PreStocks (pre-IPO tokens on Solana)

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

A PreStocks token is a claim on nothing and on no one. The Terms of Service call the tokens ”bearer digital tokens that reference economic exposure to designated pre-IPO companies” and give the holder ”no legal, equitable, or contractual right to any underlying share or asset,” no creditor claim against any company, SPV or custodian, and no claim against PreStocks itself. No issuing company is named anywhere in the Terms, the FAQ, the product pages or the attestation reports, and the Terms say the entities behind a token ”may be added, removed, substituted, restructured, or replaced at any time without notice,” and that PreStocks is ”under no obligation to identify them.” The backing is whatever PreStocks chooses. The Terms list SPV interests, forwards, options, swaps, ”interests in other companies, indices, or baskets,” cash and other tokens. Anthropic and OpenAI both say that transfers of their stock to an SPV without board approval are void, and the Anthropic and OpenAI tokens fell almost 40% in the week of 13 May 2026 when the companies said so. The attestations PreStocks has published count tokens, not assets. We write no eligibility file, because there is no issuer whose terms a file could state. For an advisor the answer is no on every count: the tokens are closed to US persons, there is no obligor, and one program-controlled address can freeze, pause, mint, and move or burn any holder’s tokens.

Research triggers: events that reopen the assessment or shelf decision
• PreStocks names the legal issuer of each token and publishes terms that give holders a claim against it
• PreStocks names the vehicle and asset behind a token and a third party attests to the asset, not only the token count
• Anthropic or OpenAI approves, or formally rejects, a transfer into a vehicle that backs a PreStocks token
• The authority WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc freezes, moves or burns a holder’s tokens, or installs a transfer hook
• A SpaceX PreStocks token expires unconverted after 12 March 2027
• PreStocks opens to US persons

The research file

Who stands behind the tokens

Nobody named. The Terms of Service, last updated 8 September 2026, open by describing PreStocks as ”a distributed network of contributors located around the world who collaborate primarily through digital means.” They go on: ”The entity that contracts with you, issues or administers any token, holds any exposure, or performs any part of the Services may differ between products, tokens, jurisdictions, and points in time.” The FAQ explains why the backers stay hidden: ”Counterparty legal names are not disclosed because they require contractual confidentiality to avoid unwanted solicitation, reputational targeting, and potential adverse actions from issuers or intermediaries.”

What is known comes from outside the documents. CoinDesk reported that PreStocks launched in August 2025 ”with backing from Republic Capital” and is led by Xavier Ekkel. The Terms choose the law of the British Virgin Islands and London arbitration, yet list the British Virgin Islands among the countries whose residents may not use the service. The only contact is an email address.

What a holder owns

A bearer token and a price. The Terms say ”holding Tokens does not give you any legal, equitable, beneficial, security, or proprietary interest in, or claim over, any collateralizing asset, arrangement, or proceeds,” and that ”Holding a token does not make you a shareholder, member, partner, limited partner, beneficiary, creditor, or client of anyone.” The collateral, if any, may be ”a direct or indirect interest in one or more SPVs, funds, feeders, series, nominee, trust, or custodial arrangements; a contractual, participation, profit-sharing, forward, option, swap, or other derivative or synthetic arrangement referencing the relevant company or a proxy for it.”

The FAQ is simpler and says less: PreStocks ”are fully backed by holding entities that are directly or indirectly invested in the underlying company.” Attestation reports exist for four tokens (Anthropic, SpaceX, Kalshi, Polymarket), all by BlockOffice Pte. Ltd., dated June and July 2026. They confirm minted supply, 7,383.88 Anthropic tokens against a mintable 7,384.00, and state that ”Each token represents economic exposure equivalent to one share of the Referenced Company.” They name no vehicle, no share count and no dollar amount, and say the review is not an audit. In May, CoinDesk found the PreStocks dashboard reporting about $23 million of assets behind tokens that implied an Anthropic valuation near $1.5 trillion.

What the companies say

Anthropic’s support page, first published 11 February 2026, says: ”We do not permit special purpose vehicles (SPVs) to acquire Anthropic stock and any transfer of shares to an SPV are void under our transfer restrictions,” and that anyone selling Anthropic exposure to the public ”through direct sales, ”forward contracts,” tokenized securities, or other mechanisms” is likely offering ”an investment that may have no value.” OpenAI’s policy of 16 July 2025 lists ”tokenized interests in OpenAI equity or an SPV holding OpenAI equity” and says an unapproved transfer ”is void.” When both companies pressed the point in May 2026, the Anthropic token fell 34% and the OpenAI token 39% in seven days.

So the chain from token to share can break at three links: the unnamed backer may hold only a derivative; an SPV interest may rest on a transfer the company treats as void; and even a valid holding gives the token holder no claim to it.

Who may hold, and how a holder gets out

The site says PreStocks ”are not available in the U.S., to U.S. persons, or to other ineligible persons,” and every user agrees ”I am not a U.S. person.” The Terms bar about three dozen countries, including the United States, China, Russia, Singapore and Panama. Trading on chain needs no identity check; CoinDesk reports that minting and redemption do. There is no minimum.

The tokens trade on Solana through Jupiter, and on chain every transfer now pays a 1% fee set by the mint’s fee authority; the Terms allow a fee on ”any and every transaction,” including moves between a holder’s own wallets. Redemption is a request, not a right: ”A request for redemption does not of itself create an entitlement to have Tokens redeemed.” At an IPO, the FAQ says holders have nine months to ”convert their PreStocks tokens into the equivalent tokenized public stock,” after which ”the tokens will expire worthless.” That clock is running for SpaceX, which listed on 12 June 2026: the SpaceX page says the tokens ”must be swapped into $SPCXx or any other token before 11:59pm UTC on 12 March 2027, or they will expire worthless.” SPCXx is an xStocks note from a different issuer.

Control on chain

Every PreStocks mint we read is a Token-2022 token, and on every one the same address (WV9PJN7X…) is mint authority, freeze authority, permanent delegate, pause authority, transfer-fee authority, transfer-hook authority and metadata authority. Ketju’s reader classes it as a program-controlled account; it could not tie it to a multisig, so who signs for it is unknown. The permanent delegate can move or burn any holder’s tokens without the holder’s signature. The scaled-amount extension lets the same authority change every balance shown in a wallet at once; it set the SpaceX multiplier to 5 on 10 June 2026.

The Terms claim every one of these powers and more: ”freeze, pause, permanent-delegate, clawback, forced-transfer, burn, mint, upgrade-authority, transfer-hook, allowlist, and blocklist capabilities,” and the right to redeem compulsorily at a value PreStocks sets, ”in some circumstances nil.”

Why no eligibility file

An eligibility file states what an issuer promises: who may hold, the minimum, how transfer works, how redemption works, and who keeps the record. PreStocks promises nothing, and names no one who could be held to a promise. The Terms also sit on a Notion page that a plain reader cannot fetch, so Ketju’s daily document check could not confirm their words. We record the program here, with the tokens and the controls, and leave it out of file coverage with that reason. If PreStocks names an issuer and publishes terms that give holders a claim, we will reopen it.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• PreStocks Terms of Service (last updated 8 September 2026) · primary · accessed 2026-09-23
  Supports: distributed network of contributors, issuing entities not identified, bearer tokens, no right to any share or asset, collateral may be SPV, derivative or other assets, US persons and listed jurisdictions barred, redemption not an entitlement, freeze, clawback, forced transfer, compulsory redemption, BVI law, LCIA arbitration, fees on any transfer
• PreStocks FAQ · primary · accessed 2026-09-23
  Supports: counterparty names not disclosed, fully backed by holding entities, no KYC to trade on chain, no minimum, nine months to convert after IPO or expire worthless
• PreStocks: SpaceX product page · primary · accessed 2026-09-23
  Supports: SpaceX has gone public, swap into SPCXx before 12 March 2027, mint PreANxuXjsy2pvisWWMNB6YaJNzr7681wJJr2rHsfTh
• PreStocks: Anthropic attestation report (BlockOffice Pte. Ltd., 24 July 2026) · primary · accessed 2026-09-23
  Supports: minted 7,383.88 of 7,384.00, one share of economic exposure per token, not an audit, no vehicle or asset named
• Anthropic: Unauthorized Anthropic stock sales and investment scams · primary · accessed 2026-09-23
  Supports: SPV transfers void, tokenized securities may have no value, board approval required
• OpenAI: Unauthorized OpenAI Equity Transactions (16 July 2025), Wayback copy of 23 September 2026 · primary · accessed 2026-09-23
  Supports: tokenized interests in OpenAI equity or an SPV, unapproved transfers void
• Solana mainnet getAccountInfo reads of the PreStocks mints (Token-2022 extensions) · primary · accessed 2026-09-23
  Supports: one authority WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc for mint, freeze, permanent delegate, pause, fee, hook and metadata, 1% transfer fee, SpaceX scaled multiplier 5
• CoinDesk: Anthropic, OpenAI tokens plunge nearly 40% as AI firms warn SPV transfers are invalid (13 May 2026) · secondary · accessed 2026-09-23
  Supports: 34% and 39% falls, about $23 million of assets, backing from Republic Capital; CEO Xavier Ekkel, KYC for minting and redemption
• CoinGecko: Tokenized Pre-IPO Stocks category · secondary · accessed 2026-09-23
  Supports: seven PreStocks tokens, about $20 million

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.