Anthropic, OpenAI tokens plunge as AI firms say pre-IPO share transfers are invalid
Tokens on Solana that claim to track the private-market valuations of Anthropic and OpenAI dropped sharply this week after both AI companies warned that the structures used to back the tokens may be invalid.
What to know:
- Tokens on Solana that claim to offer indirect exposure to Anthropic and OpenAI plunged almost 40% this week after the companies warned the structure behind them violates their share-transfer rules.
- The companies said the special purpose vehicles used to hold their stock without board approval are invalid and warned that third parties selling such exposure may be engaging in fraud or offering investments with no real value.
- PreStocks, which issues the tokens, has not produced promised attestation reports, shows thin liquidity and implied valuations as high as $1.5 trillion for Anthropic despite holding only about $23 million in assets, raising doubts about whether investors can fully cash out.
The tokens slumped. Anthropic PreStocks (ANTHROPIC), issued by Solana-based platform PreStocks to represent Anthropic shares, dropped 34% in seven days, while OpenAI PreStocks fell 39%, CoinGecko data show.
PreStocks uses SPVs, legal entities set up specifically to hold something on behalf of investors, to hold the shares, and issues tokens on Solana that represent indirect economic exposure to those shares.
“We do not permit special purpose vehicles to acquire Anthropic stock and any transfer of shares to an SPV are void under our transfer restrictions,” Anthropic said in an updated investor warning page.
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,” the company said.
