Solana-based PreStocks tied to Anthropic and OpenAI have plunged this week after both artificial intelligence firms warned that unauthorised share transfers conducted through tokenized structures and special-purpose vehicles may be invalid and carry no shareholder rights.
According to statements published by Anthropic and OpenAI earlier this week, the companies do not recognise transfers of their shares unless those transactions receive written approval from their boards.
Both firms said the restrictions apply to tokenized interests, forward contracts, and SPV-based deals that attempt to give outside investors exposure to private company equity.
CoinGecko data showed the Anthropic-linked token on Solana-based PreStocks fell from roughly $1,400 to a low of $812 after Anthropic issued its notice, cutting the token’s implied market value sharply within a day.
OpenAI’s equivalent token also dropped to lows near $900 over the same period after trading over $1,300 the previous day.
The token has since recovered over $1000.
Anthropic PreStocks were trading around $879 at the time of writing, down nearly 32% since late Tuesday, with a market capitalisation of $8.4 million.
PreStocks are tokenized instruments designed to track the implied value of private firms before a possible public listing.
The instruments are not officially backed by the companies whose shares they reference.
What happened?
In updated transfer policy notices, Anthropic and OpenAI warned buyers that unauthorised equity transactions may not provide any legal ownership over the underlying shares.
Anthropic stated that any sale or transfer conducted without board approval is “void,” meaning buyers would not be recognised as shareholders and would not receive stockholder rights.
Using similar language, OpenAI said transfers completed without written consent could be invalidated and “carry no economic value” to purchasers.
The company also warned that unauthorised transactions may violate US securities laws.
At the center of the dispute are SPVs, or special-purpose vehicles, which are commonly used in private secondary markets to pool investor money around shares of privately held companies.
Under that structure, the SPV holds the shares while outside investors buy exposure to the vehicle instead of directly owning company stock.
PitchBook analyst Emily Zheng told Decrypt that layered SPV structures can create multiple layers of fees while also making it harder to confirm whether the underlying shares were legally obtained in the first place.
According to the report, both companies indicated that if the original transfer into an SPV lacked approval, subsequent transactions tied to that structure may also be invalid.
Anthropic went further by publishing a list of platforms and firms it described as unauthorized channels for trading its shares.
The list included Open Door Partners, Unicorns Exchange, Pachamama, Lionheart Ventures, Sydecar, Upmarket, along with new offerings on Forge Global and Hiive.
Forge Global’s inclusion drew attention because the platform operates as a regulated secondary marketplace for accredited investors trading private company shares.
According to earlier reports, Anthropic’s implied valuation on Forge had reached about $1 trillion, surpassing OpenAI’s reported $880 billion valuation on the same platform, figures confirmed by Forge CEO Kelly Rodriques.
Alongside the warnings, both companies have distinguished unauthorised tokenized activity from company-approved secondary sales.
As of publication time, neither OpenAI nor Anthropic has announced enforcement action against token holders so far.
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