Dinari Promises Anthropic dShares on IPO Day, Including for US Investors

Dinari said on Nov. 6, 2026 that it will launch a tokenized Anthropic share on the day ANT begins public trading, promising access for eligible investors in the U.S. and 90-plus countries.

The commitment follows Ondo Finance's IPO-day tokenization plan, reported earlier by The Defiant. Dinari's inclusion of U.S. investors sets it apart from Ondo Stocks, which excludes U.S. persons.

“Same security, same rights,” Dinari wrote. Its documentation describes different legal arrangements for U.S. brokerage customers and offshore token buyers—a distinction that determines ownership rights and whether tokens can move beyond the platform.

What dShare Holders Would Own

Dinari describes dShares as tokens backed one-for-one by underlying securities held at Alpaca Securities. Its issuance process requires a completed brokerage order before tokens are minted. Exiting through redemption involves selling the underlying shares and returning the proceeds, rather than delivering the stock to a wallet.

For U.S. customers, Dinari's integration guide describes dShares as a “secondary ledger” for real ownership of the underlying securities. Customers open accounts through Dinari Securities, LLC, with clearing through Alpaca. FINRA's BrokerCheck report confirms Dinari Securities is an SEC-registered, FINRA-member broker-dealer and names Alpaca for clearing and custody services.

U.S. access requires identity verification and a dedicated wallet linked to a verified brokerage account. The guide says U.S. tokens are currently non-transferable, cannot be used in DeFi and cannot be wrapped. Dividends, splits and proxy voting must pass through Dinari's brokerage systems.

The offshore arrangement is different. Dinari's published token-sale terms invoke Regulation S for non-U.S. buyers. They give holders a contractual claim to the underlying asset's value, not title to the asset itself, and a right to request repurchase for sale proceeds less fees. They do not provide voting rights unless separately agreed in writing.

Ondo's documented wrapper is a structured note—a debt instrument issued by Ondo Global Markets (BVI) Limited. It is backed by securities held through regulated custodial brokers, with a security interest protecting tokenholders, but provides no shareholder voting or information rights.

Both planned share-backed products differ from existing Anthropic perpetual futures. Trade.xyz's pre-IPO contracts, for example, are cash-settled derivatives with no share ownership or IPO allocation rights. After a qualifying listing, they are expected to become standard equity perpetuals, not deliver shares.

Dinari's launch promise remains tied to public trading beginning. Anthropic's Nov. 2 amended S-1 applies to list Class A stock on Nasdaq under ANT, but leaves the offering's price range, share count and delivery date blank. It says the securities cannot be sold until the registration statement becomes effective.