Ondo to Offer Tokenized Anthropic Shares on IPO Day Outside the U.S.
Ondo Finance plans to offer tokenized Anthropic shares through Ondo Stocks from the AI company's first trading day. Holders get structured notes backed by real shares, not equity, and U.S. persons are excluded.
Anthropic's first day as a public company may also be its first day onchain. Ondo Finance said on Nov. 6 that it plans to offer tokenized Anthropic shares through Ondo Stocks from the AI company's first day of public trading. Buyers would get a structured note rather than equity, and U.S. persons are excluded.
Ondo announced the plan in a post on X: "Anthropic is coming onchain. Launching on IPO day through Ondo Stocks."
The company gave no launch date beyond IPO day, and that day is not yet fixed. Anthropic's Nov. 2 amended S-1 seeks a Nasdaq listing under the ticker ANT but leaves the price range and share count blank, so the timing of both the offering and the token remains open. Our earlier report on the S-1 filing covered the company's financials and governance structure.
What holders would actually own
Under Ondo Stocks' documented legal structure, investors hold structured notes, which are debt instruments issued by Ondo Global Markets (BVI) Limited, rather than the underlying shares. Ondo says the tokens are fully backed by the corresponding securities and cash in transit, held through regulated custodial broker-dealers, with Ankura Trust Company named as verification and security agent.
Tokenholders can redeem for the value of the underlying assets and have a security interest in the collateral, but they get no shareholder voting or information rights. In practical terms, the token works like a claim ticket on a vault: it tracks the value of what is inside, but the holder is not on the company's share register.
Who can buy
Access is narrow. U.S. persons are excluded, and activity from the US, Canada and other listed jurisdictions is prohibited. In the EEA and UK, issuance is limited to professional clients or qualified investors, while Singapore requires accredited or institutional status. Direct minting and redemption require identity and AML checks, and buying a token on a third-party venue does not confer redemption eligibility.
Competing exposure already exists
Ondo would not be the first product offering exposure to Anthropic's valuation. Trade.xyz lists an ANT perpetual, which is cash-settled and expected to become a standard equity perpetual after a qualifying listing. 21Shares' synthetic ETP, CLAU, holds notes tied to FalconX-managed perpetual futures and will stay synthetic after an IPO.
Ondo's pitch is that its notes are backed by actual securities held in custody rather than by derivatives. The trade-off is a restricted investor base and the absence of shareholder rights.
Why it matters
For tokenized equities, a marquee AI listing is a test of whether onchain wrappers can go live on day one of a high-profile IPO, and that test depends first on Anthropic actually setting a price and a date. It also shows how these products are being built: as notes issued offshore, sold to a carefully fenced set of investors, rather than as shares anyone can hold. Ondo's push sits within a fast-growing market we covered when tokenized equities reached $3.8B.
