Stack Capital Reached 115K US Retail Investors From The TSX With Sikand Media

Stack Capital had the structure US investors wanted and none of the attention. As a Canadian issuer it is not bound by the US rule forcing closed-end funds to distribute 98 percent of capital gains each year, so it can recycle an exit into the next position rather than paying it out. Its portfolio held SpaceX, OpenAI, Canva, Databricks and Shield AI at pre-IPO marks, with a market cap under $250M.

The US competition was winning on noise. Destiny Tech100 traded at a 50 percent premium to NAV and had touched 7x, with 17 of its 24 positions underwater at an average loss of 69 percent. Stack had two losers out of fourteen and traded near book. It also sat on the TSX and OTC, so most US retail could not find it without knowing where to look.

We built a long-form YouTube piece that did the arithmetic out loud: what a dollar of Stack buys you in SpaceX, Canva, OpenAI and Databricks, and why the Canadian tax treatment lets one exit fund the next. Jeff Parks sat for an on-camera interview cut through the video, so investors heard the thesis from the person running the fund rather than from a narrator.

We modelled bear, base and bull cases and published the downside alongside the upside: thin liquidity at 37,000 average daily shares, the CoreWeave concentration, Q3 dilution, and the fee structure. Compensation and Michael's personal position in the stock were both disclosed on screen. The same research ran as a Substack deep dive and an X thread, with an Instagram push through a partner creator on launch day.

The video reached 115,000 viewers on YouTube, with the Substack and X versions extending it to an audience that is overwhelmingly US-based and self-directed. For a TSX-listed microcap under $250M, that is a first meaningful contact with the US retail market rather than an incremental impression.

The research also keeps working. It is still the most complete public explanation of what Stack owns and why the discount to its US competitor existed, which is what an investor finds when they search the ticker for the first time.

Search interest tracked the same pattern. US Google Trends data for the term shows the weekly index roughly doubling after publication, from a median of 35 across the eight months prior to 85 across the four months following, with elevated interest holding through June 2026. Trends reports a relative 0 to 100 index rather than absolute search volume, and interest had already begun climbing in the weeks before launch, so the figure reflects the period around the campaign rather than an isolated effect of it.