Retail investors are still racing out of the Fundrise Growth Tech Fund (VCX) after activist short-seller Citron Research’s short attack last week.
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The closed-end fund, which traded as high as $575 some days ago, cratered about 34% to $173 on Friday and slid another 6% to $162.56 in Monday’s pre-market trading. Meanwhile, the Destiny Tech100 (DXYZ) gained about 1% in Monday’s early trading.
Both funds offer investors exposure to highly sought-after private companies being closely watched by investors for what is expected to be massive initial public offering debuts this year. As of February 15, 2026, VCX holds a 20.7% stake in Anthropic, 17.7% in Databricks, and 9.9% in OpenAI, according to its website. DXYZ also holds stakes in similar private firms, including SpaceX.
‘VCX Explodes!’
On March 26, Citron Research posted on X with an image titled “VCX Explodes!” in which it revealed a short position in VCX. The firm also questioned the credibility of VCX’s manager, Fundrise Advisors, LLC, citing a past promotion-violation case with the U.S. Securities and Exchange Commission.
The activist short-seller defended its short position, pointing to the closed-end fund’s massive share price surge relative to its net asset value per share of around $19. DXYZ closed that day 2.49% lower and further sank by 6% to $28.03 on Friday.
Citron: DXYZ Is An ‘Identical Product’ to the VCX
In its report, Citron called DXYZ an “identical product” to the VCX.
The firm pointed out that “retail mania” pumped up DXYZ after its launch in March 2024 to over $75 per share compared to a NAV of around $5 during that period. At the time, this gave the closed-end fund a premium that exceeded 1,400% before that level collapsed, Citron said.
“DXYZ now trades at approximately $27. Its NAV actually grew to nearly $20 per share — the underlying portfolio performed. The assets did everything right. The premium destroyed investors anyway,” the short-seller wrote in the report.
Is VCX a Buy?
TipRanks’ technical indicators continue to flash VCX as a Buy despite the risks. This is based on three Bearish, four Neutral, and nine Bullish signals logged over the past week.
