Destiny Tech100 (NYSE:DXYZ), a new, closed-end fund that began trading on the New York Stock Exchange at the end of March, soared almost 70% yesterday. Among the fund’s most prominent holdings are AI standout OpenAI. It also holds Elon Musk’s SpaceX, the fintech firm Stripe and Fortnite maker Epic Games. The market capitalization of DXYZ stock is now over $1 billion.

More Information About DXYZ Stock

The NYSE reported that DXYZ’s initial reference price was $4.84. On March 26, its first day of trading, it opened at $8.25 and climbed as high as $30.25. Yesterday, DXYZ stock closed at $99.79.

The shares are “designed to be a portfolio of 100 of the top private technology companies,” NYSE added.

Destiny Tech100 currently owns the shares of 23 privately held tech firms. It seeks to eventually buy the stocks of 77 more such companies.

According to rules set by the Securities and Exchange Commission (SEC), investors must have “a net worth of $1 million or an annual income of $200,000 for the past two years” to buy shares of individual private firms.

Destiny Tech 100 allows individuals who don’t meet that criteria to easily invest in a large number of such companies by buying the shares of just one fund.

DXYZ Is Not a Traditional Mutual Fund or an ETF

DXYZ is different from an exchange-traded fund (ETF) and most mutual funds because it “has a fixed number of shares” whose value is solely determined by investors’ willingness to purchase DXYZ stock on the NYSE.

Launched in 2020, Destiny XYZ says that it “provides access to investment opportunities that were previously out of reach for the average investor.”

The owners of Forge (NYSE:FRGE) started the firm, which describes itself as “the largest marketplace for buying and selling private securities.”

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines