$32.13▼ $2.61 · 7.51%DXYZ · NYSEEst. MMXX

← LettersLetter 02

Letter 02 · Eight hundred eighty-eight Days

888 Days Later

Sohail Prasad · Founder & CEO · Destiny

August 31, 2026

Investors,

Today marks 888 days since we listed DXYZ on the NYSE with a simple premise: let anyone invest in late-stage private tech, with the protections and liquidity of the public markets.

That was the starting point.

Shortly after DXYZ listed, I described the extraordinary response ¹ as “a cultural moment that’s taken on a life of its own.” Bloomberg’s Matt Levine joked that this was “a nice way to say it’s a meme stock.” ²

But buried in his footnote was an observation.

If there’s this much demand... everyone should be raising copycat funds.

That’s exactly what happened.

Bill Ackman recently announced one. Vlad Tenev started two!

Since I was twenty, I’ve been focused on bringing liquidity to private markets.³ DXYZ was created because we have a vision for the future, not to churn out financial products to be sold.

Others can copy the past.
But they can’t copy what’s next.

In short, the plan has been:

01Publicly list DXYZ to be an incredible product for individual investors
02Deliver on the promise of public access to private tech
03Leverage that scale to become the most liquid & most cost-efficient way to get exposure to the late-stage venture ecosystem
04Replace the long-tail of VCs who charge 2-and-20 for beta exposure (or worse) for institutional allocators

To achieve our vision, we took an independent approach to listing DXYZ. With no banks or underwriters involved, we raised capital from more than 200 mission-aligned individual investors.

Today, we’ve grown to have 100,000s of individual shareholders. NAV/share has increased by 608.7% since listing and net assets have grown to $1.6B. Trading volume averaged $195M per day in Q2 2026. Annualized expense ratio is down to 2.82%.⁴

While some categorized DXYZ as a meme stock, we were, in fact, flipping the script and redefining venture capital by putting retail investors first.

Our obsession with building the best product for individual retail investors has produced something more compelling than what most institutions can access today. They are coming.⁵

Best,

Sohail Prasad

Sohail Prasad

Founder & CEO

Destiny

Public access to private tech.Invest in $DXYZ →

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