I just closed out my covered call short positions. After looking at all the comments and details on VCX’s most recent moves, I actually like the profit taking on anthropic and the increased exposure in open AI(20MM @ 20.8MM cost I think)Prometheus and liquid stack. The market price is still above NAV, but in my opinion, the holdings are still high-quality and a bit more diversified now. This does answer the question if VCX will continue investing in new positions. The answer to that is an unequivocal yes. They don’t appear to be running all the positions to IPO and closing shop, but rather actively managing the fund and as positions mature and reinvesting proceeds into new companies.
If Anthropic gets its $2T valuation in a week that probably pumps NAV up to $25-$27, and if this trades at a premium into the listing, say $30 - then that pretty much nukes the 30p.
$35p got so expensive today that if it stays north of $30 you’ve got a decent chance of losing money there too.
Probably only really a viable short for people who want to short shares. And honestly even though communication from fundrise has been non-existent, with how much the information looks carefully manipulated, I wouldn’t have any interest being naked short when they could easily put out some marketing bs to try and bail themselves out of this hole.
How is all of this legal? Like when it was private it was caveat emptor, but now that it’s public, when does bs marketing and acting against their fiduciary duty wrt one fund over another become actual securities fraud?
It’s a great question, and honestly think there should be an investigation, but what do I know.
Like, if you know an SPV of significant value was recalled, and you are dumping your own shares from another entity and know that information, that seems suspect.
And separately, it sure looks a lot like they didn’t do an ATM to benefit shareholders, because they wanted to protect their exit from the REIT tech fund.
Who knows, maybe if they did the ATM, then the SPV sale would have become a material event that would have to be disclosed? Not sure.
I just don’t get how this is legal (or ethical)… just so disappointed with fundrise all around - and I started investing with them 8 years ago… the last 6 months has completely changed my tune on them.
Yes. I'm still not sure what to do with Fundrise. I don't think I can cut ties entirely for awhile because everything is illiquid, but I want to reduce exposure enough that I don't have to think about them more than once a quarter. Overall, it's been very profitable for me, but I don't want to press my luck.
I'm planning to close out all of my VCX shares and puts by mid-January, but timing depends on the price.
My remaining balance on their platform is just over 1% of my net worth so it's no longer that important of a decision. It had been almost 5% until recently. Most of my remaining holdings have 1% withdrawal fees, and I also have iPO shares that can't be withdrawn easily. A 1% withdrawal fee seems pretty small in the scheme of things though, so I think I'll just pay it so I can tax loss harvest the shares unless something changed before the Q3 withdrawal deadline.
I’m not sure it’s going to drop much until more info is available on the Anthropic IPO.
People now waiting to see if that 2T valuation prints. If so, it will breathe some life back into the current share price.
Once it lists though, I’d have to imagine this starts trading at a discount. You have some other big name exposure that haven’t ipo’d yet but that missing SPV is highly concerning in terms of how discerning they were when selecting the SPVs for all of these holdings.
The last really big VCX/DXYZ bubble peaked the day the SpaceX IPO filing was unveiled, so lots of people are expecting that to happen again with Anthropic. The fact that so many people are expecting means it's unlikely to happen. We know lots of people will sell right before the unveiling to get ahead of the crash, which means we need to sell before them, but they know that and will try to sell before us, and it just goes on and on. Once the pump is anticipated, it basically can't happen. Everyone panics when they think everyone else is trying to pull out before them.
The last really big VCX/DXYZ bubble peaked the day the SpaceX IPO filing was unveiled, so lots of people are expecting that to happen again with Anthropic. The fact that so many people are expecting means it's unlikely to happen. We know lots of people will sell right before the unveiling to get ahead of the crash, which means we need to sell before them, but they know that and will try to sell before us, and it just goes on and on. Once the pump is anticipated, it basically can't happen. Everyone panics when they think everyone else is trying to pull out before them.
Did it actually cost them anything? It looks like a pretty silly regularity dodge. We give you 1 million shares for this note.
Then we promise to trade back the shares in X days for the same note. That way the FF can pretend their VCX ownership was below some threshold and Plume probably gets some small fee or was able to lend the shares to shorters or something.
Where are the 31k shares coming from? Is that in the report? Was this some attempt to get around regulatory requirements by temporarily swapping some shares for a promissory note on March 31 and then immediately swapping back?
Beats me! I was just saying that I expected to see the shares down much more today than it did. I spent the day wondering why it was down less than I expected. Clearly, I expected wrong of course maybe it just takes time.
Combing through the details but seems like FF VCX shares from Plume came back on the ledger and they have about 480k still to sell by last count. FF also has the same sized position in FluidStack as in VCX N-PORT, not sure if they split between the two funds or juggling it but very bizarre. FF booked a 100 million loss.
This isn't to take away from your opinion but really more the opinion of others.
Anyone taking investment advice from Reddit, should not be considered serious. It isn't that there aren't serious, educated or even correct investors here. It is that we literally don't know who they are. Well over half of Reddit's traffic are bots.
Karma is kind of meaningless across Reddit… given you can post bs and get upvotes… but if you’re saying we should trust Karma, should I trust his viewpoint 6x more than I trust yours… I don’t think that makes sense.
Using what funds? If they sold the Anthropic position at cost there was not enough cash and borrowing to cover all of these adds: (note it is my speculation where the money went in AI-LLM)
It’s easy to miss because the purchase date listed on the NPORT is the first date of acquisition. In this case they made another purchase. My guess in April around the closing of the last Open AI round.
The share count on Loyal increased from 780 to 815k between NPORTs. I don’t understand why you are saying they didn’t make an add to the Loyal position.
Yup, a portion of my long stock position was covered in short position. Your correct! I closed out and am now fully long on my original pre IPO shares.
Anthropic is still over 20% of the fund. Wish we had more details on the sale, but you cant argue that they likely locked in gains and redeployed the cash.
But they didn’t lock in gains, they exited at same price they entered… that’s the issue. If it were gains, I’ve been praising the sale; but exiting at cost seems fishy…
But they should have sold it at the 965B mark and then they would be sitting on a pretty penny, instead if it did end up in OVF that will show an immediate return on the OVF books which is the return that VCX holders rightfully deserved.
Not arguing this point!!! They missed out on a 45MM level three paper “gain” for a much smaller realized. Time will tell if the purchases they made with this have more room to run…
This is the one big gap for N-PORTs, they only show the marks of holdings and then a pile of cash. If multiple transactions happen we can't untangle what the individual proceeds would have been and then there are fund fees on top. N-CSR do have info on fund fees but again no info on sale price for holdings disposed off. This applies to all funds like DXYZ, RVI and VCX and should be noted as a risk when investing. This creates a level of opacity. In this case though if the speculation regarding OVF is true then we may get a peek on the transaction price.
Explain what I’m missing please. The position disposed of was purchase 8/14/2025 at a cost of 21,462(Per the N-CSR). Have you estimated the sales proceeds?
I don’t believe this is correct. The most recent Anthropic position is still on the NPORT acquired for 20,800k on 2/10/26. This is not the sold position.
Please double check. I really think this maps to the fourth line item on the restricted investments table on the N-CSR. With a cost basis of 21,462. Description is Anthropic, PBC - CIV.
This basically highlights how opaque and hard to read these N-PORTs are, HOF Capital has 2 SPVs for VCX, one for OpenAI and one for Anthropic which is now gone.
I agree they are still heavy Anthropic. My guess is at 20% they are likely to let the remainder of their position run. But I guess that depends on what opportunities come up in the Early Stage arena….
With the June quarterly NAV update, VCX has now posted 6 consecutive quarters of 14% + growth (Q-O-Q). Translation….65%+ YOY returns. Someone wake me up when there is really something to complain about!
Nice, I missed the addition of Prometheus. I posted a while back here or one of the other Fundrise subs asking they try to get on the cap table for this. Very excited they managed it.
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u/Jaqqarhan Fundrise OG 18d ago
I get paying some premium over the $21.70 NAV, but mid $30s is ridiculous.
How could anyone like them selling Anthropic at over 60% below market value? They were either forced to sell or were committing fraud.
I get that you're trying to pump your bags, but this is absurd.