Solana-based tokens marketed as a way to gain exposure to Anthropic and OpenAI before going public received an unwanted reality check this week.
The two companies said that the transfer of private shares to the special purpose vehicles (SPVs) backing the tokens is invalid because any such move requires approval from the corporate board.
The chips collapsed. Anthropic PreStocks (ANTHROPIC), issued by Solana-based platform PreStocks to represent Anthropic shares, fell 34% in seven days, while OpenAI PreStocks fell 39%, CoinGecko data shows.
PreStocks uses SPVs, legal entities created specifically to own something on behalf of investors, to own the shares and issue tokens on Solana that represent indirect economic exposure to those shares.
“We do not allow special purpose vehicles to acquire Anthropic shares and any transfer of shares to an SPV is void under our transfer restrictions,” Anthropic said in an updated investor advisory page.
Any third party claiming to sell its shares through “direct sales, forward contracts, tokenized securities or other mechanisms” is “likely engaging in fraud or offering an investment that may be worthless due to our transfer restrictions,” the company said.
OpenAI issued a similar warning, saying that unauthorized transactions may violate US securities laws and could result in invalidation of underlying capital. Both companies appointed several intermediaries. Anthropic listed Open Door Partners, Hiive and Forge as not authorized to buy or sell its shares.
While PreStocks tokens claim to be 1:1 backed through SPV, neither the platform nor any third-party auditor has released the certification reports that the company promised at launch.
Liquidity is also a concern. PreStocks data shows just over $333,000 in stablecoins and $18,000 in solana (SOL) in anthropic liquidity as of Wednesday, meaning early buyers with big profits might not be able to fully withdraw their money. This exposes the gap between the valuations implied by the platform and what the underlying SPVs can actually offer.
The dashboard also shows an implied anthropogenic valuation of more than $1.3 trillion versus the platform having roughly $23 million in total assets, a gap that gave the companies the structural opening to pull back.
PreStocks debuted in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel. The platform is not available to residents of the US, 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.
