KALSHI
Kalshi PreStocks · Private company
What you own
- Claim depth
- rung 0 of 4 — synthetic exposure
- Legal form
- Spv synthetic
§
confirmedTokens are intended to be collateralized by corresponding economic exposure. That exposure may take any one…
url.prestocks.com ·section heading 'Pre-IPO Tokens'· read - What the holder owns
- A bearer Token-2022 token that "reference[s] economic exposure to designated pre-IPO companies" and confers…
§
confirmedThey do not confer any ownership, voting, dividend, information, or other legal rights.
prestocks.com ·FAQ question 'What rights do I get as a…· read - Issuing entity
- Not named. ToS: "PreStocks is a distributed network of contributors located around the world who collaborate…
§
confirmedPreStocks debuted in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel.
www.coindesk.com ·final body paragraph· read - Jurisdiction
- unknown - undisclosed. ToS states components "may be operated, performed…
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confirmedNot all such entities, counterparties, and arrangements are or will be publicly identified, and we are under…
url.prestocks.com ·section heading 'The Services and Protocol'· read - Governing law
- British Virgin Islands law. ToS s.“Governing Law and Jurisdiction”: all…
§
confirmedIf the dispute cannot be resolved within 30 days of initiating these negotiations, it shall be finally…
url.prestocks.com ·section heading 'Dispute Resolution and…· read - Regulatory status
- Unlicensed and self-disclaiming. Site disclaimer: "PreStocks is not a broker-dealer, investment advisor…
§
confirmedPreStocks is not a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual…
prestocks.com ·site-wide footer disclaimer· read - Redemption
- yes — Any non-US, non-Restricted holder "may request redemption" -… · rails: USDC or "another mutually agreed form of value"; alternatively realisation… · fees: Unbounded and unilateral. ToS reserves redemption, settlement, conversion…
§
confirmedA holder may request redemption of Tokens for USDC or another mutually agreed form of value.
url.prestocks.com ·section heading 'Pre-IPO Tokens'· readconfirmedA request for redemption does not of itself create an entitlement to have Tokens redeemed, and the absence…
url.prestocks.com ·section heading 'Pre-IPO Tokens'· readconfirmedYes. You can exit through onchain liquidity, even if the company never goes public. Exit price and speed…
prestocks.com ·FAQ question 'Can I sell PreStocks at any time?'· readconfirmedtransferFeeConfig.newerTransferFee: { epoch: 1032, transferFeeBasisPoints: 50, maximumFee…
api.mainnet-beta.solana.com ·rpc:getAccountInfo PresTj4Yc2bAR197Er7wz4UUKSfqt…· read - Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
§
confirmeddefaultAccountState.accountState: initialized; transferHook.programId: null
api.mainnet-beta.solana.com ·rpc:getAccountInfo PreANxuXjsy2pvisWWMNB6YaJNzr7…· readconfirmedNo. Buying and selling onchain in DeFi (peer-to-peer) does not require KYC.
prestocks.com ·FAQ question 'Do I need to KYC?'· readconfirmedI am not a U.S. person. I will access and use the Services only where it is lawful for me to do so, now and…
url.prestocks.com ·section heading 'Participant Agreement'· readconfirmedpermanentDelegate.delegate: WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc
api.mainnet-beta.solana.com ·rpc:getAccountInfo PreweJYECqtQwBtpxHL171nL2K6um…· read - Dividends
- none
§
confirmedno entitlement to dividends, distributions, interest, yield, or proceeds of any corporate action
url.prestocks.com ·section heading 'Nature of the tokens; absence…· read - Voting
- none
§
confirmedno voting, consent, governance, board, inspection, information, notice, pre-emption, tag-along, drag-along…
url.prestocks.com ·section heading 'Nature of the tokens; absence…· read - Ledger maturity
- Level 2 · score 0
Reference & premium
- Reference source
- issuer-mark
- Reference price
- $886.97
- On-chain price (Jupiter)
- $909.42
- Premium
- +2.53%
- How the reference is derived
- prestocks mark price, self-published by the issuer; no publish time in…
After-hours premium
No session split yet — this needs a full session of tape on both sides of the underlying market's open.
Depth, volume, activity
- Liquidity
- $97.2k
- Volume 24 h
- $51.7k
- Organic share
- 4.7% of $2.4k
- Flow 24 h
- 1,268 trades · 240 traders · 5.3 per trader
- Venues
- 1 DEX pair(s) · 6 exchange market(s)
- Last trade seen
- on Meteora
- Holders
- 4,340
- Market cap
- $822.9k
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 33.2% / 66.0% / 83.8%
- Top 1 / 5 / 20, raw
- 33.2% / 66.0% / 84.4%
- Distinct owners in the top 20
- 20
- Frozen accounts in the top 20
- 0
- Supply
- 904.90
| Owner | Share |
|---|---|
2sujbb…CvD7 | 33.25% |
3jgFey…JFRY | 20.52% |
Ht33Ki…Ce84 | 6.18% |
4mye9E…CQHg | 3.06% |
BwHrWk…toHF | 2.95% |
Control surface & key governance
- Clawback
- yes
- Freeze authority
WV9PJN…i5Wc- Pausable
- yes
- Paused right now
- no
- Allowlist
- no
- Transfer fee
- 50 bps
- Transfer hook
- no
- Mint authority
- Multisig
§
confirmedmintAuthority: WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc
api.mainnet-beta.solana.com ·rpc:getAccountInfo PresTj4Yc2bAR197Er7wz4UUKSfqt…· read - Freeze authority held by
- Multisig
§
confirmedfreezeAuthority: WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc
api.mainnet-beta.solana.com ·rpc:getAccountInfo PresTj4Yc2bAR197Er7wz4UUKSfqt…· read - Permanent delegate
- Multisig
§
confirmedProgram SQDS4ep65T869zMMBKyuUq6aD6EgTu8psMjkvj52pCf invoke [1] / Program log: Instruction…
api.mainnet-beta.solana.com ·rpc:getTransaction 5sEDkyX8BGoVdg5Y2Q5uaW6Gr9wMS…· read - Rebase authority
- Multisig
§
confirmed"extension":"scaledUiAmountConfig","state":{"authority":"WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc","multipl…
api.mainnet-beta.solana.com ·rpc:getAccountInfo PreANxuXjsy2pvisWWMNB6YaJNzr7…· read - Evidence
- stocks/findings.md (Authority keys in practice, 2026-09-16): one key…
Verification
- Strength
- 2 of 5 — auditor
- Type
- Auditor attestation
§
confirmedThe issuer provides third-party attestation reports, published periodically or available on request if costs…
prestocks.com ·FAQ question 'How can I verify that PreStocks…· read - Agent
- unnamed third-party attestor (promised, not identified)
§
unverifiedThe issuer provides third-party attestation reports, published periodically or available on request if costs…
prestocks.com ·FAQ question 'How can I verify that PreStocks…· read - Frequency
- "published periodically or available on request if costs are covered"…
§
confirmedpublished periodically or available on request if costs are covered
prestocks.com ·FAQ question 'How can I verify that PreStocks…· read - Machine-readable
- no
- Evidence
- prestocks.com/faq
Venues
DEX pools
| Pool | Price | Liquidity | Vol 24 h |
|---|---|---|---|
| meteora USDC bin step 50 · base fee 0.50% (dynamic 0.000%) · fees 24 h $57.22 | $909.61 | $12.3k | $11.7k |
Exchange markets
| Market | Price | Vol 24 h | Last trade |
|---|---|---|---|
| Meteora EPJFWDD5AUFQSSQEM2QN1XZYBAPC8G4WEGGKZWYTDT1V | $882.04 | $114.3k | |
| Orca SO11111111111111111111111111111111111111112 | $882.71 | $30.0k | |
| Raydium (CLMM) SO11111111111111111111111111111111111111112 | $882.71 | $12.8k |
Issuer API
The issuer's own numbers, not an independent price, and read at the issuerApi time in the footer — which can be hours older than the rest of this card, so a trading status here may disagree with the reference section above.
- Mark price
- $886.97
- Mark valuation
- $32.26B
- Token price
- $909.42
- Implied valuation
- $33.08B
- Supply
- 904.90
- Premium the issuer reports
- +2.53%
- Issuer page
- www.prestocks.com/kalshi
Trust chain
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Colour — who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure, not the source’s words
- asserted — written down, nobody has checked since
- unknown — nothing found for the fields this link rests on
Line — how it was checked
- onchain — read off the ledger
- attested — a third party vouches for it
- self-reported — only the issuer says so
- none — not verifiable from where we stand
Ownership of the underlyingdocumented · attested
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=spv-synthetic…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.priority=unknown; bankruptcyRemote=no
securityInterest.existscontradicted-correctedsecurityInterest.holderconfirmedsecurityInterest.priorityunverifiedbankruptcyRemoteconfirmed
Issuance and redemptiondocumented · onchain
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Any non-US, non-Restricted holder "may…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumconfirmed
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=none…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmed
Voting and information rightsdocumented · attested
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=IPO: underlying positions…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · attested
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=platform-mark…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentunverifiedcustodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · self-reported
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Unlicensed and…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
The fields behind each grade, with their values, on the issuer panel
What if…
33 documented2 inferred1 unknown2 n/a
The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Nothing is offered and nothing is owed: the Terms state flatly that PreStocks cannot recover lost keys, reverse transactions or restore a compromised wallet…
documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?
The Terms put impostor tokens and spoofed interfaces squarely on you, and the liability disclaimer is drafted to cover third-party fraud specifically. Even a…
inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
No PreStocks document mentions death, an estate, probate or heirs at all. Structurally the tokens are bearer instruments with no register and no KYC to hold…
documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
Yes, and the power is both contractual and pre-wired on-chain. A court order, or merely tokens being "implicated in" a dispute or claim, is one of six listed…
documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?
Eligibility is a continuing representation, not a condition at purchase: the Participant Agreement has you promise you are not a U.S. person and will use the…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
A sanctions or designated-person hit is the first listed trigger, and it can be reached by automated screening or blockchain analytics alone — expressly…
Wallet or venue
inferredThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
For the distribution channel the issuer actually names there is no venue estate to fall into: the FAQ routes buyers to Jupiter and Jupiter-integrating wallets…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
The Terms promise no market at all — no listing, pool, market maker, quote or buyer is assured "at any time or at any price" — and PreStocks separately…
Token program and keys
documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?
Six broad grounds, no notice and no appeal: sanctions screening, unmet KYC/AML/tax-reporting requirements, being in a Prohibited Jurisdiction, suspected breach…
documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?
It may, on any of the six enforcement grounds, and what you get back is whatever it decides: compulsory redemption is "at a value determined by us by reference…
documentedThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?
The Terms contemplate both directions and disclaim both. If the keys are lost, PreStocks "may become permanently unable to upgrade, pause, patch, migrate…
documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?
Bugs and unaudited code are disclaimed up front, and migration is not merely foreseen but reserved as a power: PreStocks may re-deploy, convert, consolidate or…
documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
The key is a single on-chain authority — the same address that holds mint, freeze, permanent delegate and pause on every mint — and the Terms disclaim the…
Token issuer
documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?
Nothing is segregated and there is nobody identifiable to claim against. The Terms deny in one sentence that collateralization creates a security interest, a…
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
No notice is owed. PreStocks reserves the right to wind down or permanently discontinue any token or Service, the Participant Agreement has you accept that…
documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
There is no change-of-control clause, because the counterparty is designed to be substitutable: PreStocks may assign the Terms in whole or part at any time…
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
You bear it in full, and the loss is not even allocated — supply is not reduced when the backing is impaired, so the shortfall dilutes every holder's claim…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
You have no rights. The Terms say a redemption request creates no entitlement and that its absence, delay or unavailability gives rise to no claim at all…
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Unilaterally, with no notice, and binding the instant it is posted — including on tokens you already hold. There is no consent right and no exit right beyond…
Tokenization provider
documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?
There is no separate tokenization provider to fail, and that is the problem: every function — issuance, administration, custody, valuation, market-making…
Transfer agent
n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
There is no transfer agent in this structure and no register for one to keep. PreStocks expressly disclaims being a transfer agent, holds no shareholder list…
Security agent or trustee
n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
There is no pledge, no trustee and no security agent, so none can resign or be conflicted. The Terms deny that the collateral arrangements create a security…
Custodian or prime broker
documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?
The Terms name custodian insolvency as a risk and then remove every remedy: you have "no direct relationship with, rights against, or claim on the assets of…
unknownThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
We could not establish whether the underlying exposure may be lent or rehypothecated, because no PreStocks document addresses it in either direction: there is…
Attestor or oracle
documentedThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
Nobody is liable, and the failure has in practice already happened as a non-publication. The Terms pre-emptively strip any attestation of weight —…
Underlying company
documentedThe company is acquired or merged, for cash or for shares. What do I receive, and when?
Whatever the operator decides. The Terms put mergers and acquisitions among the corporate actions "handled at the SPV or company level in ways we do not…
documentedThe company is delisted or goes private. Does the token terminate, and at what value?
The referenced companies are already private, so the case that can arise is a take-private or delisting after an IPO conversion — and the Terms name both among…
documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
You take no part in any shareholder recovery. The Terms give the token "no creditor, security, priority, or insolvency claim against any company, special…
documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?
By unilateral operator action, with no published policy. The Terms reserve the power to "migrate, re-issue, re-deploy, wrap, convert, split, consolidate, or…
documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?
You never had a claim to it. The Terms give "no entitlement to dividends, distributions, interest, yield, or proceeds of any corporate action", and the dossier…
documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
Nobody in the chain takes responsibility. The Terms say PreStocks does not compute your liability, may not provide tax reporting, forms or cost-basis…
documentedFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
If the IPO happens, the Terms warn it "may occur far later than expected and at a valuation far below the price at which tokens traded", and the FAQ gives you…
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
No, and you receive nothing either. The Terms strip the entire shareholder-information bundle in one clause — no voting, consent, governance, board…
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
There is no reference market to close and no oracle to go stale: the companies are private, so the "mark" is the issuer's own unaudited number, and the Terms…
Law, regulator and courts
documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?
The Terms pre-authorise the whole range of outcomes and disclaim liability for all of them: a regulator or court can force geo-blocking, delisting, migration…
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
The Terms anticipate reclassification explicitly — a regulator or court may treat the tokens as securities, collective investment schemes, fund interests or…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
British Virgin Islands law, 30 days of compulsory negotiation on a compliant written notice, then LCIA arbitration seated in London before a sole arbitrator…
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
A Solana halt, fork or reorganisation is named in the force-majeure clause, so PreStocks is not in breach and owes you nothing for anything that does not…
Sources
Full answers, with the quotes, the notes and where we looked, on the issuer panel
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | caution | 2.53 | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: issuer-mark · reference price: 887 · age seconds: — · market open: — · usd price: 909 | on-chain price is 2.53 % above the issuer-mark price |
| Pool liquidity | caution | 97200 | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: 97200 · dex pairs: 1 | $97155 of reported liquidity across 1 DEX pair |
| Organic flow | caution | 4.66 | ≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warning | organic share pct: 4.66 · trades per trader: 5.28 · trades24: 1270 | 4.66 % organic share and 5.28 trades per trader over 1268 trades |
| Failed swaps | not measured | — | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: — · pools counted: 0 · signatures seen: — · failed tx: — | no swap pool was sampled for this mint |
| Holder concentration | caution | 33.2 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 33.2 · top5 share pct excluding labels: 66 · top20 share pct excluding labels: 83.8 · top1 share pct: 33.2 · excluded: issuer-authority/0.58 · distinct owners top20: 20 | the largest unlabelled wallet holds 33.25 % of supply, 1 labelled account set aside |
| Reserve verification | caution | 2 | strength ≥ 3 good · strength 1–2 caution · strength 0 warning | custody type: auditor-attestation · machine readable: no · verification label: auditor | verification strength 2/5 — auditor |
| Authority keys | good | — | a multisig or a program good · a hot key caution | mint: multisig · freeze: multisig · delegate: multisig · rebase: multisig | 4 of 4 authorities held by a multisig or a program, none by a hot key |
| Trading pause | good | — | not paused good · paused warning | control paused: no · issuer api paused: — | not paused |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 1 | only 1 venue price this token, so there is no spread to measure |