Anthropic, OpenAI PreStocks drop >30% after SPV warning
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- Anthropic warned that any transfer of its private shares to a special purpose vehicle (SPV) is void under its transfer‑restriction rules, making the SPV‑backed tokens potentially invalid.
- OpenAI warned that unauthorized share transfers could violate U.S. securities laws and invalidate the underlying equity, and Anthropic identified Open Door Partners, Hiive and Forge as unauthorized intermediaries.
- PreStocks tokens representing Anthropic and OpenAI fell sharply, with Anthropic PreStocks dropping 34% in seven days and OpenAI PreStocks falling 39%, according to CoinGecko data.
- PreStocks has not released the promised attestation reports for its SPVs, and its liquidity pool for Anthropic shows only about $333,000 in stablecoins and $18,000 in SOL, raising doubts about investors’ ability to cash out.
- PreStocks dashboard shows an implied Anthropic valuation above $1.3 trillion while the platform holds roughly $23 million in total assets, highlighting a massive valuation‑asset gap.
- Xavier Ekkel leads PreStocks, which launched in August 2025 with backing from Republic Capital and restricts access to U.S., Singapore, EU and sanctioned jurisdictions.
Why it matters: Investors holding Anthropic and OpenAI PreStocks lose value as token prices tumble and liquidity dries up, while the companies protect their equity by declaring the SPV structures invalid, limiting third‑party exposure and exposing the platform’s over‑inflated valuations and raising doubts about the ability of token holders to cash out.
