Anthropic and OpenAI have declared PreStocks tokens backed by their shares worthless, sending the Solana products down up to 39%.
Summary
- Both companies said any transfer of their stock to special purpose vehicles without board approval is void, meaning buyers receive no shareholder rights.
- Anthropic named Open Door Partners, Hiive, Forge Global, and several others as unauthorized channels for buying or selling its shares.
- PreStocks holds only $333,000 in stablecoins and $18,000 in SOL to back Anthropic tokens, against an implied platform valuation above $1.3 trillion.
Anthropic and OpenAI have both issued warnings declaring that Solana-based PreStocks tokens claiming to offer exposure to their private shares are backed by invalid structures. The Anthropic-linked token fell 34% in seven days while OpenAI PreStocks dropped 39%, per CoinGecko data.
“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 on an updated investor warning page. OpenAI used near-identical language, warning that any unapproved transfer carries no economic value to the buyer and may violate US securities laws.
Why the warnings hit the tokens so hard
PreStocks issues Solana tokens that claim to represent indirect economic exposure to private company shares through SPVs. Both companies argued that if the original share transfer into any SPV lacked board approval, the entire downstream structure is legally void.
The warnings land as on-chain secondary markets had pushed Anthropic’s implied valuation above $1.3 trillion, well beyond its last formal funding round at $380 billion in February. The gap between speculative on-chain pricing and what the underlying platform can actually support has now been made legally explicit.
Liquidity data exposes the structural risk. PreStocks holds just over $333,000 in stablecoins and $18,000 in SOL to back Anthropic-linked tokens. Early buyers sitting on large paper gains may be unable to fully exit at implied prices. Neither the platform nor any third-party auditor has published the attestation reports PreStocks promised at launch.
Who is on Anthropic’s blocklist
Anthropic went further than OpenAI by publishing a named blocklist covering Open Door Partners, Unicorns Exchange, Pachamama, Lionheart Ventures, Sydecar, Upmarket, and new offerings on Forge Global and Hiive. Forge Global’s inclusion drew attention because it operates as a regulated secondary marketplace for accredited investors.
Anthropic’s annualized revenue jumped from $9 billion at end-2025 to $30 billion by April 2026, making it one of the fastest-growing private companies in the world. Demand for access through unofficial channels is precisely what created the market PreStocks was built to serve. Both companies are now making clear those doors are closed.
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