Valinor Launches Tokenized BDC Fund On Superstate

Valinor Digital has rolled out a tokenized fund that holds a basket of exchange-listed business development companies (BDCs), marketed to accredited investors who are also qualified purchasers under the Section 3(c)(7) exemption. The Valinor BDC Exposure Fund (ticker VBDC) is issued as a Superstate Asset Trust series and managed by Valinor Digital Capital; the fund's minimum investment is $100,000 and it charges a 1.25% management fee on average daily NAV.

The vehicle currently holds $4,995,148 across 499,157 shares, with a reported NAV per share of $10.007174. All shares are registered in book-entry form and none have been tokenized: the VBDC token contract (0xA4E0Ac02de99e23C76480dD75e55894fD74cDECF) went live on Ethereum on Sept. 1 as an upgradeable proxy pointing at a FundToken implementation, but its total supply is zero and there have been no transfers. Superstate's asset page lists DeFi integrations as "Coming soon."

Valinor frames the fund's daily liquidity around the secondary markets for listed BDC shares, which stand between investors and the underlying loans originated by BDCs. That design ties the fund's NAV to market prices for BDC shares, which frequently trade below the net asset values those BDCs report for the loans on their books. Superstate highlights this risk and notes that investors indirectly bear the underlying BDCs' management and incentive fees, financing costs, and operating expenses, meaning the aggregate cost is materially higher than the headline 1.25% management fee.

Redemptions are processed if requests arrive by 2 p.m. ET on days the NYSE and the Philadelphia Fed are open, with settlement on or about the next such day; subscriptions cut off at 3:59 p.m. ET. The fund funds redemptions from a liquidity buffer and portfolio sales and applies a gate that can limit outflows to up to 7.5% of NAV per day, with pro-ration, deferral or suspension permitted under the private placement memorandum. Shares remain restricted securities, transferable only among allowlisted addresses, are not listed, and currently have no secondary market. Custodian duties are with Alpaca Securities, NAV Consulting is the administrator, Superstate Services acts as transfer agent, and an auditor is to be appointed before the first annual audit.