Marketed as a way to gain exposure to Anthropic and OpenAI before going public, the Solana-based tokens got an unwelcome reality check this week.
The two companies said the transfer of privately held shares to special purpose vehicles (SPVs) backing the tokens is invalid because any such move requires the approval of the company’s board of directors.
The tokens fell together. 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 hold something on behalf of investors, to hold the shares and issue tokens on Solana that represent indirect financial exposure to those shares.
“We do not permit 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 alert page.
Any third party claiming to sell its shares through “direct sales, forward contracts, tokenized securities or other mechanisms” is “likely to be either engaged in fraud or offering an investment that may have no value due to our transfer restrictions,” the company said.
OpenAI issued a similar warning, saying that unauthorized transactions may violate US securities laws and may result in invalidation of the underlying equity. Both companies named several intermediaries. Anthropic listed Open Door Partners, Hiive and Forge as unauthorized to buy or sell its shares.
While PreStocks tokens claim 1:1 backing through SPVs, neither the platform nor any third-party auditors have published the attestation reports the company promised at launch.
Liquidity is also a problem. Data from PreStocks shows just over $333,000 in stablecoins and $18,000 in solana (SOL) in anthropic liquidity as of Wednesday, meaning early buyers sitting on large profits may not be able to cash out in full. This reveals the gap between the implicit valuations on the platform and what the underlying SPVs can actually deliver.
The dashboard also shows an implied Anthropic valuation above $1.3 trillion versus the platform with about $23 million in total assets, a gap that gave the companies the structural opening to push back.
PreStocks debuted in August 2025 with the backing of Republic Capital and is led by CEO Xavier Ekkel. The Platform is unavailable to residents of the United States, Singapore, the European Union and certain sanctioned jurisdictions and requires you to know your customer’s minting and redemption processes. Partnerships at launch included Jupiter and Meteora, both decentralized exchanges on Solana.
