XOVR puts estimated value of Kalshi stake at $53.1 million

ERShares said the Kalshi stake held by its Private-Public Crossover ETF, XOVR, had an estimated value of $53.1 million following the prediction-market company’s latest financing round. The calculation implies an unrealized gain of about $23.1 million, or nearly 77%, on XOVR’s $30 million investment.

The estimate uses Kalshi’s latest stated valuation of about $40 billion, up from $22.6 billion when XOVR made the investment. ERShares said the gain was calculated before transaction costs and remains subject to the fund’s customary valuation procedures, rather than representing proceeds from a sale.

XOVR made the $30 million investment as part of its latest portfolio rebalance, announced in July. Kalshi is privately held, meaning the position lacks a continuously traded market price; ERShares previously warned that private securities can involve valuation uncertainty, illiquidity, limited disclosure, regulatory risk and possible dilution or loss.

The fund trades on Nasdaq under the ticker XOVR and combines public innovation-equity holdings with a sleeve of selected private-company investments. ERShares says it is seeking to invest earlier in companies’ growth cycles, reflecting its view that a growing portion of shareholder value is created before an initial public offering.

Kalshi operates a CFTC-regulated exchange on which participants trade event contracts linked to real-world outcomes, including the economy, policy, weather, sports and culture. ERShares said its VC Lens investment framework assesses such factors as founder leadership, disruptive business models, durable advantages, innovation culture and long-term wealth-creation potential.

Eva Ados, ERShares’ chief operating officer and chief investment strategist, said Kalshi reinforced the firm’s conviction that wealth creation often occurs while companies remain private. Joel Shulman, the firm’s founder and chief investment officer, said XOVR was created to broaden participation in private-equity investing.