Solana-based tokens claiming to provide indirect exposure to Anthropic and OpenAI suffered a dramatic collapse this week after both AI companies issued warnings about the validity of their ownership structures. According to reports from CoinGecko, Anthropic PreStocks (ANTHROPIC) dropped 34% in seven days, while OpenAI PreStocks fell 39% during the same period. The tokens, issued by Solana-based platform PreStocks, had been marketed as a way to gain exposure to the AI companies before potential public offerings.
Anthropic issued an updated investor warning stating that "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." The company warned that any third party claiming to sell shares through direct sales, forward contracts, tokenized securities, or other mechanisms is "likely either engaged in fraud or offering an investment that may have no value due to our transfer restrictions." OpenAI issued a similar warning, stating that unauthorized transactions may violate U.S. securities laws and could result in the invalidation of underlying equity.
The tokens operate through special purpose vehicles (SPVs), legal entities set up to hold shares on behalf of investors, which PreStocks uses to hold the underlying shares and issue tokens on Solana. However, as reported by the companies, these transfers require corporate board approval, which was not obtained. Anthropic specifically named Open Door Partners, Hiive, and Forge as unauthorized intermediaries for buying or selling its shares.
A significant concern emerges from the platform's liquidity data, which shows just over $333,000 in stablecoins and $18,000 in Solana (SOL) in Anthropic liquidity as of Wednesday, according to PreStocks data. This represents minimal liquidity for early buyers who may be sitting on substantial profits. The platform's dashboard shows an implied Anthropic valuation above $1.3 trillion against the platform holding roughly $23 million in total assets, creating a substantial gap between implied valuations and actual underlying asset value.
Tech investor Dan Niles has added to the cautionary sentiment, predicting that AI stocks will crash by 30% to 50% in 2027, warning that today's rally could eventually end in a sharp correction. As Niles noted, "We're entering year four of this buildout," suggesting the current AI boom may be approaching maturity. These warnings come as the PreStocks platform continues to face regulatory challenges, with the company's structure and tokenized securities approach under scrutiny from both AI companies and broader market observers.
