PreStocks

Issuing entity

Not named. ToS: "PreStocks is a distributed network of contributors located around the world who collaborate primarily through digital means." No incorporated issuer, SPV sponsor or counterparty is identified anywhere in the public materials.

Entity jurisdiction

unknown - undisclosed. ToS states components "may be operated, performed, or provided by different legal entities in different jurisdictions" and that the entity contracting with the user "may differ between products, tokens, jurisdictions, and points in time, and may be added, removed, substituted, restructured, or replaced at any time without notice".

Governing law

British Virgin Islands law. ToS s.“Governing Law and Jurisdiction”: all matters and disputes "shall be governed by and construed in accordance with the internal laws of the British Virgin Islands". Note the BVI is simultaneously on the Prohibited Jurisdictions list. Disputes go to good-faith negotiation for 30 days, then binding arbitration under the London Court of International Arbitration Rules; seat London, England; sole arbitrator; English language; individual basis only (no class actions), with the courts of the British Virgin Islands taking exclusive jurisdiction over any claim for which the class-action waiver is held unenforceable. What is still missing is the counterparty, not the law: no issuing entity or jurisdiction of incorporation is named.

Regulatory status

Unlicensed and self-disclaiming. Site disclaimer: "PreStocks is not a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual asset service provider, or similar regulated entity." No securities registration or exemption is cited; the ToS instead asserts "All blockchain transfers via the Services are secondary transfers effected outside the United States and are not primary offerings to U.S. persons" (Regulation S-style posture, but Reg S is never named).

Holder claim

A bearer Token-2022 token that "reference[s] economic exposure to designated pre-IPO companies" and confers "no ownership, voting, dividend, information, or other legal rights". The ToS grants no proprietary interest in any SPV, share or asset; the holder's only stated entitlement is to request redemption for USDC "or another mutually agreed form of value", which the operator may satisfy instead by pointing the holder at on-chain liquidity.

Underlying custodian

Undisclosed by design. FAQ: "Counterparty legal names are not disclosed because they require contractual confidentiality to avoid unwanted solicitation, reputational targeting, and potential adverse actions from issuers or intermediaries." Backing is described only as "one or more vetted holding entities that verifiably own the underlying exposure".

Available

Yes

Eligibility

Any non-US, non-Restricted holder "may request redemption" - discretionary, not an entitlement. Which path is used "depends on those circumstances"; the operator may direct the holder to on-chain liquidity instead of processing a redemption.

Route / rails

USDC or "another mutually agreed form of value"; alternatively realisation via on-chain liquidity, conversions, wraps, migrations or exchanges. Post-IPO the stated path is conversion into an equivalent tokenized public stock rather than cash.

KYC

Not established

Minimum

unknown

Fees

Unbounded and unilateral. ToS reserves redemption, settlement, conversion and withdrawal fees plus markups/spreads, enforced "at the token, smart-contract, or program level" via transfer-fee configurations and hooks, changeable "without prior notice and without your consent", with no obligation "to publish, itemize, or explain the basis of any fee". Observed on-chain: 100 bps transfer fee at fee epoch 1039, raised from 50 bps on 2026-09-19 after an earlier increase from 0 bps.

Timing

Not established

Transfer mechanism

permanent-delegate

US persons excluded

Yes

Collateral ratio

unknown

Composition

may-include-other

Rehypothecation

undisclosed

Bankruptcy remote

No

Security interest

No

Verification type

auditor-attestation

Verification agent

unnamed third-party attestor (promised, not identified)

Verification frequency

"published periodically or available on request if costs are covered" (FAQ) - no cadence committed

Verification notes

Claimed only. CoinDesk (2026-05-13): "neither the platform nor any third-party auditor has published the attestation reports the company promised at launch." Verified 2026-09-16: /attestations, /transparency, /proof-of-reserve and /reserves all return HTTP 404, and no attestation page appears in sitemap.xml. The only machine-readable feed is the issuer's own unsigned price/supply API.

How custody affects DeFi enforcement →

Dividends

none

Voting

none

Corporate actions

IPO: underlying positions become convertible on-chain (without KYC) into an equivalent tokenized public stock; typical 6-month post-IPO lockup during which the token may trade at a discount; holders have 9 months post-IPO (3 months after lockup) to convert, after which "the tokens will expire worthless and will no longer be supported". M&A: cash deals distribute net proceeds pro rata as USDC; equity deals may become convertible into a tokenized version of the acquirer's equity "if we create and support one", with a 6-month conversion window, then expiry. Separately, balances can be restated unilaterally through the scaledUiAmountConfig multiplier, and this has happened twice: SPACEX x5 effective 2026-06-10T04:30:00Z and OPENAI x1.4861347 effective 2026-07-17T16:30:00Z. Neither was explained publicly.

Pricing

reference market: platform-mark · arbitrageable: true · notes: Issuer publishes markPrice ("the gross price per share of the referenced company") alongside the on-chain tokenPrice. FAQ claims mint/redeem arbitrage keeps them aligned. Observed divergence on 2026-09-16 undercuts that: SPACEX markPrice 144.38 vs tokenPrice 113.56 (token ~21% below mark); ANTHROPIC 1008.37 vs 960.99. No external NBBO exists for a private company, so the mark is issuer-determined and unaudited. CoinDesk (2026-05-13) noted ANTHROPIC implied valuation above $1.3T against roughly $23M of total assets. the dislocation is TWO-SIDED, not a one-way discount, which is worse for the arbitrage story. In the API version stored at 2026-09-18T11:42:19Z, OPENAI traded 11.4% ABOVE the issuer's own mark (1085.07 vs 973.67) and NEURALINK 14.8% above (369.25 vs 321.71), while SPACEX sat 21.9% BELOW it (121.90 vs 156.04); ANTHROPIC (-0.6%), KALSHI (-1.4%), POLYMARKET (-0.5%), ANDURIL (+1.5%) and FIGUREAI (-3.2%) were within a few per cent. A mechanism failing in both directions on the same day and the same rails cannot be explained by a one-way friction such as redemption being gated.

• PreStocks Terms of Service (last updated 2026-09-08)
• PreStocks FAQ (Overview / Mechanics / Legal)
• PreStocks public token API
• PreStocks Privacy Policy
• PreStocks Products
• CoinDesk: Anthropic, OpenAI tokens plunge as AI firms say pre-IPO share transfers are invalid
• The Block: Anthropic, OpenAI tokenized PreStocks on Solana plunge after unauthorized equity transfer warnings
• PreStocks Terms of Service — the CANONICAL location, a Notion page: the only place the full 231-block text can be read, and the one the watcher now holds a version of (url.prestocks.com/terms-of-service 308-redirects here)
• PreStocks Privacy Policy — the same Notion original behind url.prestocks.com/privacy-policy
• PreStocks FAQ page bundle — the only machine-readable copy of all 17 FAQ answers, including the arbitrage claim, because prestocks.com/faq renders them client-side
• Anthropic investor warning: SPV acquisitions of Anthropic stock are void and unapproved transfers are not recognised — the primary document behind the 2026-05 ANTHROPIC token collapse and the reason its backing may never have existed

Inspect source freshness and individual claims →

• Who actually issues the tokens? No legal entity is named anywhere; "a distributed network of contributors" is not a counterparty a holder could sue, and the LCIA clause names no respondent.
• Which holding entities hold the exposure, and in what form? Names are withheld as policy, so the 1:1 backing claim in the API description is unverifiable in principle, not just in practice.
• Is ANTHROPIC exposure backed at all after Anthropic declared SPV transfers void under its transfer restrictions? The token still trades and the supply was never reduced.
• Has any attestation report ever been produced to any holder on request, and at what cost?
• Why was the OPENAI scaledUiAmount multiplier set to 1.4861347 on 2026-07-17 - a share split at OpenAI, a restatement of units per token, or a correction of over/under-collateralisation?
• Who beneficially controls the five voting members and two initiate-only members of Squads multisig 53Ab3R...? The on-chain threshold is now resolved as 2 of 5 with no timelock, but PreStocks discloses neither member identities nor why two accounts can propose without voting or executing.
• RESOLVED, kept for the record: the ToS last updated 2026-09-08 does elect a substantive law - the internal laws of the British Virgin Islands - with LCIA arbitration seated in London and BVI courts as the fallback forum. The BVI is also a Prohibited Jurisdiction under the same document. What remains unanswered is who the BVI-law counterparty is.
• RESTATED (2026-09-18), not answered: the question is not why SPACEX trades about 21% below the issuer's own mark but why the dislocation runs BOTH ways at once — OPENAI +11.4% and NEURALINK +14.8% above the mark on the same read that has SPACEX -21.9% below it. A one-way friction (redemption gated, minting open, or the reverse) cannot produce both signs simultaneously, so either the mark is wrong for some names, the mint and redeem paths are both discretionary in practice, or the arbitrage described in the FAQ is not being performed at all. The FAQ describes the mechanism; nothing published evidences a single completed arbitrage.
• xAI has a live product page in sitemap.xml but no API entry or mint - is it unlaunched, delisted, or was it withdrawn?