ETF Market Shifts Towards Private Company Investments

Written by Emily J. Thompson, Senior Investment Analyst

Source: Benzinga

Updated: 5 days ago

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DXYZ-1.93%

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Source: Benzinga

ETF Allocation Shift: Baron Capital's Baron First Principles ETF (NYSE:RONB) allocates approximately 14% of its portfolio to SpaceX, showcasing efforts by ETF issuers to bridge the gap between public markets and venture investing, reflecting a growing interest in high-profile private companies.
Early Investment Appeal: By gaining early access to private firms like SpaceX, investors can benefit from potential valuation appreciation before the broader market catches on, a strategy that has historically yielded benefits, although risks remain significant.
Liquidity Concerns: ETFs face regulatory constraints on holding illiquid assets, with some private investments classified as

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About DXYZ

Destiny Tech100 Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund’s investment objective is to maximize the portfolio’s total return, principally by seeking capital gains on equity and equity-related investments. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity and equity-linked securities of companies principally engaged in the technology sector. The Fund will invest in the equity and equity-linked securities of what it believes to be rapidly growing venture-capital-backed emerging companies, located in the United States. The Fund may also invest on an opportunistic basis in select United States publicly traded equity securities or certain non-United States companies that otherwise meet its investment criteria. It concentrates its investments in companies operating in one or more industries within the technology group of industries. Destiny Advisors LLC serves as the investment adviser to the Fund.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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Net Asset Value Surge: Destiny Tech100 reported a fourth-quarter net asset value of $19.97 per share, up 210% from $11.37 per share in the third quarter, reflecting the success of its investment strategy and increased market recognition.
Strong Stock Performance: In after-hours trading, Destiny Tech100 shares rose by 10.10% to $33.80, indicating positive market reaction to its investment decisions and optimistic sentiment regarding future growth prospects.

Destiny Tech100 Reports Q4 2025 Financial Results

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Portfolio Value: As of December 31, 2025, Destiny Tech100's investment portfolio had an aggregate fair value of approximately $434 million, including short-term investments, highlighting the firm's strategic diversification in its investment approach.
Ongoing Capital Deployment: Following the end of 2025, the fund continued to actively deploy capital, having fully closed three additional investments as of February 6, 2026, representing approximately $127 million in added portfolio exposure, demonstrating confidence in emerging technology companies.
Market Rating: Despite its holdings in SpaceX and OpenAI, Seeking Alpha's Quant Rating on Destiny Tech100 is a