Anthropic, OpenAI tokens plunge as AI firms say pre-IPO share transfers are invalid

Tokens on Solana that claim to track the private-market valuations of Anthropic and OpenAI dropped sharply this week after both AI companies warned that the structures used to back the tokens may be invalid.

What to know:

• Tokens on Solana that claim to offer indirect exposure to Anthropic and OpenAI plunged almost 40% this week after the companies warned the structure behind them violates their share-transfer rules.
• The companies said the special purpose vehicles used to hold their stock without board approval are invalid and warned that third parties selling such exposure may be engaging in fraud or offering investments with no real value.
• PreStocks, which issues the tokens, has not produced promised attestation reports, shows thin liquidity and implied valuations as high as $1.5 trillion for Anthropic despite holding only about $23 million in assets, raising doubts about whether investors can fully cash out.

The Solana-based tokens marketed as a way to gain exposure to Anthropic and OpenAI before they go public got an unwelcome reality check this week.

The two companies said the transfer of privately held shares to the special purpose vehicles (SPVs) that back the tokens is invalid because any such move requires approval by the corporate board.

The tokens slumped. Anthropic PreStocks (ANTHROPIC), issued by Solana-based platform PreStocks to represent Anthropic shares, dropped 34% in seven days, while OpenAI PreStocks fell 39%, CoinGecko data show.

PreStocks uses SPVs, legal entities set up specifically to hold something on behalf of investors, to hold the shares, and issues tokens on Solana that represent indirect economic exposure to those shares.

"We do not permit special purpose vehicles to acquire Anthropic stock and any transfer of shares to an SPV are void under our transfer restrictions," Anthropic said in an updated investor warning page.

Any third party claiming to sell its shares through "direct sales, forward contracts, tokenized securities, or other mechanisms" is "likely either engaged in fraud or offering an investment that may have no value due to our transfer restrictions," the company said.

OpenAI issued a similar warning, saying unauthorized transactions may violate U.S. securities laws and could result in the invalidation of the underlying equity. Both companies named several intermediaries. Anthropic listed Open Door Partners, Hiive and Forge as unauthorized to buy or sell its shares.

While PreStocks tokens claim 1:1 backing through SPVs, neither the platform nor any third-party auditor has published the attestation reports the company promised at launch.

Liquidity is a concern as well. Data from PreStocks shows just over $333,000 in stablecoins and $18,000 in solana (SOL) in Anthropic liquidity as of Wednesday, meaning early buyers sitting on big profits might not be able to fully cash out. This exposes the gap between the implied valuations on the platform and what the underlying SPVs can actually deliver.

The dashboard also shows an implied Anthropic valuation above $1.3 trillion against the platform holding roughly $23 million in total assets, a gap that gave the companies the structural opening to push back.

PreStocks debuted in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel. The platform is unavailable to residents of the U.S., Singapore, the European Union, and certain sanctioned jurisdictions, and requires know-your-customer processes for minting and redemptions. Partnerships at launch included Jupiter and Meteora, both decentralized exchanges on Solana.

More For You

U.S. PPI surged well above forecasts in April, reviving concerns that rising oil prices and Iran-related supply risks may feed another inflation wave.

Crypto wallet provider Ledger puts U.S. IPO plans on hold due to market conditions

10 minutes ago

It’s time for clarity for America’s digital asset markets

35 minutes ago

CoinDesk 20 performance update: SUI drops 3.2% as index trades lower

1 hour ago

Live markets: Bitcoin dips below $80,000 as producer price inflation surges to 6%

1 hour ago

The 2020 signal returns: Why the copper-to-gold breakout could point to bitcoin breakout

2 hours ago

Tokenized Treasuries hit $15 billion as bitcoin stalls, Fed rate-rise concerns build

3 hours ago

The $82,000 battle: bitcoin tests key resistance zone to form next major breakout

4 hours ago

Charles Schwab begins U.S. rollout of spot crypto trading for retail customers

4 hours ago

Nevada regulators push back after prediction market conference blames them for move

10 hours ago

Bitcoin holds below $81,000 with Trump-Xi talks on the horizon

3 hours ago

EToro reiterates commitment to crypto despite falling activity in Q1

4 hours ago

The Ethereum Foundation unveils new 'Clear Signing' standard to stop users from approving malicious crypto transactions

21 hours ago