ANTHROPIC, issued by PreStocks, is a tokenized stock instrument that provides economic exposure to the implied private market valuation of Anthropic, with each token stated to be 1:1 backed by Special Purpose Vehicle (SPV) exposure to the underlying shares. [S1]

Each token tracks the implied private market valuation of Anthropic, the reference company, through SPVs that hold exposure to its shares. [S1][S2] The token confers no dividend, distribution, or other economic right beyond price tracking. [S1][S3] Holders bear no management or performance fees and face no minimum investment, while a one-time fee applies to mint or redeem tokens. [S4] Price alignment with the secondary-market valuation is maintained through mint and redeem arbitrage. [S4]

PreStocks identifies itself only as PreStocks and expressly disclaims being a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual asset service provider, or similar regulated entity. [S1][S3] The token confers economic exposure only and grants no ownership, voting, dividend, or information rights, and is not affiliated with or endorsed by Anthropic. [S1][S3] Tokens are not available in the U.S., to U.S. persons, or to other ineligible persons. [S1][S3] Secondary trading requires no KYC, but minting and redemption are KYC-gated. [S4] Holders may sell tokens on Solana decentralized exchanges, with redemption of underlying economic value via the SPV. [S1][S4]

Tokens are issued on the Solana network using the SPL token standard. [S1][S5] PreStocks, through SPVs, acquires share exposure and wraps it into Solana tokens, with minting and redemption KYC-gated and redemption settling into USD Coin (USDC). [S2][S4] Tokens trade on Solana decentralized exchanges such as Jupiter, and the issuer advertises instant onchain settlement for trades. [S4]

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://prestocks.com/" },
    { id: "S2", url: "https://prestocks.com/spacex" },
    { id: "S3", url: "https://prestocks.com/openai" },
    { id: "S4", url: "https://newsletter.prestocks.com/p/prestocks-are-live-trade-spacex-openai" },
    { id: "S5", url: "https://prestocks.com/anthropic" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

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

Anthropic PreStocks (ANTHROPIC) is a tokenized exposure to Anthropic.

Each token tracks one underlying share, carries no dividend entitlement, carries no voting rights, and carries an annual fee of 0%.

The token is a synthetic instrument that provides contractual exposure to the reference asset.

Residents of the United States, Singapore, Panama, and jurisdictions under applicable sanctions 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.

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

PreStocks AnthropicANTHROPIC