Dinari, a US platform for tokenized stocks, has promised tokenized Anthropic shares for the day the AI company’s stock starts trading on Nasdaq. For now that is a promise, not a product: Anthropic has no IPO date or price, and no Anthropic dShare exists. In a post on X on Friday 6 November, reported by The Defiant early on 7 November, Dinari said the token would be open to eligible investors in the United States and in “90-plus countries”.
Anthropic’s amended prospectus, filed on 2 November, still leaves the price range and the share count blank. Dinari has named no blockchain for the token and published no list of the countries where it could be bought. Its blog has no post on Anthropic as of 7 November; the newest entry, dated 5 November, announces proxy voting for dShares with Broadridge.
The line Dinari used, as quoted by The Defiant, was “Same security, same rights”. The company’s own documents describe something less uniform. A US customer and a buyer abroad would hold two different legal objects under the same dShare name, and neither is quite a share sitting in your wallet. The pre-IPO contracts that crypto venues already list on Anthropic are a third thing again, covered in our report on the Anthropic IPO filing and the pre-IPO perps.
What Dinari promised for Anthropic tokenized shares, and what it left out
According to The Defiant, the promise is tied to one event: the start of public trading in Anthropic’s Class A stock, under the ticker ANT. Dinari’s US offer is what sets it apart. Ondo, which plans its own Anthropic token, keeps its tokenized stocks closed to US persons.
Several things are missing from the reported post. There is no chain, although Dinari’s existing dShares run on Ethereum, Avalanche, Arbitrum and Base, with Circle’s Arc network announced in September. Partners, fees and minimum amounts are not given either. The country count has also moved: Dinari’s blog posts in August and September spoke of “more than 85 jurisdictions”, while the Anthropic pledge says 90-plus countries, with no list.
How a dShare is built: a broker, a custodian and a token
Dinari’s US arm, Dinari Securities, LLC, is a registered broker-dealer, approved by FINRA on 20 June 2025, according to FINRA BrokerCheck. The firm’s record shows CRD number 329672, SEC file number 8-71215, an office at 260 Madison Avenue in New York and no disclosures as of 7 November.
Reuters reported the approval on 26 June 2025 and quoted chief executive Gabriel Otte, who said the starting point was “creating a tokenized stock standard that’s actually legal in the United States”.
The mechanics, as The Defiant summarises Dinari’s documentation, run in one direction. A customer places a brokerage order. The underlying shares are bought and held at Alpaca Securities, the clearing broker. Only after that order is completed is a token minted, one token per share. Redeeming does not deliver a share to a wallet: the underlying shares are sold and the customer gets the cash.
For Anthropic that means a simple constraint. Dinari can only back a token with ANT shares once ANT exists as a listed stock and can be bought. Dinari has not said whether it would buy in the market after the opening or obtain shares another way. The prospectus names the platforms that will offer part of the shares to retail investors: Charles Schwab, Fidelity, Robinhood Financial, Trade-PMR, SoFi Securities and E*TRADE from Morgan Stanley. Dinari is not among them.
Two legal wrappers under one name
US customers: a ledger entry bound to a brokerage account
Dinari’s guide for US customers, dated 22 June 2026, describes dShares in the United States as “a secondary ledger” for real ownership of the underlying securities. The accounts are opened by Dinari Securities under its clearing relationship with Alpaca, and partner platforms may only introduce or refer customers. The guide covers US citizens, permanent and temporary residents, and US tax persons.
The same guide sets the limits. US tokens are currently non-transferable and barred from DeFi protocols, wrapped dShares are not offered to US customers, and tokens go only to a dedicated wallet tied to one verified brokerage account. Dividends, splits and proxy voting must run through Dinari’s broker-dealer systems.
That sits oddly next to Dinari’s 4 August blog post on the launch of 724 tokenized stocks, which said eligible US investors could buy with USDC “from self-custody wallets”. The guide does accept ordinary wallets, so the holder keeps the keys. But the wallet must serve one verified account and the tokens in it cannot be sent anywhere else, which is not what most crypto users mean by self-custody.
Buyers outside the US: a contractual claim under Regulation S
For non-US buyers, The Defiant reports that Dinari’s published token-sale terms rely on Regulation S, the SEC rule for offerings made outside the United States. Under those terms the buyer gets a contractual claim to the value of the underlying asset, not title to it. The holder can ask Dinari to repurchase the token for the sale proceeds, minus fees. There is no voting right unless one is separately agreed in writing.
Voting matters less here than it might in another IPO. Anthropic’s prospectus gives each Class A share one vote, but a single Class F share, held by a company owned by its seven co-founders, carries 50.1% of the total voting power, and a Class T share held by Anthropic’s Long-Term Benefit Trust elects a majority of the board. Even a direct shareholder will have little say. Dinari’s 5 November post says Broadridge will let “eligible holders” of dShares vote; it does not say whether that includes holders outside the US.
Ondo’s note and the perps: three kinds of “Anthropic exposure”
Dinari is not alone. On 6 November The Defiant reported that Ondo also plans tokenized Anthropic shares from IPO day, for eligible non-US investors through Ondo Stocks. Ondo’s own blog had no post about it as of 7 November. According to The Defiant, an Ondo token is a note issued by Ondo Global Markets (BVI) Limited, backed by securities held with regulated brokers, with a security interest for holders and no shareholder voting or information rights. Our profile of Ondo Finance explains who stands behind that issuer.
Then there are the pre-IPO funding payment between longs and shorts, settled every few hours, keeps the contract price close to the spot or index price.">perpetual futures on Trade.xyz and other venues. These are cash-settled bets on a reference price. They hold no shares and give no IPO allocation. After a qualifying listing they are expected to become ordinary equity perps, still with no delivery, The Defiant notes.
| Product | Who can buy (as described) | What the holder has | Transferable | Vote |
|---|---|---|---|---|
| Dinari dShare, US | US citizens, residents and tax persons, after identity checks | A ledger entry for shares held at Alpaca in the customer’s brokerage account | No, per Dinari’s US guide (a dedicated wallet tied to the account) | Through Dinari’s brokerage systems |
| Dinari dShare, non-US | Eligible buyers in 90-plus countries, list not published | A contractual claim to the value of the shares under Regulation S, not title | Not stated in the reported terms | None unless agreed in writing |
| Ondo token, non-US | Eligible non-US investors only | A note of Ondo Global Markets (BVI) Limited with a security interest | Not stated in The Defiant’s report | No |
| Pre-IPO perpetual | Users of the venues that list it | A cash-settled derivative position, no shares | Position only, no token of a share | No |
Our guide to what you really own with tokenized stocks goes through these structures one by one, from fully backed tokens to purely synthetic ones.
The Anthropic IPO still has no date or price
The S-1 registration statement of Anthropic, PBC was filed with the SEC on 26 October and amended on 2 November, according to SEC EDGAR. The amendment confirms that the company has applied to list its Class A common stock on the Nasdaq Global Select Market under “ANT”. The price line still reads “between $ and $”, and the number of shares is blank. Anthropic is a Delaware public benefit corporation, which means its board must weigh a stated public purpose alongside shareholders’ financial interests.
The filing also says the offering includes public offerings in Australia, Canada, certain member states of the European Economic Area, Japan, Switzerland and the United Kingdom, without listing the stock on any exchange there. Shares abroad may only be sold by brokers registered in each country. Reuters reported on 2 November, citing a filing, that Anthropic plans to sell up to 552.9 billion yen of shares, about $3.5 billion, to Japanese investors, with Mizuho Securities managing that sale.
On timing, Bloomberg reported on 1 October, citing people familiar with the matter, that formal marketing could start as soon as the week of 9 November, which would put the first trades before Thanksgiving on 26 November. Anthropic has not announced a date. Dinari’s promise moves with it.
One earlier episode is worth keeping apart. In May 2026 Anthropic updated a support page to say that unauthorised transfers of its private stock, including through SPVs and tokenized securities, are void, as The Block and others reported at the time. That warning was about shares of a private company. Once Class A stock is listed, it trades like any other share, and a token backed by listed shares held at a broker is a different case.
Dinari’s record on IPO-day tokens
Dinari has made this kind of promise before. On 9 June 2026 its blog said it would tokenize SpaceX “as soon as stock trading begins”, with SPCX due on Nasdaq on 12 June, for eligible investors outside the US. Two days later it announced SpaceX dShares on Hyperliquid’s HyperCore, with access “on IPO day”.
The earlier test went less smoothly. For Reddit’s listing on 21 March 2024, Dinari had aimed for day one, but its blog post of 22 March 2024 said “TradFi infrastructure caused some issues” and the tokens arrived a day later, on Arbitrum, Ethereum and Blast. IPO day is a target, and it has slipped before.
What European readers can and cannot do
Neither Dinari nor any EU authority has said that retail investors in the EU will be able to buy the Anthropic dShare. Dinari has not named the 90-plus countries. Its restrictions page, which governs onboarding on its platform and through partners, lists Canada as unsupported while it secures licences, and also names two EU members, Croatia and Slovenia, among excluded countries. France, Italy and Germany are not on that list, but absence from an exclusion list is not permission to sell.
Europe’s markets regulator has already flagged the risk in this kind of product. In a keynote in Dubrovnik on 1 September 2025, ESMA executive director Natasha Cazenave said tokenised instruments giving exposure to listed shares “typically do not confer shareholder rights” and, when built as synthetic claims, create a “specific risk of investor misunderstanding”, according to the speech published by ESMA. A token that represents a share also falls outside the EU’s crypto rulebook: our guide to the MiCA regulation sets out what that law does and does not cover.
The plain-share route is described in the filing itself. Anthropic’s prospectus says public offerings are planned in certain EEA states through locally registered brokers, without naming the states. Any dShare would also be priced in dollars or USDC, not euros.
Dates and documents to watch
- A further amendment to Anthropic’s S-1 with a price range and share count, the step that usually comes before the roadshow.
- A post on Dinari’s blog or documentation naming the chain, the partner platforms and the countries for the Anthropic dShare.
- Ondo’s own announcement, which so far exists only in The Defiant’s report.
- The first trading day of ANT, and whether Dinari’s token is live that day or, as with Reddit in 2024, a day or more later.
Until ANT actually trades, neither Dinari nor Ondo has a share to put behind a token.
Disclosure: Coindaro’s newsroom tools use Claude, a model made by Anthropic. This has no bearing on the reporting.