Dinari said on November 6, 2026, that it plans to launch tokenized Anthropic shares on the company’s IPO day, including access for eligible U.S. investors—a group excluded from Ondo Finance’s competing product. But Dinari’s documentation sets out different ownership rights for U.S. brokerage customers and offshore buyers.
Key takeaways
Dinari plans IPO-day access for eligible investors in the U.S. and more than 90 countries.
U.S. dShares are a secondary ledger for real ownership but cannot move into DeFi or external wallets.
Offshore tokens provide contractual exposure rather than title to Anthropic stock.
Anthropic’s amended filing leaves key offering terms blank.
How Dinari’s tokenized Anthropic shares would work
Dinari describes its dShares as tokens with one-for-one backing from securities held at Alpaca Securities. A brokerage purchase must complete before the corresponding tokens are minted.
Redemption reverses that process through a sale of the underlying securities. Investors receive the proceeds, rather than having stock delivered to a wallet.
U.S. access runs through a regulated brokerage
U.S. investors must open an account with Dinari Securities, LLC to participate. FINRA’s BrokerCheck report confirms that the firm is an SEC-registered, FINRA-member broker-dealer, with Alpaca providing clearing and custody services.
Dinari’s integration guide describes U.S. dShares as a “secondary ledger” recording real ownership of the underlying securities. Access requires identity verification and a dedicated wallet connected to the verified brokerage account.
That ownership does not make the tokens freely movable. U.S. dShares are currently non-transferable : holders cannot use them in DeFi, wrap them or send them to external wallets. Dividends, stock splits and proxy voting run through Dinari’s brokerage systems.
Offshore buyers receive contractual rights
Offshore buyers receive dShares under Regulation S terms that provide a contractual claim on the underlying asset’s value—not legal title to the securities. Dinari’s token-sale terms also allow holders to request repurchase for the sale proceeds, minus fees.
Those terms do not grant voting rights unless a separate written agreement provides them. The distinction separates the offshore token contract from the ownership recorded for U.S. brokerage customers.
Ondo’s notes and Trade.xyz’s futures differ
Barring participation by U.S. persons, the product Ondo Finance intends to offer relies on a structured note , a debt instrument that Ondo Global Markets (BVI) Limited issues. Securities held through regulated custodial brokers back the notes, and tokenholders receive a protective security interest, but no shareholder voting or information rights.
Existing Anthropic perpetual futures offer another type of exposure. Trade.xyz’s pre-IPO contracts are cash-settled derivatives: they provide neither share ownership nor an IPO allocation. Following a qualifying listing, those contracts are expected to become standard equity perpetuals rather than deliver stock.
Anthropic’s IPO terms remain unfinalized
Dinari’s plan for tokenized Anthropic shares does not establish a fixed IPO date. Anthropic filed for an IPO on October 26, 2026, and its November 2 amended S-1 seeks a Nasdaq listing for Class A stock under ANT .
The amended filing leaves the offering’s price range, number of shares and delivery date blank. It states that the securities cannot be sold before the registration statement becomes effective.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
