Solana-based tokens, marketed as a way to gain exposure to Anthropic and OpenAI before going public, got a reality check this week.
Both companies said the transfer of private shares to special purpose vehicles (SPVs) that back the tokens is invalid as such a move requires approval from the company’s board of directors.
The chips collapsed. Anthropic PreStocks (ANTHROPIC), issued by the Solana-based PreStocks platform to represent Anthropic shares, fell 34% in seven days, while OpenAI PreStocks fell 39%, according to CoinGecko data.
PreStocks uses SPVs, legal entities created specifically to hold something on behalf of investors, to hold the stocks and issues tokens on Solana that represent indirect economic exposure to those stocks.
“We do not permit special purpose vehicles to acquire shares of Anthropic and any transfer of shares to an SPV is void under our transfer restrictions,” Anthropic said in an updated investor warning page.
Any third party claiming to sell its shares through “direct sales, futures, tokenized securities or other mechanisms” is “likely 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 unauthorized transactions could violate U.S. securities laws and result in the invalidation of the underlying shares. Both companies have appointed several intermediaries. Anthropic listed Open Door Partners, Hiive and Forge as not authorized to buy or sell its shares.
Although PreStocks tokens claim 1:1 support via SPVs, neither the platform nor any third-party auditors have released the attestation reports the company promised at launch.
Liquidity is also a concern. Data from PreStocks shows just over $333,000 in stablecoins and $18,000 in solana (SOL) in man-made liquidity on Wednesday, meaning early buyers enjoying big profits may not be able to fully cash out. This highlights the gap between the platform’s implied valuations and what the underlying SPVs can actually offer.
The dashboard also shows Anthropic’s implied valuation higher than $1.3 trillion versus the platform holding around $23 million in total assets, a gap that has given companies structural room to push 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 United States, 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.
