Technology investment platform Fundrise is partnering with crypto exchange Kraken to tokenize shares of its Fundrise Innovation Fund VCX, according to reporting from Crowdfund Insider. The deal will see the publicly listed VCX vehicle, which trades on the NYSE, wrapped into a blockchain-based representation on Kraken’s tokenized equities venue xStocks under the ticker VCXx.

Kraken’s xStocks framework, powered by Payward, already offers more than 100 fully backed tokenized U.S. stocks and ETFs, and the addition of VCXx marks its first move into tokenized access to a diversified private-tech portfolio. Fundrise CEO Ben Miller said, “We built VCX to act as a bridge between the public and private markets,” arguing that tokenizing the fund on xStocks lets “individual investors own a piece of the best private technology companies in the world” via a regulated structure.

How VCXx works on xStocks

The VCXx token will be issued by Backed Assets (JE) Limited and offered via Payward Digital Solutions, with trading set to go live on xStocks “in the coming days.” Fundrise and Kraken say VCXx will be fully backed by underlying VCX shares and designed to move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications.

According to xStocks’ launch materials, VCXx will be purchasable using USDG — Kraken’s on-platform dollar-denominated token — or U.S. dollars, giving eligible investors outside the U.S. a way to gain exposure to VCX’s portfolio. That portfolio includes stakes in late-stage private firms such as SpaceX, OpenAI, Anthropic, and Databricks, bundling them into a single liquid, tokenized asset that can also be used as collateral or integrated into automated strategies.

Tokenization push for private markets

Fundrise’s Innovation Fund was launched to open up late-stage private tech deals that are typically reserved for institutions and ultra‑high‑net‑worth investors. By bringing VCX onchain, xStocks and Fundrise are extending tokenized equities beyond public stocks into private-market exposure, a segment Kraken has called “one of the most sought‑after and historically inaccessible parts of the market.”

The partners argue that tokenizing VCX shares allows diversified private-tech exposure to be accessed, transferred, and integrated into DeFi with the same flexibility as other digital assets. If VCXx gains liquidity, it could become a template for how other listed vehicles and funds wrap private holdings into programmable, globally tradable tokens without dismantling existing regulatory structures.