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

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.