Anthropic and OpenAI warned investors that tokenized pre-IPO share structures may violate transfer rules.
Crypto News
Solana-based tokens marketed as indirect exposure to Anthropic and OpenAI fell sharply during the week of May 13 after both companies said the structures backing them violate their share-transfer rules. Anthropic PreStocks dropped 34% over seven days, while OpenAI PreStocks declined 39% over the same period. Both tokens are issued by a Solana-based platform called PreStocks.
PreStocks uses special purpose vehicles (SPVs), legal entities created to hold assets on behalf of investors, to acquire shares in each company. It then issues tokens on the Solana blockchain that represent indirect economic exposure to those shares. Anthropic updated its investor warning page to state that it does not permit SPVs to hold its stock and that any share transfers to such vehicles are void under its transfer restrictions.
The company said third parties claiming to sell its equity through direct sales, forward contracts, tokenized securities, or other mechanisms are "likely either engaged in fraud or offering an investment that may have no value." OpenAI issued a parallel warning, stating that unauthorized transactions may violate US securities laws and could result in the invalidation of the underlying equity. Anthropic named Open Door Partners, Hiive, and Forge as entities not authorized to buy or sell its shares.
Liquidity Gap Raises Redemption Concerns
Despite claiming 1:1 token-to-share backing, PreStocks has not published the attestation reports it promised investors at launch, and no third-party auditor has independently verified the holdings. On-chain liquidity data from PreStocks showed just over $333,000 in stablecoins and roughly $18,000 in Solana (SOL) available in Anthropic liquidity pools as of May 13. That level of available liquidity means investors holding large positions may be unable to exit at current implied prices.
The platform's dashboard showed an implied Anthropic valuation above $1.3 trillion at a time when the SPV held approximately $23 million in total assets. PreStocks launched in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel. The platform restricts access for residents of the US, Singapore, the European Union, and certain sanctioned jurisdictions, and requires Know Your Customer verification for minting and redemptions. Launch partners included Jupiter and Meteora, both decentralized exchanges on the Solana network. PreStocks had not publicly responded to either company's warning as of May 13.
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