The company maintains a clean debt profile with a 0.00 debt-to-equity ratio, yet total assets have surged to $441.4M primarily through aggressive equity issuance rather than internal growth.
| Cash & Short Term Investments | 205.27M | 0 | 4.83M | 12.03M | 46.77M |
| Cash & Due from Banks | 4.4M | 0 | 4.83M | 12.03M | 46.77M |
| Short Term Investments | 200.87M | 0 | 0 | 0 | 0 |
| Total Investments | 428.9M | 70.91M | 53.21M | 49.6M | 0 |
| Investments Growth % | 504.89% | 33.26% | 7.26% | - | - |
| Long-Term Investments | 228.02M | 70.91M | 53.21M | 49.6M | 0 |
| Accounts Receivables | 0 | 8.37K | 192.38K | 184.25K | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 608.37K | -70.91M | 0 | 0 | 0 |
| Total Current Assets | 212.73M | 0 | 192.38K | 12.21M | 0 |
| Total Non-Current Assets | 228.63M | 0 | 53.21M | 49.6M | 0 |
| Total Assets | 441.37M | 71.41M | 53.46M | 61.89M | 98.6M |
| Asset Growth % | 518.07% | 33.57% | -13.61% | -37.24% | - |
| Return on Assets (ROA) | 17.25% | 27.91% | -7.18% | -4.89% | -4.09% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 1.3K | 0 | 0 | 0 | 88.35M |
| Net Debt | -4.4M | 0 | 4.83M | -12.03M | 41.58M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 88.35M |
| Short-Term Debt | 1.3K | 0 | 0 | 0 | 0 |
| Other Liabilities | 3.32M | 0 | 0 | 5.12M | 14.26M |
| Total Current Liabilities | 1.3K | 0 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 3.32M | 0 | 0 | 5.12M | 102.61M |
| Total Liabilities | 3.32M | 1.36M | 838.43K | 5.12M | 102.61M |
| Total Equity | 438.04M | 70.05M | 52.62M | 56.76M | -4.01M |
| Equity Growth % | 525.33% | 33.12% | -7.29% | 1517.33% | - |
| Equity / Assets (Capital Ratio) | 99.25% | 98.09% | 98.43% | 91.72% | -4.06% |
| Return on Equity (ROE) | 17.41% | 28.41% | -7.57% | -14.89% | - |
| Book Value per Share | 35.06 | 6.44 | 4.83 | 5.20 | -1.60 |
| Tangible BV per Share | 35.06 | 6.44 | 4.83 | 5.20 | -1.60 |
| Common Stock | 403.8M | 82.23M | 86.07M | 64.72M | 25K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 34.24M | -12.18M | -33.45M | -7.96M | -4.03M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 |
NAV Valuation Volatility
According to recent SEC filings, DXYZ's total assets surged from $71.4M in 2024Q4 to $441.4M by 2025Q4, a rapid expansion that appears driven by external capital raises rather than organic portfolio appreciation or successful realization of underlying private equity investments.
The dramatic increase in the asset base suggests a strategic pivot toward scaling the fund's size, yet this growth has not translated into operational self-sufficiency. Investors should monitor whether this capital influx is being deployed into high-quality assets or if it merely serves to cover the fund's persistent administrative and valuation-related overhead.
As reported in financial statements, the company's cash balance reached $205.3M in 2025Q4, providing a significant liquidity buffer compared to the $1.8M held in 2025Q2, though this liquidity appears to be a direct result of recent equity issuance rather than internal cash generation.
While the current ratio of 163642.24 indicates an extremely high level of short-term liquidity, this metric is likely distorted by the timing of capital raises and the lack of significant current liabilities. The reliance on cash reserves to fund ongoing operations suggests that the fund remains in a capital-intensive growth phase that is not yet self-sustaining.
Based on DXYZ's reported figures, equity has expanded to $438.0M in 2025Q4 from $70.0M in 2024Q4, a shift that warrants further investigation into the extent of shareholder dilution required to support the fund's aggressive asset acquisition strategy.
The accumulation of retained earnings, which turned positive at $34.2M in 2025Q4, appears to be an accounting reflection of unrealized valuation gains rather than realized profits. This suggests that the equity base is highly sensitive to the subjective mark-to-market valuations of the fund's private holdings, creating potential volatility for shareholders.
As noted in financial statements, the absence of goodwill and PPE on the balance sheet highlights that DXYZ's value is almost entirely concentrated in Level 3 private assets, which are inherently difficult to value and prone to significant downward revisions during market stress.
The lack of tangible assets means that the balance sheet is essentially a proxy for the management's internal valuation models. Investors should be wary that the reported equity value may not represent a floor, as any systemic reset in late-stage venture valuations could lead to rapid and substantial write-downs of the portfolio.
Quick answers to the most common questions about buying DXYZ stock.
As of 2025, Destiny Tech100 Inc. (DXYZ) had total assets of $441.4M including $212.7M in current assets.
Destiny Tech100 Inc. (DXYZ) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Destiny Tech100 Inc. (DXYZ) has total shareholders' equity (book value) of $438.0M ($35.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Destiny Tech100 Inc. (DXYZ) reported a current ratio of 163642.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.