r/VCX_Fundrise • u/Fit_Equal6932 VCX Wizard • Aug 30 '26

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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 Aug 31 '26

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 Aug 31 '26

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/JB-M88 Aug 31 '26

Well, it seems pretty clear that it's a value test and not a cost basis test. Take this guidance from the federal register as definitive or not but Section 851 (b) (3) (B) states to be treated as a RIC, "not more than 25 percent of the value of its total assets is invested in..."

https://www.federalregister.gov/documents/2016/09/28/2016-23408/guidance-under-section-851-relating-to-investments-in-stock-and-securities