KALSHI, issued by PreStocks, is a tokenized structured instrument that provides economic exposure to the implied private market valuation of Kalshi, mediated through a Special Purpose Vehicle (SPV) holding exposure to the company's shares [S1][S2].

Each KALSHI token tracks the implied valuation of Kalshi, the private prediction-market company, and is stated to be 1:1 backed by SPV exposure to the underlying company shares [S1][S2]. The token confers price tracking only; PreStocks excludes dividend, voting, information, and other legal rights [S1][S3]. PreStocks advertises no management or performance fees and no minimum investment, while a one-time fee applies to minting and redemption [S4].

PreStocks identifies itself only as PreStocks and disclaims being a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual asset service provider, or similar regulated entity [S1][S3]. The holder's claim is economic exposure only, mediated through SPVs, with tokens not affiliated with, endorsed by, or issued by Kalshi [S1][S3]. Tokens are not available in the U.S., to U.S. persons, or to other ineligible persons [S1][S3]. Holders may sell on Solana decentralized exchanges, while minting and redemption of the underlying economic value, for example into USD Coin (USDC), are gated by KYC [S1][S4].

KALSHI is issued on Solana using the SPL token standard and is tradable on Solana decentralized exchanges such as Jupiter [S1][S5][S4]. PreStocks, via SPVs, acquires share exposure and wraps it into tokens; minting and redemption are KYC-gated, and pricing is aligned with the underlying secondary-market valuation through arbitrage, with settlement onchain [S2][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" },
  ]}
/>


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

Kalshi PreStocks (KALSHI) is a token tracking Kalshi shares, backed by dedicated collateral, and distributed through PreStocks.

Each token tracks one underlying share, carries no dividend entitlement, and carries no voting rights.

The collateral assets are audited by BlockOffice Pte. Ltd.

Holders worldwide can mint and redeem directly with PreStocks.

Residents of the United States, Singapore, Panama, and jurisdictions under applicable sanctions cannot mint or redeem with PreStocks.

KALSHI has been issued on Solana as a SPL Token-2022 token since January 2026.

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