Anthropic, OpenAI tokenized PreStocks on Solana plunge after unauthorized equity transfer warnings
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Solana-based PreStocks tokens tied to Anthropic and OpenAI fell sharply this week after both artificial intelligence companies warned that unauthorized equity transfers, including via special-purpose vehicles (SPVs) and tokenized instruments, may be void and unrecognized, with OpenAI adding that such transactions could carry no economic value to buyers.
Key facts
Data from CoinGecko shows Anthropic PreStocks dropped around 38% since late Tuesday to around $879, at a market cap of about $8.3 million
OpenAI PreStocks plunged roughly 46% to $1,080 over the same period, per CoinGecko, with a market cap of approximately $2.2 million
Anthropic listed several firms as unauthorized to buy or sell its shares, including Open Door Partners, Hiive, and Forge
The price declines reflect trading in the tokenized PreStocks instruments rather than changes to the underlying private companies' official valuations
Summary
PreStocks are tokenized instruments designed to track the implied value of private companies before a potential public listing, though they are not officially endorsed by the underlying companies. In notices published earlier this week, both firms said their preferred and common stocks are subject to strict transfer restrictions under corporate bylaws, including any attempted sales or transfers via special-purpose vehicles, tokenized instruments, or forward contracts. Anthropic listed several firms as unauthorized to buy or sell its shares, including Open Door Partners, Hiive, and Forge. Data from CoinGecko shows Anthropic PreStocks dropped around 38% since late Tuesday to around $879, at a market cap of about $8.3 million.