Key Takeaways
- Anthropic and OpenAI-linked tokens both plummet by more than 40%
- Both companies say that share transfer via SPV tokens was invalid, triggering
Private Equity Tokens Dive By Up to 46%
Anthropic and OpenAI’s tokens linked to private stocks issued by the Solana-based platform “PreStocks” tubmbled on May 12.
OpenAI PreStocks dropped by about 46% to around $1,073, while Anthropic PreStocks dropped by about 42% to around $812, according to CoinGecko data. These price shifts reflect secondary trading in the PreStocks token market and are not official changes in the two companies’ valuations.
A series of investor warnings issued by both companies are seen as the triggers for the fall in prices. Anthropic clarified on its official support page that any transfers in shares not approved by the board of directors are deemed invalid, and transactions via SPVs (special purpose vehicles), tokenized securities, and forward contracts are also not valid.
Also, Anthropic remarked that third parties who claim to sell their own shares through these channels “engage in fraud or offer investments that may have zero value due to transfer restrictions.” OpenAI issued a similar notice, saying that unauthorized transactions violate U.S. securities laws and could invalidate the shares that back the transactions.
Anthropic named the following companies as unapproved: Open Door Partners, Hiive, Forge, and Unicorns Exchange. The company’s official market valuation was about $380 billion (approximately $259 per share) at the time of its Series G funding in February 2026, but the valuation was brought to around $1,000 per share in the secondary market, lifting its converted valuation in the token market to approximately $1.3 trillion.
PreStocks was founded in August 2025 with investments from Republic Capital, holds private shares through SPVs, and issues tokens on Solana that represent their indirect exposure to the com
Lack of Liquidity and the Reality of Underlying Assets
On the liquidity side, risks are also becoming evident. According to the dashboard of PreStocks, Anthropic-related liquidity is only about $333,000 for stablecoins and about $18,000 for SOL. Early investors with unrealized gains will not be unable to cash out the full amount.
Moreover, the expected proof report of the supporting assets promised by platform at the time of issuance still has not been unpublished, including a third-party audit.
