Destiny Tech100 Inc (DXYZ)

I really am not knowledgeable about what ive bought ( dumb, i know);  spacex is soaring, but this fund is down, big, everyday

Thanks for the explantion.Yes, that NAV assessment thing is quite confusing. Hopefully, Destiny is going in the right direction.Good luck to us!

I assume it will be much higher, but this is the game with CEFs, you have three different windows of time for the NAV during a given quarter to consider shifting valuations. Real-time NAV is unknown and can only be estimated. You have the window from quarter beginning till the prior quarter’s quarterly reported NAV. Lastly you have the remaining part of the quarter after that report which is also backwards looking. As an example: you can have Anthropic have a fund-raising round in April that is not accounted for in the quarterly report in May giving the March NAV. That seems crazy to me because you get an update in May that doesn’t account for what happened in April. Destiny’s stated mission is to own private companies, but there’s no mandate that they sell IPOd ones, so we don’t know what they’ll do when. SPCX has unique holding period rules whereby Destiny can’t sell yet anyway.

that Q2 NAV expected to be much higher than present value,correct? I've never really understood how that works. Now that Spacex has already IPOed, will Destiny still be holding their SPCX shares by then? Are they mandated to hold only private, yet-to-ipo companies,are they required to liquidate their SPCX shares?

That and/or the Q2 NAV that should be released sometime in August. 

so we just wait for the OpenAI & Anthropic euphoria to kick in then😀

Yep. Smaller than Anthropic, but still a major holding. 

DXYZ holds OpenAI too in it's portfolio companies, right?

Yep, not hard to imagine. The way I figured and planned it is people in it just for SpaceX rotated out and into SpaceX directly. This one might be down until a Q2 NAV is released or if Anthropic gets similar hype. This is akin to sell the news. 

Just think- spacex up 20 pcnt today/ yet this fund is down 25 pcent today?!?!?!?!

thanks!

Love it and hate it. High fee CEF holding private companies with premiums and discounts to a NAV that’s stuck in a past filing with some of the largest and most contentious IPOs coming is wild. Stay nimble.

Bought in yesterday..  still like it?

I think it might be selling at a discount to NAV. I think they haven’t written up SPCX or Anthropic. I like your buy. Pending how SPCX actually trades I believe the Nav to be over $51. 

there it is below 50's, grabbed some here.

well it did, was hitting 70's yesterday now hitting 50's. Either way will go back up into the space x ipo date once it's done churning

Seems a bit ridiculous that the offer would slow it down. Given the massive premium, every share they sell is accretive rather than dilutive. 

will add again if they drop it below 50's support, will rise again in to the ipo date despite the offering imo

othey did offering slowed down the momentum for now, keep an eye on other space stocks hopefully they don't follow suit.

72's :) another whee and we still have few weeks left of the space x debut :)

67's just like that

sweet 50's up again

grabbed 44's today, green in a red market today, should test 50''s-60's again, more if space x release prospectus next week

That is why I bought in first place. It was lagging behind compared to others out there like vcx

DXYZ is a much larger fund than VCX and dollar wise, DXYZ owns 5.5x more SpaceX than VCX, and DXYZ owns 1.5x more Anthropic than VCX. That’s the best numbers I can find online. Are those incorrect? It seems like DXYZ will skyrocket soon when VCX owners realize their mistake.

got in at $26 in march as a proxy for SpaceX. must be some other big IPO possibilities as well for this rise, wish I had put in more than a half position though....

Hope some of you lurkers listened

Let's say current NAV is $19 with SpaceX valued at $1.7 trillion. Elon claims SpaceX will go to more than $50 trillion. Does anyone see these shares at 25x current NAV $475? This only accounts for the potential growth in SpaceX not any other current/future investments.

added some more today, don't expect big moves until it get's closer to the space x ipo imo, also doesn't dip as much compared to other's out there that people playing on space x hype.

grabbed some starter here lagging compared to other's out there on the space x hype, at least they own pre shares here lol

What's going to help this ETF? SpaceX is doing nothing for it!

Need to get in on the Valar Atomics IPO.

$34 Elon musk 

$31 

DXYZ $21.64 pps, on gene-rally smaller-than- its-1-month-up-to-5-yr DMA and VWAP. Share-sellin’ dryin’ up?

Then, too…nine(9) straight red trading days, hmmm…

HF Mgr. James Altucher (also)seems to like it(?) 🤔

100

Decades ago, Bro, the TRASH MEN of NYC garnered a "60-Minutes" special about them --- way back in the mid-1980's!!! Sixty-thousand a year to start then, & Mike Wallace talked to one of them --- on his day off --- at his 60-ft. Hatteras at a Manhattan slip!!!

Trash man with pensions are millionaires have a cousin just built a new house in Florida retired garbage collector but now municipalities began to outsource so being a trash man only good now if union...lol

DXYZ: Heck, no need to remind ME of that, Boss!! (See below what I drive as a part-time job over here in [balmy] San Diego!!)

Next pump but be so careful they dump quickly on red market days 

DXYZ: It could explode, Bro!!!

Support at $10 next $11.60 resistance then $13s

Destiny Tech100 (“DXYZ” and “Tech100”), is a publicly-listed registered closed-end fund that intends to invest in a portfolio of 100 of the top venture-backed private technology companies, providing everyday investors access to many of the world’s most exciting private businesses.

Destiny Tech100 Inc. is currently listed on the New York Stock Exchange under the ticker symbol “DXYZ.” For a comprehensive list of holdings, visit the fund website at www.destiny.xyz/tech100.

https://finance.yahoo.com/news/spacex-weighs-plan-sell-shares-213743795.html

Broke down. Closed intraday gap to the cent. Let’s see if this holds. Very bouncable but if insiders are still dumping or they raise cash, this could be dead money.

That being said, if this trades clean this could get eyes again and run easy. Space x exposure is cool

Needs to bounce here

She movin

I see the concept of how they will simply raise money publicly in order to add more private investments. That being said, exposure to space x and private cos is pretty cool. Smalllllll starter here near 13 for fun

opinions are like a$ everyone got one and they all stink….nonetheless, this is decent (full text from the post below)

(Bloomberg Opinion)
Destiny
We talked yesterday about the Destiny Tech100 fund, but I worry that I did not sufficiently emphasize how wild it is. Here is what it is:
A guy named Sohail Prasad raised a fund to invest in hot private technology companies like SpaceX and Stripe.
It currently owns shares in about 23 private companies, worth about $52.6 million.1
Two weeks ago, it went public by a direct listing on the New York Stock Exchange under the ticker DXYZ, so that now anyone can buy or sell shares of the fund on the exchange.
This is an idea that lots of people have had: Wouldn’t it be nice to give ordinary investors access to hot startups? DXYZ is “providing everyday investors access to these private market leaders for the first time,” its website says. The New York Times said last week:
It is a problem that has vexed retail investors for years, as start-ups like Stripe, SpaceX and OpenAI soar to enormous valuations in the private market. Only so-called accredited investors with a high net worth are allowed to invest in private tech start-ups. By the time the companies go public a decade or more after they started, their growth has often slowed and their valuations are high.
A new fund, Destiny Tech100, is trying to change that with a novel solution.
Okay. But here is what is wild about it:
The portfolio is worth $52.6 million, give or take, or about $4.84 per share. That value is uncertain (it is based on subjective valuations, as the portfolio companies by definition do not trade publicly) and a bit stale (as of December), but it’s probably close enough.
The stock opened, in the direct listing, at $8.25 per share. It closed yesterday at $99.79 per share, for a market capitalization of almost $1.1 billion. (It’s down today.)
That is a 1,961% premium to net asset value.
That just seems very high? It is nice, in theory, to say that this fund gives ordinary investors access to startups before they go public and “their growth has often slowed and their valuations are high.” But with that premium, this fund gives ordinary investors access to startups at 20 times their current valuation. DXYZ advertises: “For many companies at the pre-IPO stage, there may be the potential to yield a 10-50x return.”2 But a 10x return on the entire portfolio would be a disaster for DXYZ investors, since then the portfolio would be worth something like $580 million, way less than its current market value. As I wrote yesterday, “if each of this fund’s holdings goes up 1,000% by the time they go public, people who bought into the fund today will lose money.”
Or to put it another way, if you buy shares in DXYZ, you are getting almost no exposure to Stripe and SpaceX; you are mostly getting exposure to DXYZ’s own premium. More than 90% of the value of the stock is premium; the portfolio is an afterthought.
What do you make of this? We do live in an age of meme stocks; I talk all the time around here about stocks that trade at prices that seem to be disconnected from their fundamental value. “This is a way for ordinary investors to get access to hot startups” is a good meme, whether or not it is true as a matter of arithmetic. If the only publicly traded way to get access to hot startups has $50 million worth of hot startups, there’s no law of nature that prevents it from trading at $1 billion. “The public listing of DXYZ has become a cultural moment that’s taken on a life of its own,” Prasad told me by email, which is a nice way to say it’s a meme stock.
On the other hand, what do I always say about meme-stock companies? I say they should sell stock. That trade actually works rather nicely here. DXYZ is an exchange-listed closed-end fund; it is not an exchange-traded fund. In an ETF, certain investors (“authorized participants”) can create and redeem shares of the fund: They can deliver a basket of the underlying portfolio to the fund sponsor and get back ETF shares, or they can deliver ETF shares to the sponsor and get back the underlying portfolio. This creates an arbitrage: If the ETF trades at a premium to its net asset value, arbitrageurs will buy the underlying assets, deliver them to the sponsor, get back ETF shares and sell them to capture the premium.3 (And vice versa, if it trades at a discount.) This drives down the price of the ETF (and drives up the price of the underlying assets), closing the premium. In liquid markets, this normally keeps the price of the ETF in line with the value of its portfolio.
That doesn’t work here, because DXYZ is a closed-end fund, not an ETF. Investors cannot create or redeem shares; they can’t put money in or take money out. The reason for that is pretty obvious: DXYZ doesn’t own a portfolio of liquid publicly traded stocks. It owns stakes in private companies; each investment has to be individually negotiated, and they can’t necessarily be sold quickly, or at all. DXYZ’s shares trade publicly and liquidly, but its underlying assets do not.
Still the basic idea still works: DXYZ should sell stock!4 So much stock. It should sell stock to the public at a 1,000% premium to its net asset value or whatever, and then use the money to invest in more stakes in more private companies. If you do enough of that, then:
You collapse the premium: Selling stock and buying the underlying assets will move the price of the stock closer to the price of the underlying assets.
You average into the valuation. Right now DXYZ has, call it, $1 billion of stock and a $50 million portfolio, a 1,900% premium. If it sells another $1 billion of stock, and invests the proceeds into new private-company stakes, it will have $2 billion of stock and a $1.05 billion portfolio, a 90% premium.5 Progress!
There are some limits on this: DXYZ doesn’t just have to raise the money; it also has to deploy it, to find good private companies (or their shareholders) who are willing to sell it shares at reasonable valuations.
But that is a problem for any venture capital fund, and DXYZ is in some ways in a very nice position. For one thing, regular venture capital funds are looking to sell shares in the secondary market. And while other venture funds sometimes struggle to raise money from institutions, DXYZ already knows that there is a ton of demand from public shareholders to invest more in its fund. The market price tells it that

https://news.bloomberglaw.com/mergers-and-acquisitions/matt-levines-money-stuff-a-meme-stock-for-private-companies

Glad to see a board has been created for DXYZ. Quite a runner but having 34% SpaceX and open AI in it is the big lure.