ANDURIL, issued by PreStocks, is a tokenized-stock instrument providing economic exposure to the implied private-market valuation of Anduril Industries, Inc., mediated through a Special Purpose Vehicle (SPV) that holds exposure to the underlying shares [S1].

Each ANDURIL token is stated to be 1:1 backed by SPV exposure to Anduril Industries, Inc. shares, with the token price tracking the company's implied valuation [S1]. The token confers no dividend or other economic rights beyond price tracking [S1][S2]. PreStocks advertises no management or performance fees and no minimum investment, while a one-time fee applies to mint and redeem operations [S3]. Price alignment with secondary-market value is maintained through mint and redeem arbitrage [S3].

PreStocks identifies itself only as PreStocks and expressly disclaims regulated status, stating it is not a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual asset service provider, or similar regulated entity [S1][S2]. The token represents economic exposure only and confers no ownership, voting, dividend, information, or other legal rights, and is not affiliated with or endorsed by the referenced company [S1][S2]. Tokens are not available in the U.S., to U.S. persons, or to other ineligible persons [S1][S2]. Holders may sell on Solana DEXs at any time, while mint and redeem are gated by KYC [S1][S3].

ANDURIL is issued on Solana using the SPL token standard and is tradable on Solana DEXs such as Jupiter [S1][S3]. PreStocks, via the SPV, acquires share exposure and wraps it into the token; minting and redemption are KYC-gated, with redemption settling the underlying economic value into USDC [S4][S3]. The issuer advertises instant onchain settlement for trades [S3].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://prestocks.com/" },
    { id: "S2", url: "https://prestocks.com/openai" },
    { id: "S3", url: "https://newsletter.prestocks.com/p/prestocks-are-live-trade-spacex-openai" },
    { id: "S4", url: "https://prestocks.com/spacex" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized stocks

PreStocks operates through SPVs that acquire actual shares in private companies on secondary markets. SPL tokens are minted on Solana representing proportional non-voting economic interest in each SPV. Tokens trade 24/7 on DEXes like Jupiter, Raydium, and Meteora. Pricing is maintained via arbitrage: when token price drifts from NAV, traders mint or redeem tokens to close the gap. Minting and redemption require KYC; secondary trading does not. The platform is regulated under Regulation S and is not available in the US.

PreStocks tokenizes pre-IPO company stocks through SPV-backed Solana tokens, giving users 24/7 access to private companies like SpaceX, OpenAI, and Anthropic with no minimums and no management fees. Each token represents economic exposure to a private company via a Special Purpose Vehicle (SPV) that holds actual equity. The platform rebranded from PrePO and migrated to Solana in August 2025.

PreStocks was founded by Xavier Ekkel, a former software engineer at Canva. The platform is backed by Alliance DAO and funded by Republic Capital.

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Real-world asset (RWA) issuers

PreStocks

Anduril PreStocks (ANDURIL) is a tokenized exposure to Anduril.

Each token carries no dividend entitlement and carries no voting rights.

Holders worldwide can mint and redeem directly with PreStocks in USDC after completing KYC.

Residents of Afghanistan, Albania, Belarus and other jurisdictions the issuer restricts cannot mint or redeem with PreStocks.

Holder terms are governed by the law of the British Virgin Islands, with disputes heard in the United Kingdom.

ANDURIL has been issued on Solana as a SPL Token-2022 token since September 2025.

PreStocks AndurilANDURIL