CoinDesk
Tokens on Solana marketed as indirect exposure to Anthropic and OpenAI dropped almost 40% this week after both AI companies declared the special purpose vehicles backing those tokens invalid. Anthropic PreStocks (ANTHROPIC) fell 34% in seven days and OpenAI PreStocks dropped 39%, per CoinGecko.
Anthropic said in an updated investor warning that it does not permit SPVs to acquire its stock and that any transfer of shares to an SPV is void under its transfer restrictions. The company warned that third parties selling such exposure through "direct sales, forward contracts, tokenised securities, or other mechanisms" are likely engaged in fraud or offering investments with no value. OpenAI issued a parallel warning, noting that unauthorized transactions may violate U.S. securities laws and could result in invalidation of the underlying equity. Anthropic specifically named Open Door Partners, Hiive and Forge as unauthorized to buy or sell its shares.
Why it matters
The sharper signal is structural, not price action. PreStocks debuted in August 2025 with backing from Republic Capital and partnerships with Solana DEXes Jupiter and Meteora, pitching 1:1 backing through SPVs as a way to get synthetic pre-IPO exposure. Neither PreStocks nor any third-party auditor has published the attestation reports promised at launch. The platform's own dashboard shows implied Anthropic valuation above $1.3 trillion against roughly $23 million in total assets, with about $333,000 in stablecoins and $18,000 in SOL sitting in the Anthropic liquidity pool as of Wednesday — a gap that gave the issuers the opening to call the whole structure void. Liquidity that thin means even before the warnings, early buyers sitting on paper profits had no clean exit.
Market impact
The voiding lands on a category, not a single product. Any token or SPV wrapping private AI equity now faces the same test the two named issuers just enforced: does the issuer's transfer policy actually permit the wrapper? OpenAI's reference to U.S. securities laws raises the stakes for the intermediaries named — and for any platform that listed or routed the products.
Frequently asked questions
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What are Anthropic and OpenAI PreStocks tokens?
They are Solana-based tokens issued by the platform PreStocks, designed to give indirect economic exposure to private shares of Anthropic and OpenAI via special purpose vehicles (SPVs).
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Why did the PreStocks tokens drop this week?
Anthropic and OpenAI both warned that the SPV structures backing the tokens violate their share-transfer rules, making any such transfers void. ANTHROPIC fell 34% and the OpenAI token fell 39% in seven days, per CoinGecko.
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What did Anthropic and OpenAI actually say?
Anthropic said it does not permit SPVs to acquire its stock and that any such transfer is void. It warned that third parties selling such exposure are likely engaged in fraud or offering investments with no value. OpenAI issued a similar warning and referenced potential U.S. securities-law violations.
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What are the liquidity and valuation concerns around PreStocks?
PreStocks' dashboard shows an implied Anthropic valuation above $1.3 trillion against roughly $23 million in total platform assets, with only about $333,000 in stablecoins and $18,000 in SOL in the Anthropic pool. No attestation reports promised at launch have been published.
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Who is behind PreStocks?
PreStocks debuted in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel. Launch partnerships included the Solana DEXes Jupiter and Meteora. The platform is unavailable to U.S., Singapore, EU, and certain sanctioned-jurisdiction residents.
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