Destiny Tech100 Inc. is experiencing a notable surge, driven by a combination of factors impacting its underlying assets. A significant portion of the fund's assets is invested in SpaceX, which has seen a substantial increase in market value following the recent U.S. presidential elections. The election results have catalyzed a rush of retail investors into funds associated with Elon Musk's ventures, leading to a premium on the fund's shares. Additionally, the anticipation of favorable government policies under the new administration, particularly those benefiting Musk's companies, has further fueled investor enthusiasm.
Moreover, the broader tech sector is witnessing positive momentum, with several tech stocks making significant moves in premarket trading. MicroStrategy, a notable player in the cryptocurrency space, is set to join the Nasdaq-100 index, boosting its stock and contributing to the overall positive sentiment in tech. This inclusion is expected to lead to passive inflows, enhancing liquidity and potentially driving further gains. The tech-heavy Nasdaq futures are also trading higher, reflecting investor optimism ahead of the Federal Reserve's interest rate decision later this week.
The Destiny Tech100 ETF (DXYZ) is currently priced at $74.29, marking a 5.93% increase from its previous close.