PreStocks

Split confidence — primary (the Anthropic/OpenAI void-transfer declarations and market impact, via CoinDesk/The Big Whale) / reported (PreStocks' own mitigation claim)

Tokens are backed by a basket of Special Purpose Vehicles that hold actual private-company shares; each SPV is Reg S, issued only to qualified non-US persons. CONFIRMED (previously flagged as unverified): on May 12, 2026, Anthropic publicly declared any unauthorized share transfer — including via direct sales, SPVs, forward contracts, or tokenized securities — legally void and unrecognized on its cap table; OpenAI issued a similar warning. This had real market impact: PreStocks' Anthropic and OpenAI tokens fell roughly 40% (Anthropic from ~$1,400 to ~$900) in the following days, and unauthorized positions were stated to have no guaranteed claim at IPO. PreStocks itself publicly responded (May 2026, via Bitget News) that it avoids three-tier-and-lower SPV structures and verifies ownership up to the share register before tokenizing — its own mitigation claim, not independently verified against Anthropic/OpenAI's own cap table records.

No legal rights — no ownership, voting power, dividends, or information rights — and not endorsed by the target companies.

Cash-only, not in-kind. A KYC'd holder submits a redemption request; a non-refundable USDC processing fee is charged upfront; the relevant SPV then sells the underlying shares on off-chain secondary markets (starting with the riskiest holdings, targeting the holder's price floor); proceeds are paid out in USDC. This is a genuinely different (slower, sale-dependent) redemption path than a fixed NAV/cash-settlement model.

Solana (SPL tokens).