(Bloomberg) -- Speculators who piled into a closed-end fund that holds shares of private technology firms like Plaid Inc. and Stripe Inc. were burned on Tuesday as the stock tumbled after skyrocketing more than 1,000%.

Destiny Tech100 Inc., which trades on the New York Stock Exchange as DXYZ, spiraled as much as 45%, trimming gains from its debut last month to about 700%. The fund’s shares are incredibly volatile, reminiscent of 2021’s meme stock mania, as trading had to be halted at least four times in the opening 30 minutes of Tuesday’s session.

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With Destiny Tech100 trading at $64 a piece, it’s still being valued more than 13 times higher than the underlying assets that it holds, according to its most recent regulatory filing. The fund computes its net asset value on a quarterly basis and said its positions in the more than 20 companies was worth about $54.3 million at fair value — that compares to an implied market capitalization of nearly $700 million. 

The volatility captured the attention of popular trader chatrooms including Reddit Inc.’s WallStreetBets forum and StockTwits in recent days as the fund shot up from a $4.84 reference price. One post on WallStreetBets critiquing the divergence between the fund’s assets and its trading dynamics garnered more than 80 upvotes.

Fidelity users flocked to buy the dip with buy orders outpacing those to sell at a greater than 2-to-1 clip, according to the brokerage’s website. 

(Updates share movement throughout.)

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