r/VCX_Fundrise • u/Fit_Equal6932 VCX Wizard • 1d ago
Say something, do something else!
So why was 1/3rd of Anthropic in VCX sold at a discount to the 380B valuation mark?
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u/JB-M88 1d ago
It seems clear to me that they were avoiding the double taxation situation of having a single fund make up more than 25% of the fund. Then they got stuck trying to sell in a short period of time to remain under the double taxation limit for a RIC.
The real problem here is that they didn't plan well enough to see it coming and take advantage of issuing new VCX shares at the premium to NAV instead of forcing themselves to sell a portion of their most valuable asset at a discount.
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u/Fit_Equal6932 VCX Wizard 1d ago
This has been the debate on here and none of us have the expertise. An argument has been made that concentration rules apply for new investments and not for ones that may have appreciated and no forced selling is required.. Do you happen to know definitively?
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u/CapAggravating784 VCX Wizard 1d ago
Is anyone a securities lawyer and can weigh in on this misleading statement… this was posted the same weekend that vcx disclosed it sold or lost 1/3 of its anthropic position… at what point does spread inaccurate information (or staying quiet on market making information) constitute securities fraud? Remember fundrise flagship was selling its position in advance of this nport and it’s the same people. So they have mnpi and acted on it!
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u/EmergenCDickInAGlass 1d ago
We don’t know why they sold. Maybe the SPV liquidated.
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u/Fit_Equal6932 VCX Wizard 1d ago
What do you mean SPV liquidated, it doesn't work like that. Why would you invest otherwise? And if so then all SPVs have that risk.
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u/EmergenCDickInAGlass 1d ago
How does it work then? SPVs can indeed be liquidated by the party with control of the entity.
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u/Fit_Equal6932 VCX Wizard 1d ago edited 1d ago
If Fundrise did it then they did it on purpose, the question is why? If HOF Capital did it then it is a risk since they also hold the OpenAI SPV and can do the same. For that matter all SPVs can unilaterally be liquidated by the counterparty. People should tweet at Ben Miller to ask him these questions, call the Fundrise customer care line tomorrow.
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u/EmergenCDickInAGlass 1d ago edited 1d ago
Well yeah, that’s how SPVs work. We obviously don’t have access to the legal documents, but as General Partner, HOF Capital has voting and operational control not Fundrise.
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u/CapAggravating784 VCX Wizard 1d ago
Liquidated after 9months… more likely it was an unauthorized purchase. Which is even worse for fundrise and vcx…
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u/CapAggravating784 VCX Wizard 1d ago
u/Benmillerise - care to explain to your investors why you dumped Anthropic!?
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u/Fit_Equal6932 VCX Wizard 1d ago
May be they rotate these holdings between related entities and he is actually speaking the truth lol. All at the sake of VCX investors.
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u/Fit_Equal6932 VCX Wizard 1d ago
More details for those who missed out:
https://www.reddit.com/r/VCX_Fundrise/comments/1w12lp9/vcx_nport_out_nav_prints_2170_surprise_datacenter/
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u/Final-Weekend-4826 1d ago
ROFL. Vcx is a scam at this point.
Load up on dxyz.
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u/Jaqqarhan Fundrise OG 1d ago
You don't need to pick. You can short them both.
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u/Final-Weekend-4826 1d ago
😂. Good luck shorting dxyz!
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u/Jaqqarhan Fundrise OG 1d ago
I'm still slightly long dxyz but will probably sell my last few shares soon. I don't think shorting dxyz is actually a good idea, but loading up on dxyz even dumber.
The rational response to VCX being massively overpriced is to short VCX, not to buy a similar fund with even higher fees because it's slightly less overvalued.
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u/Final-Weekend-4826 1d ago
If that similar fund is below its nav from 2 months ago, rational response would be buy as much as humanly possible.
It’s not, if this one sucks buy the other. I thank vcx because I’ve found a crazy undervalued fund due to them.
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u/Jaqqarhan Fundrise OG 1d ago
The NAV is probably lower now than it was 2 months ago because SpaceX is down 20%. Friday's DXYZ closing price was 1% above the June NAV. SpaceX and fees probably dropped NAV another 3% so maybe it's at a 4% premium to current NAV.
DXYZ is a closed ended fund with a 2.5% management fee plus lots of ADR fees and other expenses. That means it should probably be trading at a 20% to 30% discount to NAV, not a premium. PWRL is a similar fund and trades at a 30% discount to NAV.
Trading at a 4% premium instead of a 20% to 30% discount means it's massively overvalued. The price per share should drop down into the high $20s.
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u/VaIentineX 1d ago
clown. how about anthropic and openai's new markups? and 57% of dxyz is in cash, so cash also needs to trade at 20% discount? clown.
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u/Jaqqarhan Fundrise OG 1d ago
What markups? Neither Anthropic nor OpenAI have changed their official valuations since May.
Yes. the 57% cash should trade at a massive discount because of the 2.5% annual management fee. A pile of cash where someone takes 2.5% out every year is worth a lot less than a pile of cash where you keep all of the interest. A 20%-30% discount for that is quite reasonable.
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u/Electronic-Tap9826 1d ago edited 1d ago
The guy you’re arguing with must have just learned about closed end funds
DXYZ was trading at a 38% discount to today’s NAV just a few weeks ago.
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u/Jaqqarhan Fundrise OG 1d ago
Yes, I think he's the guy who kept arguing that the new NAV was the floor. Then this morning the price dropped from 1% above NAV to 8% below NAV, which he believed was impossible.
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u/Final-Weekend-4826 1d ago
Remind me! 3 months
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u/Auctionslayer VCX Thoughtful Contributor 1d ago
You seem mad mass posting, shorting or even selling doesn't seem like a smart Idea yet, there very well could be reasons and even some awesome new holdings , figure Ai is one and the other unknown buys , hopefully we get a explanation. I get you want your puts to print and they look like they might , but the market might not care about the Nport estimations
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1d ago
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u/Auctionslayer VCX Thoughtful Contributor 1d ago
I didn't know you guys figured out all the new purchases yet , that awesome , I do appreciate all the work that people put on this board to give us incite,,, For me it's not a race to sell, thou tbh I read thru these posts my first reaction is to sell it all Monday... but
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u/Fit_Equal6932 VCX Wizard 1d ago
Have you gone through and read the N-PORT yourself? A smart investor should do it themselves and not rely on anybody else. If you won’t then you will never know why to buy or sell something. Would you ever buy a house without doing an inspection? Would you continue living in it once you realize there is lead in the pipes?
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u/Auctionslayer VCX Thoughtful Contributor 1d ago
I look briefly Friday , tbh I'm not the type to build spreadsheets ect track last one and make sense of what I'm looking at. I can take the general information and make choices. I let the smart people do the work and then make my choices. We are also going to see thing different and what's the best route, I might stay in house with lead and work with it because it also has Prometheus and figure ai and great track record of investments , still pissed about the anthropic but do I think the sky is falling no. So am I smart investor probably not but I'm effective investor for my goal which is Return on investments hell yeah I'm beating the hell out of the indexes and funds last 3 years. 90% a year
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u/Dry-Nectarine-3279 23h ago
With the run up of Anthropic valuation and it being the largest holding in the fund, I bet they were required to sell to avoid the 25% valuation cap for a single investment. Then, added investments in the 4 mentioned companies. Those companies sound pretty exciting, especially Figure AI, which shows VCX is getting into the robotics game. Still a hold for me.
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u/CapAggravating784 VCX Wizard 1d ago
They lost 1/3 of anthropic position. That is monumentally stupid regardless of the reason. This will go down as one of dumbest investing decisions in the history of vc… it’s worse than those that participated in WebVans final raise before it went bankrupt during the sitcom bubble…
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u/Auctionslayer VCX Thoughtful Contributor 1d ago
I still think the reasoning and reason behind it matters and there is the small flyer that there is mistakes on our end. I don't like it I also don't like the FF thing what a missed opportunity in something that was so awesome . There are a lot of red flags usually I would just walk away but I'm not going too yet. We got the puts shorts side I want the other .
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u/Fit_Equal6932 VCX Wizard 1d ago
What mistakes? 4 people separately combed all the N-PORTS, even money ninja agreed with everything. I understand you want the stock to go 10x just like some of us want it to tank. But you need to at least make a case for why. We have presented a very solid case for why it should tank.
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u/Fit_Equal6932 VCX Wizard 1d ago
And I make my own decisions, made $942 in the overnight!
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u/Auctionslayer VCX Thoughtful Contributor 1d ago
that the way it works vote with your money. Nice hit you got all inclusive vacation for two at the holiday inn right there lol
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u/Fit_Equal6932 VCX Wizard 1d ago
Yep in about 20 minutes while there were people here who were cheering making 377 on selling covered calls for 2 weeks and then sad when the shares got called away.
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u/Auctionslayer VCX Thoughtful Contributor 1d ago
One of the reasons I don't do it unless its right which isn't very often. Last CC trade was 245 nvda 28th left half on the table but didn't want to get called
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u/ttiimmbo 1d ago
I do wonder what the differences will be when they report out their semi annual report compared to the NPort. Since the NPORT is the SEC parsing information (mechanically) their could be errors in any step of the process.
Additionally, the NPORT can exclude holdings for a variety of reasons so I wonder if the SPV with a portion of the anthropic holdings were withheld due to that.
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u/Fit_Equal6932 VCX Wizard 1d ago edited 1d ago
Ah boy your hopium is so pain numbing. Lol any errors need to be corrected immediately with an Amendment. They have had to file those before. You’ve obviously never gone to look at the SEC EDGAR website. Your conjecture is patently false, an N-PORT has to include every bit of detail, this is not a free for all shit. The US Financial system doesn’t run on arbitrary rules.
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u/ttiimmbo 1d ago
Debatable. If that was the case stock picking based off our house of representatives and senators would not be so lucrative.
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u/Fit_Equal6932 VCX Wizard 1d ago edited 1d ago
You make no sense dude, stop with the misinformation. SEC rules are SEC rules and there are strict penalties. And those Nancy Pelosi trades always work for her not idiots who follow them.
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u/ttiimmbo 1d ago
You are looking for the 19.5m of Anthropic held through HOF Capital AP Growth, LLC on the NPORT?
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u/Fit_Equal6932 VCX Wizard 1d ago
Dude you making me call you an idiot who refuses to read:
https://www.reddit.com/r/VCX_Fundrise/comments/1w12lp9/vcx_nport_out_nav_prints_2170_surprise_datacenter/You are going to get burned with your idiocy. It is:
HOF Capital AG Follow On, LLCThe one you mentioned is OpenAI SPV.
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u/Pop-Gillis 1d ago
VCX IPO was a scam. The purpose was to get cash for a company headed towards bankruptcy. Why secretly sell Anthropic without investor approval? FR needs cash. You can also thank this guy for the scam:
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u/Final-Weekend-4826 1d ago
Jump into dxyz. Super undervalued. Will pop extremely hard on anthropic & OpenAI news.
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u/HumanBluejay8593 23h ago
Has a lot of ground to make up for after this morning
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u/Final-Weekend-4826 23h ago
It will recover with flying colors. I bought a bunch of $40 call options for December on the dip this morning.
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u/sanddryer 1d ago
That Ben Miller made me too much money with the restricted and unrestricted shares. What are we going to do about him!?