Anthropic, OpenAI tokens plunge as AI firms reject share transfers

Solana-based tokens marketed as a way to gain exposure to Anthropic and OpenAI before their initial public offerings plunged this week after the artificial intelligence companies said the transfer of privately held shares to the special purpose vehicles backing the tokens is invalid without board approval.

Anthropic PreStocks (ANTHROPIC), issued by Solana-based platform PreStocks to represent Anthropic shares, dropped 34% in seven days, while OpenAI PreStocks fell 39%, according to CoinGecko data. The tokens are designed to track the value of private company shares through SPVs, but the companies' statements have cast doubt on the legitimacy of the underlying share transfers. For crypto traders, this highlights the risks of investing in tokenized private equity products that lack corporate consent. NowPrice's real-time crypto quotes show the latest prices for these tokens as the market reassesses their value.

The episode underscores the legal and structural vulnerabilities of tokenized private securities. Without explicit approval from the issuing company, SPVs may not be able to enforce ownership rights, leaving token holders exposed. Traders should monitor any further statements from Anthropic or OpenAI regarding share transfers, as well as potential regulatory actions. The broader market for tokenized assets may face increased scrutiny if similar disputes arise.