PreStocks Linked to Anthropic and OpenAI Drop After Warnings

Solana-based tokenized instruments tracking Anthropic and OpenAI equity fell sharply this week after each company issued notices about unauthorized transfers.

Both firms said their preferred and common stock are subject to strict transfer restrictions under corporate bylaws. The notices warned that any sale or transfer that has not been approved by a company board may be invalid and not recorded on the companies' books.

In its notice, Anthropic named several firms as unauthorized to buy or sell its shares, including Open Door Partners, Hiive and Forge, and wrote that “any transfer not approved by its board is void and would not be recognized on its books.” OpenAI noted in a separate notice that unauthorized transactions “may violate U.S. securities laws and could result in the invalidation of the underlying equity” and in some cases “carry no economic value to buyers.”

Market data show Anthropic-linked PreStocks declined about 38% since late Tuesday to roughly $879, with an estimated market capitalization near $8.3 million. OpenAI-linked PreStocks fell about 46% over the same period to roughly $1,080, with an estimated market cap near $2.2 million. Those prices reflect trading in the tokenized instruments on the Solana blockchain rather than any formal change to the companies' official valuations.

PreStocks are tokenized instruments intended to track the implied value of private companies ahead of potential public listings. They are not endorsed by the underlying companies. Both notices included special-purpose vehicles and forward contracts among the transfer methods that may not satisfy company transfer requirements.

If a purported transfer is declared void and not recorded on a company’s books, a purchaser of a tokenized instrument may lack legal recognition as a shareholder and could face regulatory risk if the transactions run afoul of securities laws.

It is unclear how token issuers and trading platforms will respond or whether marketplace listings will be adjusted. The price moves reflect trading volatility in tokenized instruments tied to private equity.