xStocks vs Ondo for Anthropic Tokenized Stock

xStocks and Ondo Stocks are two third-party token products that track listed US shares. xStocks tokens are issued as tracker certificates in Jersey; Ondo tokens are structured notes issued in the British Virgin Islands. Both exclude US persons, pay no cash dividends, and carry no voting rights.

If you are looking for a way to own Anthropic shares, neither documented product provides that route today. The useful comparison is narrower: it shows how two third-party token structures work when a listed US share is available.

What are xStocks and Ondo Stocks?

xStocks are tokenized securities issued as tracker certificates by Backed Assets (JE) Limited, a Jersey company. The issuer's prospectus is approved by the Liechtenstein Financial Market Authority under the EU Prospectus Regulation.

Ondo's documentation says the products were formerly called “Ondo tokenized stocks and ETFs” and “Ondo Global Markets tokens”. The issuer is Ondo Global Markets (BVI) Limited, a British Virgin Islands business company structured as a bankruptcy-remote SPV. Ondo Finance Inc. is an equity holder; the issuer states that the tokens are offered under Regulation S, and a Liechtenstein FMA-approved base prospectus applies in the EEA/EU.

Both products give holders economic exposure to US-listed equities. Neither transfers legal ownership of the underlying shares. That distinction matters before you compare a token with a brokerage position. The issuer sets the instrument's terms, while the underlying company remains separate from the token issuer. Holding the token therefore gives the exposure described in its documents, not a place on the underlying company's shareholder register.

For a reader, that changes the first check. You need to identify the issuer before treating a familiar stock name as a brokerage holding. The name points to a reference asset. The offer documents define the holder's claim. Nor does either product represent Anthropic shares or a confirmed listing of Anthropic.

xStocks vs Ondo: how the two products compare

The two programmes share the same broad goal but use different legal structures. The table below maps the published terms and the conditions attached to them.

Start with the instrument, then read the terms that govern it. This comparison separates a token's label from the contract behind it. Do that before you assess price or availability.

What legal instrument would an ANTx or ANTon token be?

Anthropic's proposed Nasdaq ticker is ANT, though the company’s shares were not yet trading on Nasdaq.

A tokenized Anthropic share would follow the xStocks convention as ANTx and the Ondo convention as ANTon. These are unconfirmed naming conventions, and neither provider has announced a listing.

If either appeared, it would be a third-party debt instrument referencing the share, not Anthropic equity or a direct shareholder interest. xStocks uses tracker certificates, and Ondo uses structured notes. Transferring a token does not transfer legal title to the underlying share.

Ownership would not, without an approved transfer recorded by Anthropic, make the holder an Anthropic shareholder or provide stockholder rights. Check the issuer and instrument in the offer documents before treating a token suffix as evidence that a product exists.

Who can buy, and who is excluded?

Neither product is available to U.S. persons. xStocks are not registered under the U.S. Securities Act of 1933 and may not be sold to U.S. persons. Kraken's distribution reaches eligible non-U.S. clients in more than 110 countries, excluding the United States, Canada, the United Kingdom, and Australia.

Ondo offers under Regulation S only and lists the United States and Canada among prohibited persons. Its conditions are narrower in several markets: MiFID II Professional Client or Qualified Investor status in the EEA and United Kingdom, no individual investors in Switzerland, and professional or accredited status in Hong Kong, Singapore, Brazil, and Malaysia.

Tangem states that tokenized assets cannot be bought or swapped in some regions, including the United States and the United Kingdom. A wallet can hold an eligible asset, but it does not override an issuer's distribution rules or onboarding checks.

What does it cost, and what happens to dividends and votes?

xStocks publishes distribution fees, including a 1.0% spread and a 1% conversion fee, while issuer-level fees are unpublished. Its FAQ states no mint or burn fees. Ondo discloses no minting or redemption fees and no management fee, but those labels do not capture all costs: it retains the quote-to-execution spread, and users pay blockchain gas fees.

Neither product sends a cash dividend to the holder. xStocks uses a rebasing multiplier, and Ondo increases the number of shares represented per token, with a 30% U.S. withholding tax reducing the reinvested amount in both cases.

xStocks holders have no claim on the shares, information rights, or voting rights. Ondo works with Broadridge so holders can express voting preferences, but those preferences are non-binding and do not confer shareholder votes.

When can you trade, and what happens on IPO day?

xStocks supports minting and redemption 24/5, while secondary trading runs 24/7 on DEXs. Ten tickers trade on Kraken Pro from Sunday 20:05 ET to Friday 19:59 ET through the Blue Ocean ATS. Ondo tokens are transferable 24/7, although Ondo says price alignment depends on the underlying U.S. markets being open. Kraken says xStocks divergence has historically been under 1% at Monday open, which is not a guarantee.

Both providers have published IPO programmes, but neither has named Anthropic. Payward's tokenized IPO access lets customers register non-binding interest; allocations are finalized on listing day, and eligible customers receive tokenized shares at the IPO price. Ondo Global Listing offers tokenized U.S. IPOs on day one of listing to wallets, exchanges, and chains across Ethereum, Solana, and BNB Chain.

Anthropic filed its Form S-1 on 26 October 2026 and applied for the Nasdaq symbol ANT. The filing was not yet effective, and no listing date had been announced. Anthropic warns that a third party claiming to sell its stock through tokenized securities may be offering an investment with no value because of transfer restrictions.

This article describes published mechanics. Nothing here is investment advice.