Dinari said on November 6 that it will launch tokenized Anthropic shares, which it calls dShares, on the day the company's stock begins public trading. The plan covers eligible US investors and buyers in more than 90 other jurisdictions. There is no launch date, because the IPO itself has none.
Where the IPO Stands
Anthropic filed for an IPO on October 26, 2026. Its November 2 amended registration statement applies to list Class A stock on Nasdaq under the ticker ANT, but leaves the price range, share count and delivery date blank, and says the securities can't be sold until the registration statement becomes effective, per Cryptonomist and a KuCoin summary. Dinari's launch promise is tied to public trading beginning, so nothing about the tokens can happen before the stock trades.
What Dinari Says a dShare Is
Dinari describes dShares as tokens backed one-for-one by securities held at Alpaca Securities. Its published phrase for the proposition is “same security, same rights.” Its documentation, as described by Cryptonews, sets out different legal arrangements for US customers and offshore buyers, and that difference decides what you own and whether the token can move.
| US customers | Offshore token buyers | |
|---|---|---|
| What you hold | A brokerage position in the underlying securities, with the token as a secondary ledger. Accounts are with Dinari Securities LLC, an SEC-registered, FINRA-member broker-dealer, with clearing and custody through Alpaca (per Cryptonews) | A token sold under Regulation S terms that give a contractual claim on the underlying asset's value, not legal title to the securities (per Cryptonomist) |
| Transfer | Non-transferable and barred from DeFi (per The Defiant) | Not specified in the coverage reviewed |
| Voting | Proxy voting runs through Dinari's brokerage systems; Broadridge integrated proxy voting for “eligible holders” of dShares, with votes counted alongside traditional shareholders (FinanceFeeds) | None unless a separate written agreement provides it (per Cryptonomist) |
| Exit | Sell through the platform | Holders can request repurchase for the sale proceeds, minus fees (per Cryptonomist) |
FinanceFeeds notes that the Broadridge announcement leaves open how record dates work, how entitlements are calculated when tokens move between wallets, and how voting instructions are aggregated.
Other Routes to Pre-Listing Exposure
The Defiant reports that Ondo Finance has a similar IPO-day plan, but it excludes US persons. PANews' weekly roundup also describes Bitget's IPO Prime offering subscriptions for a token called rANT, backed one-to-one by shares but with no shareholder voting rights, with a $100 minimum and service fees of 5% in the public round and 12% in the VIP round. We haven't verified Bitget's terms with the company, so check them directly.
Questions to Ask Before Buying Any Tokenized Stock
This is education, not investment advice. Who issues the token, and what exactly is the legal claim? Can you transfer or redeem it, and at what price? Are dividends and votes passed through? Is it available in your jurisdiction? What happens if the IPO is delayed or doesn't complete? Our DYOR checklist and comparison of tokenized stock models cover these in more depth.
What We Couldn't Verify
We haven't seen Dinari's full terms for each jurisdiction, any statement on whether its launch depends on the company's cooperation, or a timetable for the IPO. The product's rights as described are Dinari's, summarized by secondary outlets.
- KuCoin News summary, Nov 6 — announcement; S-1 status
- The Defiant — US dShares non-transferable; Ondo non-US plan
- Cryptonomist, Nov 7 — Regulation S terms; repurchase; voting; filing dates
- Cryptonews — US brokerage structure; BrokerCheck
- FinanceFeeds, Nov 9 — Broadridge proxy voting
- TokenPost — no IPO date or price
- PANews RWA Weekly, Nov 6 — Bitget rANT summary
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