ST. HELIER, Jersey — March 27, 2026

Executive Summary

xStocks has announced a partnership with Fundrise to tokenize the Fundrise Innovation Fund (NYSE: VCX), creating a new onchain asset known as VCXx. The initiative enables global investors to gain tokenized exposure to a diversified portfolio of late-stage private technology companies, including SpaceX, OpenAI, Anthropic, and Databricks, through a single blockchain-based instrument.

The partnership extends the scope of tokenized equities beyond publicly listed securities into private market exposure. The VCXx asset is expected to go live on the xStocks platform in the coming days, representing a structural development in enabling access to private market portfolios through onchain infrastructure.

Announcement Overview

xStocks, powered by Payward Inc., has entered into a formal partnership with Fundrise to tokenize the Fundrise Innovation Fund (NYSE: VCX). This collaboration introduces VCXx, a tokenized representation of the VCX fund, designed to provide onchain exposure to a portfolio of private technology companies.

The VCX fund, which debuted publicly in the prior week, has reportedly experienced early demand. Through tokenization, the fund is being extended into blockchain-based infrastructure, allowing it to function as a transferable and integrable digital asset within the xStocks ecosystem.

The initiative introduces a mechanism for accessing private market investments through a single tokenized instrument. By integrating the fund into xStocks’ infrastructure, the partnership aligns with the companies’ stated objective of expanding access to investment opportunities traditionally limited to institutional participants.

This development represents an expansion of tokenized equities into private markets, with the VCXx asset serving as a bridge between traditional fund structures and blockchain-enabled financial systems.

Key Announcement Details

Overview of Announcement and Partnership Structure

Announcement Type: Strategic tokenization partnership
Announcing Entity: xStocks (powered by Payward)
Partner Entity: Fundrise
Core Initiative: Tokenization of the Fundrise Innovation Fund (NYSE: VCX)
Tokenized Asset Name: VCXx (new xStock)
Asset Classification: Tokenized equity representing a venture capital fund
Launch Timing: Partnership announced March 27, 2026
Token Launch Status: Expected to go live on xStocks in the coming days
Initial Fund Status: VCX fund debuted publicly in the prior week
Early Market Response: Fund has already seen strong early demand

Underlying Fund Structure and Investment Scope

Underlying Fund Name: Fundrise Innovation Fund
Ticker Symbol: NYSE: VCX
Fund Type: Publicly registered, non-diversified, closed-end management investment company
Regulatory Filing: Filed with the SEC in 2021
Investment Focus: Late-stage private technology and AI companies
Portfolio Composition: Diversified exposure across multiple private companies
Representative Portfolio Companies: SpaceX, OpenAI, Anthropic, Databricks, and others
Investment Access Model: Exposure via a single tokenized asset instead of direct participation
Fund Objective: Provide access to venture capital opportunities historically limited to institutional investors

Tokenization Framework and Asset Characteristics

Tokenized Representation: VCXx mirrors exposure to the VCX fund
Structure: Single onchain asset representing a diversified private market portfolio
Core Functionality: Enables exposure, transferability, and programmability
Asset Behavior: Designed to function similarly to other digital assets within blockchain ecosystems
Token Category Expansion: Introduces private market exposure within xStocks ecosystem
Previous Scope of xStocks: Tokenized publicly listed U.S. stocks and ETFs
New Category Introduced: Tokenized private market portfolios

Access, Availability, and Investor Scope

Target Investors: Global investors (subject to eligibility)
Geographic Limitation: Not available in the United States
Restricted Participants: U.S. persons excluded
Access Mechanism: Onchain via xStocks platform
Investor Benefit: Exposure to private companies through a single asset
Historical Barrier: Private market access traditionally limited to institutional investors and high-net-worth individuals
Traditional Constraints: High capital requirements and long lock-up periods

Platform Infrastructure and Ecosystem Integration

Infrastructure Provider: Payward
Platform Architecture: Unified financial infrastructure
Core Infrastructure Components:
- One global liquidity pool
- One unified risk and margin engine
- One collateral and settlement system
- One compliance and licensing framework
Ecosystem Products Powered by Payward: Kraken, NinjaTrader, Breakout, xStocks, CF Benchmarks
xStocks Design: Multi-chain and interoperable by design
Asset Movement Capability: Seamless transfer across wallets, protocols, and trading venues
Distribution Channels: Centralized exchanges, self-custodied wallets, onchain applications

xStocks Platform Scale and Capabilities

Transaction Volume: Over $25 billion in combined transaction volume
User Base: More than 100,000 unique holders globally
Supported Assets: Over 100 tokenized stocks and ETFs prior to VCX integration
Settlement Model: Blockchain-based, digital-native settlement
Availability Feature: Extended access compared to traditional market hours
Core Value Proposition: Expanding access to U.S. capital markets through tokenization

Onchain Utility and Functional Use Cases

Primary Use Case: Investment exposure to private company portfolio
Additional Functionalities:
- Collateralization
- Lending
- Integration into automated onchain strategies
DeFi Compatibility: Designed for use within decentralized finance ecosystems
Operational Flexibility: Assets can be accessed, transferred, and integrated across applications
Programmability: Supports automated and composable financial use cases

Strategic Positioning and Market Expansion

Strategic Objective: Bridge public and private markets
Market Expansion: Extends tokenized equities into private markets
Industry Context: Increasing institutional momentum around tokenized equities
Recent Strategic Development: Payward partnership with Nasdaq to explore next-generation infrastructure
Infrastructure Direction: Connecting traditional equity markets with onchain systems
Market Significance: One of the first instances of diversified private company exposure available onchain
Long-Term Direction: Progression toward fully onchain capital markets

Functional Benefits Introduced by Tokenization

Accessibility Enhancement: Broader access to private market exposure
Liquidity Model Shift: Potential for improved flexibility compared to traditional structures
Integration Capability: Usable within digital financial systems
Operational Model: Exposure can be utilized similarly to other digital assets
Portfolio Efficiency: Single asset representing diversified exposure

Statements from Leadership (Verbatim Context Captured as Details)

Executive Statement Source: Arjun Sethi, Co-CEO of Payward
Key Statement Focus:
- Tokenization enables global access to a public venture fund
- Provides exposure to private companies through a single structure
Executive Statement Source: Ben Miller, CEO of Fundrise
Key Statement Focus:
- VCX designed as a bridge between public and private markets
- Objective to enable individual investors to access leading private technology companies
- Alignment with xStocks platform innovation

Regulatory Status and Legal Disclosures

Securities Registration Status: xStocks not registered under the U.S. Securities Act of 1933
State Law Status: Not registered under U.S. state securities laws
Availability Restriction: Not offered, sold, or delivered in the United States
Eligible Audience: Non-U.S. investors only
Offering Limitation: Communication does not constitute an offer or solicitation where restricted
Jurisdictional Compliance: Subject to applicable legal and regulatory frameworks

Fundrise Platform Positioning and Capabilities

Company Positioning: Largest direct-to-consumer alternative investment platform in the U.S.
Founded: 2012
User Base: Serves millions of investors
Investment Categories:
- Real estate
- Private credit
- Venture capital
Operational Expertise: Technology and finance professionals with regulatory experience
Regulatory Track Record: Cleared multiple public offerings with the SEC

Payward Platform Architecture and Strategic Design

Core Function: Unified financial infrastructure platform
System Design Philosophy: Separation of infrastructure from product expression
Operational Model: Single shared architecture supporting multiple products
Scalability Feature: Ability to launch new products at low marginal cost
Market Coverage: Serves diverse global markets
Risk Management: Consistent risk, compliance, and operational integrity

xStocks Product Design and Market Role

Core Offering: Tokenized representation of U.S. equities and ETFs
Backing Mechanism: Fully collateralized, 1:1-backed tokens
Settlement Infrastructure: Blockchain-based settlement system
Interoperability Feature: Movement between centralized and decentralized systems
Market Role: Benchmark platform for tokenized equities
Launch Timeline: Introduced in June 2025
Ecosystem Impact: Anchors a growing network of tokenized financial markets

Summary of Core Announcement Elements

Primary Innovation: Tokenization of a venture capital fund into an onchain asset
Key Asset: VCXx
Core Benefit: Access to private tech companies via a single token
Platform Role: xStocks as the delivery infrastructure
Fund Provider: Fundrise
Infrastructure Backbone: Payward
Market Direction: Expansion of tokenized equities into private market exposure
End Objective: Enable broader participation in private markets through onchain systems

Expansion of Tokenized Equities Into Private Markets

The partnership introduces a structural expansion of tokenized equities into private market exposure. Historically, tokenization efforts have focused primarily on publicly listed stocks and exchange-traded funds. The addition of the VCX fund into the xStocks ecosystem introduces a new category that includes diversified private company portfolios.

According to the companies, this initiative enables investors to access late-stage private companies through a tokenized format. The VCXx asset represents a consolidated exposure mechanism, allowing multiple underlying investments to be accessed through a single digital instrument.

The structure also reflects a shift in how financial products are being delivered through blockchain infrastructure. By placing a public venture fund onchain, the partnership enables interaction with the asset in a manner consistent with other digital assets, including transferability and integration within decentralized financial systems.

The introduction of VCXx is positioned as an extension of tokenized equity frameworks into previously inaccessible segments of the investment landscape, particularly late-stage private markets.

Access Model and Investment Structure

The VCXx tokenized asset is designed to provide exposure to a diversified portfolio of private technology companies through a single instrument. This model differs from traditional direct investment approaches, which typically require:

High capital commitments
Institutional-level access
Extended lock-up periods

Through tokenization, the partnership introduces a structure where exposure to private companies can be:

Accessed globally (subject to jurisdictional restrictions)
Transferred as a digital asset
Integrated into onchain financial applications

The model allows the underlying fund structure to remain intact while enabling a new form of accessibility and interaction via blockchain infrastructure. The companies have indicated that this approach aligns with broader developments in digital asset markets, where financial instruments are increasingly being represented and managed onchain.

Platform Capabilities and Ecosystem Integration

xStocks operates as a tokenized equities platform supporting over 100 tokenized stocks and ETFs, with more than 100,000 unique holders globally and over $25 billion in transaction volume.

The platform is designed with the following characteristics:

Multi-chain compatibility
Interoperability across wallets and protocols
Seamless asset movement across trading venues

The integration of VCXx into this ecosystem enables additional functionality beyond exposure, including:

Collateralization within financial applications
Lending use cases
Integration into automated onchain strategies

These capabilities reflect the platform’s design to support a broad range of financial interactions within blockchain-based systems.

Institutional and Infrastructure Context

The launch of the VCXx tokenized asset occurs within a broader context of increasing institutional engagement with tokenized financial products. According to the announcement, Payward Inc. has recently entered into a partnership with Nasdaq to explore infrastructure connecting traditional equity markets with onchain systems.

This development aligns with ongoing efforts to bridge traditional financial systems and decentralized finance. The tokenization of the VCX fund represents a continuation of this approach, extending blockchain-based infrastructure into new categories of financial assets.

The companies have indicated that the initiative contributes to the development of onchain capital markets, where financial instruments can be accessed, transferred, and utilized within blockchain ecosystems.

Regulatory and Availability Considerations

The announcement includes specific disclosures regarding the availability and regulatory status of xStocks:

xStocks are not registered under the U.S. Securities Act of 1933
Not available in the United States or to U.S. persons
Not offered or sold in jurisdictions where not permitted

The communication does not constitute an offer to sell or solicitation to buy securities in restricted jurisdictions. These conditions define the scope of availability for the VCXx asset and associated tokenized products.

private market exposure, enabling the same infrastructure to support a broader range of asset classes.

Leadership Statements

Arjun Sethi, Co-CEO of Payward, stated:

“VCX is more than a public listing. By tokenizing this public venture fund, we are opening access for eligible investors around the world to gain exposure not only to a public vehicle, but to a portfolio with private exposure to some of the top companies in the world.”

Ben Miller, CEO of Fundrise, stated:

“We built VCX to act as a bridge between the public and private markets. We believe all individual investors should be able to own a piece of the best private technology companies in the world. We have long admired Kraken’s approach to breaking down barriers to the best investments and are excited to see them continue to grow their innovative xStocks platform.”

Onchain Utility Beyond Investment Exposure

The VCXx token is designed to support multiple onchain use cases, including:

Collateralization within lending protocols
Participation in decentralized finance (DeFi) strategies
Integration into automated portfolio systems

These capabilities position the asset as more than a passive investment vehicle, enabling it to function within active financial ecosystems where assets can be utilized across multiple applications.

Market Context and Structural Shift Toward Tokenized Assets

The launch occurs within a broader environment of increasing institutional interest in tokenized equities. According to the company, recent developments include a partnership between Payward and Nasdaq to explore infrastructure connecting traditional equity markets with onchain systems.

This context highlights a trend toward:

Integration of traditional financial systems with blockchain infrastructure
Development of hybrid investment models
Expansion of tokenization into new asset classes

The VCXx initiative aligns with these developments by extending tokenization into private company exposure, which has historically remained outside the scope of onchain financial products.

About Payward

Payward Inc. is a unified financial infrastructure platform that supports a range of products designed to operate within a shared architectural framework. The platform enables users to:

Hold assets
Trade across asset classes
Earn and invest
Make payments

Payward’s infrastructure is built on:

One global liquidity pool
One unified risk and margin engine
One collateral and settlement system
One compliance and licensing framework

The platform powers multiple products, including:

Kraken
NinjaTrader
Breakout
xStocks
CF Benchmarks

This architecture is designed to support scalability, operational consistency, and regulatory compliance across global markets.

About xStocks

xStocks is a tokenized equities platform that provides blockchain-based access to publicly listed U.S. stocks and exchange-traded funds through fully collateralized, 1:1-backed tokens.

Key characteristics include:

Digital-native settlement
Extended market accessibility
Global reach
Interoperability across financial systems

Since its launch in June 2025, xStocks has facilitated billions of dollars in transaction volume and operates across multiple blockchain ecosystems.

About Fundrise

Fundrise is a U.S.-based alternative investment platform founded in 2012. The company provides access to private market investments across:

Real estate
Private credit
Venture capital strategies

Fundrise serves millions of users and is headquartered in Washington, D.C. The company has experience navigating regulatory frameworks, including multiple public offerings cleared with the U.S. Securities and Exchange Commission.

About the Fundrise Innovation Fund (NYSE: VCX)

The Fundrise Innovation Fund (NYSE: VCX) is a publicly registered, non-diversified, closed-end management investment company filed with the SEC in 2021.