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Anthropic, the AI company behind Claude, <a href="https://www.anthropic.com/news/s1-sec" rel="noopener noreferrer nofollow">filed</a> to go public on Oct. 26 but did not give a date or price for its shares in that announcement.&nbsp;
Crypto exchange <a href="https://www.kraken.com/gb/ipo/anthropic" rel="noopener noreferrer nofollow">Kraken</a> is already preparing to let investors request tokenized exposure to Anthropic stock at its IPO price.
The exchange calls the product ANTx, a tokenized version of Anthropic stock offered through its xStocks platform. Investors will be able to request an allocation at the institutional offering price, plus a 5% spread, once the submission window opens.
On a $1,000 request, that spread alone works out to $50, and Kraken says other fees may apply.
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 Kraken launches tokenized stocks for global users (5:48)
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<h2 id="how-the-anthropic-offer-works">How the Anthropic offer works</h2>
Kraken says requests are not guaranteed to be filled.&nbsp;
Anthropic and its underwriters set the final price and decide which requests get filled based on demand, so an investor may receive all, some or none of what they asked for.
Funds for any unfilled part of a request are returned to the investor's Kraken account.
If a request is filled, ANTx tokens land in the investor's account when Anthropic lists. The tokens can then be traded around the clock, alongside more than 1,000 other tokenized equities on Kraken, with no lock-up period.
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 Image for representation purposes. Source: TheStreet
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<h2 id="what-buyers-actually-receive">What buyers actually receive</h2>
ANTx is not a share.&nbsp;
xStocks are tokenized securities issued by Backed Assets (JE) Limited under an EU-registered prospectus, and they provide price exposure only. Holders get no voting rights and no shareholder rights.
The offer is one of three distinct Anthropic-related products at Kraken. A separate <a href="https://www.kraken.com/ipo/anthropic" rel="noopener noreferrer nofollow">page</a> lets U.S. investors buy regular ANT shares once Anthropic lists, and the exchange's pre-IPO <a href="https://support.kraken.com/articles/pre-ipo-perpetual-futures-faq" rel="noopener noreferrer nofollow">perpetual futures</a> are cash-settled derivative contracts with up to 5x leverage, not shares, tokenized equity or an IPO allocation.
In the EEA, the tokens are made available by Payward Europe Digital Solutions (CY) Limited, regulated by CySEC. Elsewhere, they are offered by Payward Digital Solutions Ltd., regulated by the Bermuda Monetary Authority.
Kraken's own page warns visitors not to invest unless they are prepared to lose all the money they invest.
<h2 id="who-cannot-take-part">Who cannot take part</h2>
The offer is not available in the U.S. or to U.S. persons. Kraken also excludes the United Kingdom, Canada and Australia, and says geographic restrictions apply elsewhere.
That leaves the product aimed mainly at eligible investors in the EEA and other permitted regions.
Kraken lists three completed xStocks IPO offerings before Anthropic: SpaceX, Bending Spoons and Jersey Mike's. All three windows have closed and the tokens now trade on the platform.
The Anthropic submission window is marked as opening soon. Anthropic said in its Oct. 26 announcement that its registration statement had not yet become effective and that the number of shares and price range had not been determined.
<h2 id="the-backlash-against-tokenized-equities">The backlash against tokenized equities</h2>
Tokenized equities are drawing fire from the companies they track, Wall Street's biggest players, and market watchdogs.
OpenAI set the tone in July 2025. After Robinhood gave away "OpenAI tokens" to users in Europe, the company <a href="https://x.com/OpenAINewsroom/status/1940502391037874606" rel="noopener noreferrer nofollow">said in a post on X</a> that the tokens "are not OpenAI equity" and urged people to "please be careful," warning that any transfer of its shares needs its approval.
Anthropic has gone further. Its <a href="https://support.claude.com/en/articles/13704655-unauthorized-anthropic-stock-sales-and-investment-scams" rel="noopener noreferrer nofollow">investor-warning page</a> says any sale or transfer of its stock not approved by its board is "void," and that anyone claiming to sell Anthropic shares to the public, whether directly, through "forward contracts," or as "tokenized securities," is likely offering "an investment that may have no value" because of its transfer restrictions.
<a href="https://www.thestreet.com/crypto/innovation/costco-nvidia-challenge-nyse-owners-plan" rel="noopener noreferrer nofollow">Related: Costco, Nvidia challenge NYSE owner's plan</a>
Wall Street is pushing back too. Citadel Securities has <a href="https://www.sec.gov/about/crypto-task-force/written-submission/citadel-securities-120225" rel="noopener noreferrer nofollow">told the SEC</a> that tokenized securities "must succeed on the merits, rather than via regulatory exemptions," while the World Federation of Exchanges, the industry group for the world's biggest stock exchanges, has <a href="https://www.world-exchanges.org/news/articles/world-federation-exchanges-urges-crackdown-tokens-mimic-equities" rel="noopener noreferrer nofollow">urged a crackdown</a> on tokens that "mimic equities" without the same investor rights.
Companies now have a formal way to say no. Under the SEC's September <a href="https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment" rel="noopener noreferrer nofollow">Innovation Exemption</a>, issuers can block third parties from tokenizing their stock, and any tokenized share must carry the same rights as the real thing.
They are using it. OKXICE, the tokenized-stock venture owned by NYSE parent ICE and crypto exchange OKX, says in its <a href="https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.11.05.pdf" rel="noopener noreferrer nofollow">latest public notice</a> that 67 issuers, including Apple, Nvidia, Boeing and JPMorgan, had objected to having their shares tokenized as of Nov. 5.
<h2 id="what-tokenized-equities-are-and-how-fast-they-are-growing">What tokenized equities are, and how fast they are growing</h2>
A tokenized equity is a blockchain token designed to track a company's share price. Some tokens are backed one-to-one by real shares held with a custodian, others are claims on a vehicle that holds shares, and some are purely synthetic contracts, so owning the token is not always the same as owning the stock.
<a href="https://www.thestreet.com/crypto/explained/what-are-tokenized-stocks" rel="noopener noreferrer nofollow">From our achives: Watch our explained on Tokenized stocks below.</a>
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 What are tokenized stocks? Why do they matter? (12:22)
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The market has grown fast. Tokenized stocks were worth about $639 million in late September 2025 and roughly $3.2 billion a year later, <a href="https://www.redstone.finance/research/tokenized-stocks-2026/" rel="noopener noreferrer nofollow">a 395% jump</a>, making them the second-fastest-growing category of tokenized real-world assets over that period.
The latest <a href="https://app.rwa.xyz/stocks" rel="noopener noreferrer nofollow">RWA.xyz data</a>, as of Nov. 6, 2026, shows the split: total value keeps rising, up 11% in 30 days to $3.69 billion across 4.75 million holders, while trading activity has cooled sharply, with monthly transfer volume down 57% and monthly active addresses down 81% over the same period.

Anthropic IPO token offer shuts out U.S. investors

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TheStreet Roundtable

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