Key Takeaways
- • ERShares, adviser to the ERShares Private-Public Crossover ETF (XOVR), said its $30 million investment in Kalshi, made at a $22.6 billion valuation, is now valued at approximately $53.1 million based on Kalshi's announced $40 billion valuation.
- • The implied unrealized gain is approximately $23.1 million, or nearly 77%, before transaction costs and subject to the Fund's customary valuation procedures.
- • The round values Kalshi, a regulated prediction markets exchange, at roughly double the valuation at which XOVR invested.
- • XOVR says it increasingly invests earlier in companies' growth cycles, rather than primarily in firms approaching an IPO, to capture more value creation before public listing.
- • The announcement is presented by ERShares as evidence for its retail-access private-market strategy, which the firm also cites through its SpaceX investment.
Summary
ERShares announced on November 3, 2026 that its investment in Kalshi, the regulated prediction markets exchange, has appreciated substantially following the company's latest financing round, according to a PRNewswire release issued by the firm. XOVR invested $30 million at a $22.6 billion valuation. The round values Kalshi at approximately $40 billion, and on that basis the position is now valued at approximately $53.1 million, an unrealized gain of roughly $23.1 million, or nearly 77%. The figures are before transaction costs and subject to the Fund's customary valuation procedures.
The release frames the gain as a product of XOVR's private-public crossover structure, which the firm says made it the first ETF to provide private-company exposure when it launched on August 29, 2024. ERShares notes that the Fund increasingly seeks to invest earlier in companies' growth cycles, rather than concentrating on businesses approaching an IPO, so that shareholders can participate in more of the value that has historically accrued to venture capital and private equity investors before listing.
Eva Ados, Chief Operating Officer and Chief Investment Strategist at ERShares, said the Kalshi investment reinforces the firm's conviction that wealth creation often occurs while companies remain private. Dr. Joel Shulman, Founder and Chief Investment Officer of ERShares, said the firm's goal was to broaden access to private equity, which he said had historically been reserved for institutions and ultra-high-net-worth investors. Shulman cited the success of XOVR's investments in SpaceX and Kalshi as support for the strategy.
The investment process uses ERShares' proprietary VC Lens framework to screen for founder leadership, disruptive business models, durable competitive advantages, strong innovation cultures, and long-term wealth creation potential. The release describes the valuation mark as a single-company, unrealized figure and states that past performance is no guarantee of future results. The fund's risk disclosures include private equity investment risk, illiquidity risk, and valuation risk.
The release frames the gain as a product of XOVR's private-public crossover structure, which the firm says made it the first ETF to provide private-company exposure when it launched on August 29, 2024. ERShares notes that the Fund increasingly seeks to invest earlier in companies' growth cycles, rather than concentrating on businesses approaching an IPO, so that shareholders can participate in more of the value that has historically accrued to venture capital and private equity investors before listing.
Eva Ados, Chief Operating Officer and Chief Investment Strategist at ERShares, said the Kalshi investment reinforces the firm's conviction that wealth creation often occurs while companies remain private. Dr. Joel Shulman, Founder and Chief Investment Officer of ERShares, said the firm's goal was to broaden access to private equity, which he said had historically been reserved for institutions and ultra-high-net-worth investors. Shulman cited the success of XOVR's investments in SpaceX and Kalshi as support for the strategy.
The investment process uses ERShares' proprietary VC Lens framework to screen for founder leadership, disruptive business models, durable competitive advantages, strong innovation cultures, and long-term wealth creation potential. The release describes the valuation mark as a single-company, unrealized figure and states that past performance is no guarantee of future results. The fund's risk disclosures include private equity investment risk, illiquidity risk, and valuation risk.
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