Tokens on Solana that claim to track the private-market valuations of Anthropic and OpenAI crashed this week after both AI firms warned that the structures backing them may be invalid.
Anthropic PreStocks (ANTHROPIC) fell 34% in seven days, while OpenAI PreStocks plunged 39%, according to CoinGecko. The tokens were marketed as a way for investors to gain exposure to the companies before they go public.
The tokens are issued by PreStocks, a Solana-based platform that uses special purpose vehicles (SPVs) to hold the underlying shares. But both companies have declared those holdings invalid.
“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. OpenAI echoed the sentiment, stating that unauthorized transactions may violate U.S. securities laws and could invalidate the equity.
Anthropic specifically named Open Door Partners, Hiive, and Forge as unauthorized intermediaries. PreStocks has not published promised attestation reports, and liquidity concerns remain: just $333,000 in stablecoins sits in Anthropic liquidity, meaning early buyers may not be able to fully cash out.
PreStocks, led by CEO Xavier Ekkel and backed by Republic Capital, debuted in August 2025. It is unavailable to U.S., Singapore, EU, and certain sanctioned residents.