Ondo Finance plans to offer Anthropic tokens for non-US investors

Ondo's IPO day announcement

Ondo Finance recently announced on X that it intends to offer tokens tracking Anthropic on the day of the AI company's initial public offering. The company plans to launch these through its Ondo Stocks platform, which provides onchain economic exposure to publicly traded securities. This move aims to bring the high-profile AI firm onto the blockchain for specific types of investors.

The announcement specifies that the launch will occur on the day of the IPO, though no specific date, price, or token terms have been provided yet. Ondo Finance did not state that Anthropic is involved in or has approved of this specific plan. The post has already drawn significant attention from the crypto community.

As reported by FourWeekMBA, the announcement targets a specific audience by utilizing a platform that is not available in the United States. This suggests a strategy to capture international demand for the AI company's debut. The move positions Ondo as a primary gateway for non-U.S. investors looking to participate in the AI sector's public market expansion.

How the Ondo Stocks platform works

The Ondo Stocks platform is designed to give eligible investors outside the United States access to the economic exposure of publicly traded securities. According to its product page, these tokens are fully backed by underlying shares, including U.S. stocks, ETFs, and cash. These assets are held with U.S. broker-dealers to ensure the tokens remain tied to the actual value of the securities.

To maintain the integrity of the backing, the platform employs an independent Verification Agent that reviews the holdings on a daily basis. This structure is intended to provide a more stable and transparent connection to the underlying asset than a standard derivative. Holders of these tokens receive economic exposure designed to track the stock, with dividends reinvested net of any applicable withholding tax.

Ondo has experience with this type of service, having launched a day-one IPO service earlier this year. In February, the company launched Ondo Global Listing, which allows crypto platforms to offer tokenized U.S. stock IPOs on their debut day. This service has already seen over $500 million in total value across more than 200 different tokenized stocks.

Anthropic's official stance and restrictions

While Ondo is moving forward with its plans, Anthropic has already published a specific list of firms for the international retail portion of its proposed IPO. This list includes 33 broker and selling-agent names across various countries, including Australia, Canada, and the United Kingdom. Notably, Ondo Finance is not included among the 33 firms listed on Anthropic's help-center page.

Anthropic has also issued a formal notice regarding the transfer of its stock to prevent unauthorized sales. The company stated that any sale or transfer of Anthropic stock that has not been approved by its Board of Directors is void. This means that any interest in the stock that is not officially recognized on their books and records will not be valid.

The company specifically warned that any third party claiming to sell Anthropic shares to the general public through means like tokenized securities might be offering an investment with no value. This warning is likely due to Anthropic's strict transfer restrictions. Because Ondo has not been officially cleared by Anthropic's board, the relationship between Ondo's tokens and Anthropic's actual shares remains legally complex.

Market context and investor options

Investors outside the United States already have several ways to gain exposure to Anthropic's valuation. For example, perpetual futures for Anthropic have been trading on some platforms, recently moving 13% above certain IPO estimates. These perpetuals are derivatives that track a price rather than being backed by the underlying shares like Ondo's proposed tokens.

The distinction between these products is important for investors trying to understand their risk profile. Ondo's model focuses on share-backed notes for eligible non-U.S. investors, which differs from the derivatives already trading on the company's valuation. This creates a multi-layered market where different financial instruments offer different types of exposure to the same AI giant.

The current situation highlights a growing trend where products are being built to track major AI companies before and during their public debuts. These products allow retail investors to engage with the AI supercycle through various financial vehicles. However, the lack of official partnership between Ondo and Anthropic means that the legal status of these tokens remains a key point of uncertainty for potential buyers.