Shares of Fundrise Innovation Fund (VCX) fell nearly 10% in premarket trading on Tuesday, giving back some recent gains as the fund expanded blockchain-based access to private tech giants, including SpaceX and Anthropic. The decline follows a volatile stretch since the fund’s listing, during which shares surged more than 500% over five sessions before dropping over 65% after short seller Citron Research disclosed a bearish position. The fund launched a tokenized on-chain version of its portfolio, offering global exposure to SpaceX, OpenAI, Anthropic and Databricks through a single asset. Payward-backed infrastructure enables the tokenized version to integrate into lending, collateralization and automated on-chain investment strategies. CEO Ben Miller said Fundrise rejected hedge fund allocations, prioritizing retail investors for access to shares during the listing. Miller said the firm rejected raising capital through hedge funds and instead distributed shares directly to platform investors. VCX has raised between $450 million and $500 million from about 100,000 investors, according to Miller. Demand for proxy exposure is rising ahead of expected SpaceX, Anthropic and OpenAI IPOs, even as Citron questioned the fund’s premium to NAV.