ERShares, adviser to the Nasdaq-listed ERShares Private-Public Crossover ETF (XOVR), has committed $30m to Kalshi, a federally regulated prediction market business, as part of the Fund’s most recent rebalance.
The deal ranks among the largest private-company holdings in the Fund and gives XOVR exposure to a prominent player in regulated prediction markets. The opportunity was sourced through ERShares’ proprietary VC Lens, a process designed to spot category-defining businesses before they appear in conventional public equity benchmarks. ERShares points to its NVIDIA holding, first purchased in 2005 and retained for 21 years, as an example of the same early-identification approach now being applied to Kalshi.
Kalshi runs an exchange overseen by the Commodity Futures Trading Commission (CFTC), where users can buy and sell event contracts linked to real-world outcomes, generating market-derived probabilities across the economy, policy, weather, sport, culture and other uncertain areas.
The business has scaled quickly, with rising trading volumes, a wider set of contract categories and growing take-up from both retail and institutional participants, and it recently closed a sizeable financing round to fuel further expansion.
The investment arrives after a strong stretch for XOVR, which posted a 27.45% return in Q2 2026 and 5.30% in June 2026. SpaceX, one of the Fund’s private holdings before its June 2026 IPO, added roughly $135m of unrealised appreciation over the quarter, of which around $84m came in June, about 75% of that month’s return.
ERShares founder and chief investment officer Joel Shulman said, “SpaceX demonstrated the strategy. Kalshi is where our VC Lens is pointing next. XOVR was created to do what traditional ETFs historically could not: provide access to private equity exposure alongside public innovation leaders in one transparent, Nasdaq-listed structure. We believe Kalshi is building one of the most important new layers of financial market infrastructure
ERShares chief investment strategist and chief operating officer Eva Ados said, “Kalshi seeks to turn uncertainty into a price. That is why we believe prediction markets matter. They give investors, institutions, businesses, and individuals a real-time signal on future outcomes inside a regulated market structure.”
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