Key Takeaways
- • XOVR, ERShares' private-public crossover ETF, holds approximately $30 million in Kalshi, Inc. as of July 10, 2026, structured through a wholly owned subsidiary (Kalshi SPV, LLC) with no management fees or carried interest.
- • Kalshi has raised $1 billion in a Series F funding round, valuing the U.S.-regulated prediction market platform at $22 billion, reflecting institutional demand surge in the prediction markets sector.
- • XOVR provides daily-liquidity ETF exposure to both late-stage private companies (including Kalshi and Anduril) and public innovators, marketed as the first ETF to deliver VC-style research with measurable private-company sleeve access to retail investors.
- • The investment represents XOVR's strategy to democratize access to pre-IPO equity exposure historically reserved for institutional and accredited investors, with NAV-based pricing eliminating typical closed-end fund premiums.
- • XOVR was the first ETF to successfully demonstrate proof-of-concept in transitioning a pre-IPO position through to IPO, establishing institutional-grade private equity exposure within a daily-traded ETF structure.
Summary
XOVR, the ERShares private-public crossover ETF, has committed approximately $30 million to Kalshi, Inc., a U.S.-regulated prediction market platform, according to fund documentation as of July 10, 2026. The investment is structured through a wholly owned subsidiary, Kalshi SPV, LLC, with notably transparent terms: no management fees and no carried interest charged on the position. This allocation reflects XOVR's core mandate to provide institutional-quality private equity exposure within a daily-liquidity ETF vehicle.
Kalshi's valuation context underscores the significance of this investment. The prediction market platform has recently raised $1 billion in a Series F funding round, valuing the company at $22 billion—a substantial increase from its prior valuation. This capital raise has been driven by institutional demand surge in the prediction markets sector, positioning Kalshi as a marquee holding within XOVR's private portfolio sleeve.
XOVR's investment strategy distinguishes itself through structural innovation. Launched on Nasdaq in August 2024, the fund blends public equity exposure with a measured allocation to select late-stage private companies, operating within a single ticker offering daily liquidity. This approach addresses a historical market gap: retail investors have had limited access to pre-IPO equity exposure, a strategy previously confined to institutional and accredited investors. By utilizing NAV-based pricing rather than closed-end fund structures, XOVR eliminates the premiums typical of alternative vehicles and provides transparent valuation aligned with fund net asset value.
Beyond Kalshi, XOVR maintains exposure to Anduril, another prominent late-stage private company, exemplifying the fund's diversification across innovation-focused enterprises. The fund applies proprietary, VC-style research methodologies to select both public innovators and private companies meeting specific operational and growth criteria. XOVR has established a track record as the first ETF to successfully demonstrate the feasibility of transitioning a pre-IPO position through public markets, providing institutional-grade due diligence and governance within an accessible retail structure.
Kalshi's valuation context underscores the significance of this investment. The prediction market platform has recently raised $1 billion in a Series F funding round, valuing the company at $22 billion—a substantial increase from its prior valuation. This capital raise has been driven by institutional demand surge in the prediction markets sector, positioning Kalshi as a marquee holding within XOVR's private portfolio sleeve.
XOVR's investment strategy distinguishes itself through structural innovation. Launched on Nasdaq in August 2024, the fund blends public equity exposure with a measured allocation to select late-stage private companies, operating within a single ticker offering daily liquidity. This approach addresses a historical market gap: retail investors have had limited access to pre-IPO equity exposure, a strategy previously confined to institutional and accredited investors. By utilizing NAV-based pricing rather than closed-end fund structures, XOVR eliminates the premiums typical of alternative vehicles and provides transparent valuation aligned with fund net asset value.
Beyond Kalshi, XOVR maintains exposure to Anduril, another prominent late-stage private company, exemplifying the fund's diversification across innovation-focused enterprises. The fund applies proprietary, VC-style research methodologies to select both public innovators and private companies meeting specific operational and growth criteria. XOVR has established a track record as the first ETF to successfully demonstrate the feasibility of transitioning a pre-IPO position through public markets, providing institutional-grade due diligence and governance within an accessible retail structure.
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