xStocks Partners with Fundrise to Bring Private Market Exposure Onchain

xStocks, a tokenized equities platform, has formed a partnership with Fundrise, an alternative investment firm, to bring the Fundrise Innovation Fund onto their blockchain-based platform. This development marks a significant step in expanding access to private market company exposure for investors.

The Fundrise Innovation Fund was recently listed on the New York Stock Exchange and boasts a portfolio of private shares in prominent tech companies such as Anthropic, Databricks, and SpaceX. The fund's performance has been notable, with its stock price rising from $31 at debut to as high as $575 per share within its first days of trading.

However, the partnership between xStocks and Fundrise has also drawn attention due to a critical report published by short seller Citron Research. The report alleges that Fundrise Advisors LLC was subject to SEC action in 2023 related to paid solicitation activities, with some arguing that the firm may still be compensating influencers to promote VCX.

In response, Ben Miller, co-founder and CEO of the Fundrise Innovation Fund, has defended the fund's strategy and efforts to increase access to private tech companies. He attributes the criticism to an 'unfounded smear campaign.'