30, 2026 – The move extends tokenised equities into private markets. It arrives as the sector nears $1 billion in total value.
In Summary
Kraken’s xStocks and Fundrise tokenise the VCX fund as VCXx, giving onchain access to SpaceX, OpenAI, Anthropic, and Databricks.
VCXx extends tokenised equities into private markets for the first time on the xStocks platform.
Tokenised equities surged ~2,900% YoY to $963 million by January 2026.
VCXx supports DeFi composability: collateralisation, lending, and automated strategies.
The token is not available in the U.S. Geographic and jurisdictional restrictions apply.
Kraken’s xStocks platform has partnered with Fundrise to tokenise the Fundrise Innovation Fund (NYSE: VCX). The new onchain asset, VCXx, will list on xStocks soon. It gives eligible non-U.S. investors exposure to private tech giants.
The fund’s portfolio includes SpaceX, OpenAI, Anthropic, and Databricks. These are among the most sought-after late-stage private companies today. Previously, only institutional investors could access them.
Why This Matters
VCXx marks a structural shift. Tokenised equities have so far focused on public stocks. This is the first time a diversified private-market fund has been tokenised for global access. The fund is issued by Backed Assets (JE) Limited. It is offered via Payward Digital Solutions Ltd.
Beyond simple holding, VCXx can be used onchain. Investors may collateralise, lend, or integrate it into automated DeFi strategies. This composability separates tokenised assets from traditional wrappers.
“We built VCX to act as a bridge between the public and private markets.”— Ben Miller, CEO, Fundrise
Tokenized Equities: The $963M Boom
The timing is significant. Tokenised stocks reached roughly $963 million in market value by January 2026. That represents a nearly 2,900% year-over-year increase from $32 million. Three platforms dominate the space. Ondo Global Markets leads with over half the market share.
Ethereum remains the primary settlement layer. However, Solana is gaining traction for cheaper transactions. New SEC guidance and a DTCC no-action letter in late 2025 accelerated institutional interest.
Market Share: Who Dominates?
The sector remains highly concentrated. Ondo Global Markets accounts for more than 50% of tokenised equity value. xStocks and Securitize represent most of the remainder. This concentration reflects the sector’s early-stage nature.
Industry forecasts are aggressive. Tokenised equities could reach $10–20 billion during 2026. The broader tokenised asset market may top $400 billion by year-end. That projection comes from Hashdex’s CIO, Samir Kerbage.
What Investors Should Know
VCXx is not available in the United States. Geographic restrictions apply based on local jurisdiction rules. The token is issued under Jersey law. Investors should review the Base Prospectus and xStocks Risk Disclosure before investing.
The fund does not require the large capital commitments typical of private markets. It also eliminates the long lock-up periods. This could attract a new class of retail participants. xStocks already reports over 100,000 unique holders globally.
The Bigger Picture
This launch sits within a broader trend. Nasdaq and Payward are building a gateway to connect tokenised equities with blockchain networks. BlackRock, JPMorgan, and BNY Mellon have all entered the tokenisation space. The traditional finance and crypto worlds are converging fast.
As one industry leader put it, investors will soon hold Bitcoin, tokenised Tesla shares, and tokenised Treasury bonds in the same wallet. The distinction between a brokerage account and a crypto wallet is fading.
VCXx may be one product on one platform. But it signals something much larger. Private markets, long the exclusive domain of the ultra-wealthy, are moving onchain.
