@gabz_investing $DXYZ's NAV was $24.56 as of 3/31 and should be higher today due to SpaceX and Anthropic. This is trading near NAV currently
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Quanttrader
545 posts
$DXYZ - the proxy trade is dead. Now it's a NAV trade.
The setup nobody's pricing correctly:
$DXYZ is a closed-end fund.
SpaceX = 16.2% of the book, Anthropic #2, plus xAI, Databricks, Shield AI.
For a year it was the only retail door to SpaceX, so it traded at an insane premium — peaked near $72 against a NAV in the low-$20s (~150%+ over).
June 12: SpaceX went public (SPCX), +19% day one, $1.75T, largest IPO ever. The proxy lost its monopoly. Money rotated to the real thing.
More details below!
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$VCX up while trading at a massive prem to NAV while $DXYZ down 11% while trading at a much smaller prem to NAV. What's happening here?
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@epicpioneer NAV is $39 if taken into consideration Anthropic and SpaceX current valuation. Not to mention OpenAI IPO in the near future. Unlike VCX, $DXYZ currently trades at near 0 premium. Get your facts right.
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$DXYZ NAV is around $19–25 and the stock trades at $50–65, you're paying a very large premium over the underlying assets. Recent filings reported NAV of $24.56/share as of March 31, 2026, up from $19.97 at year-end 2025. �
Here's how to think about it:
Scenario
Value
NAV
~$24.56
Stock Price $50
~104% premium
Stock Price $60
~144% premium
Stock Price $65
~165% premium
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@santhonys The launched options on $RVI yesterday as well. Have you created the same thing for $RVI
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@Quanttrader26 There is no fundamental reason to be a $VCX buyer today other than the hope that limited float creates another short squeeze.
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$VCX 's own audited annual report came out last night. The headline? March 31 NAV $18.97/share. Today's premarket price: ~$211.
Even if you mark Anthropic & OpenAI to the frothiest secondary prices on the internet as of this morning (Ventuals & PreStocks), you are massively overpaying. Buyer beware. Built a calculator so you can check the math yourself 👇 stocks.bolewood.com/vcx
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@santhonys And someone really has to own VCX then they're better of selling the Jan 170 Puts for $85
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@santhonys Ppl are crazy $VCX at this prem to NAV. Why would anyone buy $VCX instead of $DXYX? You can play the arbitrage and Buy DXYZ while shorting VCX to profit when the gap between the two premiums they trade at closes.
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Gemini says they did with NAV at $24.56 as of 3/31 and should be higher using today's valuations.
I sold a lot of Naked Calls at the 390, 400 and 410 strikes on VCX and looking great.
They recently issued options on DXYZ and if the NAV #'s are accurate, selling the Dec 40 Puts for about $13 is not a bad idea. Worst case, puts you in the stock at $27 which should be around the current NAV
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@santhonys Anthony, great work here as always. Has DXYZ published their 3/31 NAV yet? What would the NAV be if we use current valuations on Anthropic, OpenAI and SpaceX?
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@RoaringRagnar Why would he buy over 24K 2 weeks ago just to sell a fraction today to pay dividends?
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While it technically was not the first time Strategy sold Bitcoin, today is the first time it truly matters.
In 2022, nobody cared.
Here are the details about their first sale, for all the people crying that it wasn't their first sale:
On December 22, 2022, Strategy sold 704 bitcoin for approximately $11.8 million at an average price of about $16,776 per coin.
The sale was for tax-loss harvesting.
Two days later (December 24, 2022), they repurchased 810 BTC for ~$13.6 million (~$16,845 per BTC, inclusive of fees).
This made the net transaction a small purchase (+106 BTC) while locking in the tax loss.
Ragnar@RoaringRagnar
BREAKING: For the first time ever, Strategy has sold 32 Bitcoin.
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@AsifSuria Did very well shorting $CAR but I'm curious to find out what portion of the total profit front Pentwater goes to Avis since Pentwater triggered the 6-month rule
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Expanded on this with an article about $CAR and Pentwater Capital:
A Worthy Successor To The Greatest Trade Ever
insidearbitrage.com/2026/05/a-wort…
Asif Suria@AsifSuria
And now they are selling. It is amazing that they managed to sell over $1 billion of $CAR at prices north of $600. Total sales were $1.75 billion. An absolute home run for Pentwater Capital. As expected, they are giving some profits back to the company because they violated the short-swing rule.
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@santhonys @nitainiubile Thank you! I wish we had options listed in DXYZ and RVI just like VCX
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@nitainiubile I built a calculator for both $DXYZ and $VCX NAV that you can find here: stocks.bolewood.com/vcx?scenario=a…
We should get an official update on their NAV as of 3/31 next week.
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dxyz vcx 的溢价分析
1.不要看他两公布的nav，估值落后已经超过3个月了，没有实际的参考意义
2.这五个月估值变化大的有：
anthropic 3500亿 9000亿
spacex 8000亿 17500亿
openai 6000亿 8500亿
Databricks 550亿 1340亿
Shield AI 50亿 120亿
...
3.直接说我的计算结果：
dxyz的最新nav按照25.12的持仓看的话是35$附近
vcx比较特殊，它是26年发的招gu书，所以可以看到更新的持仓，准确率更高，看上去目前的nav是40$
不做投资建议，欢迎大家一起讨论交流
#投资 #理财 #投资理财 #spacex #美股投资
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When can we get options on $RVI and $DXYZ? We have options on $VCX why not the other 2.
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$CVNA Good looking H&S. I guess the 5:1 split did nothing to excite new buyers
Outlier Capital@outlierrcapital
I never wrote a long form article on $LEN or $NCLH so I understand why I don't get credit for those legendary trades... But when $CVNA free falls do I get a movie made about me?
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@santhonys Great piece. How are you shorting? options or shorting the shares?
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30% of car buyers trading in vehicles in early 2026 are "underwater," owing more on their loans than the car is worth, with an average gap of over $7,000, per WSJ
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@TFTC21 Wow so how does this impact $VCX and $DXYZ bc they own some of their exposure through SPV’s?
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Anthropic just published a support page that should terrify anyone holding its shares on the secondary market.
"Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records."
Void. Not restricted. Not pending review. Void.
That means if you bought Anthropic shares through Forge, Hiive, or any other secondary platform without board approval, you are not a stockholder. You have no stockholder rights. Your transaction is invalid.
It gets worse. Anthropic says it does not permit SPVs to hold its stock. Any transfer to an SPV is void. Investment funds claiming to offer indirect exposure are "most likely relying on mechanisms that attempt to circumvent our transfer restrictions." Forward contracts, tokenized securities, synthetic exposure products, all of it potentially worthless.
Their advice to investors: "Assume that it is invalid."
There is a multi-billion dollar secondary market in Anthropic shares right now. Platforms are pricing the stock at $265-$1,400+ per share based on a $380 billion valuation. Real people have put real money into these positions. And Anthropic just told them none of it counts.
This is the purest possible illustration of counterparty risk. You can buy a share of a company and have the company itself declare your ownership void because you bought it through the wrong channel.
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and somehow $CVNA will continue to post record numbers. lol
First Squawk@FirstSquawk
AUTO LOAN AND CREDIT CARD DELINQUENCIES IN THE US HAVE HIT ALL-TIME HIGHS, ACCORDING TO CNBC
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