Solana-based PreStocks tokens faced strong selling pressure this week following harsh warnings from AI giants OpenAI and Anthropic. These tokens, which aim to track the hypothetical pre-IPO value of privately held company shares, rapidly lost value after the two companies made statements regarding unauthorized share transfers.
PreStocks products are presented as tokenized tools that claim to provide access to the potential future IPO values of privately held companies. However, these products are not officially endorsed or supported by the companies they track. Therefore, the risk taken by investors is not limited to market volatility; it also includes more fundamental uncertainties such as legal validity and ownership rights.
OpenAI and Anthropic warn against unauthorized share transfers
In announcements published during the week, OpenAI and Anthropic stated that company shares are subject to strict transfer restrictions. Both companies emphasized that common and preferred shares are subject to specific rules under their company bylaws. These warnings do not only cover direct share sales. Companies have pointed out that transactions attempted through special purpose vehicles (SPVs), tokenized instruments, and forward contracts could also be considered unauthorized transfers.
Anthropic announced that it has not authorized certain firms, including Open Door Partners, Hiive, and Forge, to buy and sell its shares. The company stated that any share transfer without board approval would be considered invalid and would not be recognized in company records. This means that buyers participating in such transactions may not acquire shareholder rights.
OpenAI made a similar statement. The company stated that unauthorized transactions could violate US securities laws and that the underlying share transfer could become invalid as a result of such transactions. OpenAI also warned that such transactions may not have economic value for buyers.
Double-digit losses in PreStocks prices
Following these announcements, sharp declines were seen in the PreStocks market. According to CoinGecko data, Anthropic PreStocks has lost approximately 38 percent of its value since Tuesday, falling to around $879. The token's market capitalization is approximately $8.3 million.
The decline in OpenAI PreStocks was even more pronounced. CoinGecko data showed that the OpenAI PreStocks price fell by approximately 46 percent during the same period, dropping to $1,080. The market capitalization of this token was estimated to be around $2.2 million.
These declines reflect the transaction prices of tokenized PreStocks products. Therefore, these movements do not directly mean a change in the official company valuations of OpenAI or Anthropic.
Tokenization of private company shares creates controversy
This development has brought the risks of tokenized products based on private company shares back to the forefront. Shares of privately held companies are generally subject to strict transfer rules and internal approval processes. When these rules are bypassed, or when investors are offered indirect access through different financial instruments, the legal basis of the resulting product becomes questionable. Tools like PreStocks offer investors the idea of early-stage access to popular private companies. However, statements from OpenAI and Anthropic suggest that investors may not obtain the rights they expect if this access is not recognized by the companies.
