$Fundrise Innovation Fund LLC(VCX.US) has dropped another -16%, plummeting from its year-to-date high to just over $70 now, with a decline of over 50% in the past month alone. The premium to NAV for this non-traded fund was ridiculously high earlier—in March, the NAV per share was around $19, but the price was hovering around $380.
Is this wave the premium finally converging to NAV, or are the underlying unlisted tech assets (including the exposure to SpaceX) themselves being revalued? It looks more like the former, as the premium in the secondary market price is collapsing much faster than the fundamentals.
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