XAI, issued by PreStocks, is a tokenized pre-IPO stock token that provides economic exposure to the implied private market valuation of xAI through Special Purpose Vehicle (SPV) exposure to the company's shares. [S1][S2]

Each XAI token tracks the implied valuation of xAI and is stated to be 1:1 backed by SPV exposure to the underlying company shares. [S1] The token confers no ownership, voting, dividend, information, or other legal rights, and provides price tracking only. [S1][S3] PreStocks advertises no management or performance fees and no minimum investment, while a one-time fee applies to mint and redeem. [S4]

PreStocks identifies itself only as PreStocks and states that it is not a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual asset service provider, or similar regulated entity. [S1][S3] The token represents economic exposure only, mediated through SPVs, and is not affiliated with, endorsed by, or issued by xAI. [S1][S2] Tokens are not available in the U.S., to U.S. persons, or to other ineligible persons. [S1][S3] Holders may sell on Solana DEXes at any time, while minting and redemption of the underlying economic value require KYC. [S1][S4]

Tokens are issued onchain on Solana using the SPL token standard and are tradable on Solana DEXes such as Jupiter. [S1][S5][S4] PreStocks acquires share exposure via SPVs and wraps it into tokens; minting and redemption are KYC-gated, with pricing kept aligned through arbitrage and instant onchain settlement. [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" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

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

XAI PreStocks (XAI) is a token tracking xAI shares, backed by dedicated collateral.

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

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

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

PreStocks xAIXAI