The Solana tokens marketed as a way to gain pre-IPO exposure to Anthropic and OpenAI got a brutal reality check this week. Both companies issued statements asserting that transferring privately held shares to special purpose vehicles (SPVs) backing the tokens is invalid without board approval.
Tokens nosedived. According to CoinGecko, Anthropic PreStocks (ANTHROPIC) dropped 34% in seven days, while OpenAI PreStocks fell 39%. The platform PreStocks creates SPVs to hold shares and issues Solana-based tokens representing indirect economic interest in those shares.
AI Firms Strike Back: SPV Transfers Void
Anthropic's updated investor warning page states: "We do not permit SPVs to acquire Anthropic stock, and any transfer of shares to an SPV is void under our transfer restrictions." The company added that 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." OpenAI echoed the stance, warning unauthorized transactions may violate U.S. securities laws and could invalidate the underlying equity. Both named intermediaries: Anthropic listed Open Door Partners, Hiive, and Forge as unauthorized to trade its shares.
No Audit Reports; Liquidity Squeeze
Despite PreStocks' claim of 1:1 backing via SPVs, neither the platform nor any third-party auditor has published attestation reports promised at launch. Liquidity is a pressing concern. Dashboard data shows roughly $333,000 in stablecoins and $18,000 in SOL for Anthropic liquidity as of Wednesday, meaning early buyers sitting on large profits may not fully cash out. The platform implies an Anthropic valuation above $1.3 trillion yet holds only $23 million in total assets — a gap that gave both companies structural room to push back.
PreStocks launched in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel. It restricts access from the U.S., Singapore, the EU, and certain sanctioned jurisdictions, requiring KYC for minting and redemptions. Partners at launch included Jupiter and Meteora, both Solana DEXs.