PreStocks’ Anthropic-linked market dropped after Anthropic tightened its warning on unauthorized share transfers. The Solana-based tokenized stock token fell 27% in a single session and briefly declined more than 33% during intraday trading.
The move followed Anthropic’s statement that any unapproved transfer of its stock is “void” and not legally recognized. The price then slipped below $1,000 after trading between $1,200 and $1,400 in prior sessions.
The warning renewed concerns over tokenized pre-IPO products tied to private AI companies. Anthropic also named several firms, including Forge and Hiive, as unauthorized channels.
The company said investors using such structures may not receive shareholder rights. It further warned that tokenized or SPV-based exposure could carry no value if it violates its transfer restrictions.
Anthropic targets secondary share markets
Anthropic updated its investor-warning page on May 12, following an initial notice in February. The company said any unapproved transfer of its stock remains invalid under its bylaws. It added that buyers without board approval will not appear in its official shareholder records.
The company also rejected the use of special-purpose vehicles to acquire its shares. As a result, investors using SPVs or indirect funds face higher legal uncertainty. Anthropic warned against transactions involving “forward contracts,” tokenized securities, or other indirect ownership structures.
“Any third party claiming to sell Anthropic shares to the general public… is likely either engaged in fraud or offering an investment that may have no value,” Anthropic stated.
PreStocks has drawn attention for offering tokenized exposure to private companies such as Anthropic and SpaceX. However, the platform said buyers receive only economic exposure and not equity ownership. It did not clarify whether SPVs back these products, leaving the structure unclear.
Legal risks grow for investors
Crypto lawyer Gabriel Shapiro commented on Anthropic’s wording on X. He wrote, “Anthropic appears to be saying it will treat all these transfers as void.”
Shapiro said Delaware courts distinguish between “void” and “voidable” transactions. As a result, investors in downstream deals could lose key legal protections if disputes arise.
Demand for Anthropic shares, however, remains strong despite the warning. Glen Anderson of Rainmaker Securities said buyers often take up offers within a day. Bradley Horowitz of Wisdom Ventures said investors continue sending “daily offers from the ridiculous to the sublime.”
The warning could also reshape secondary markets for pre-IPO AI companies. Investors using SPVs, tokenized products, or secondary platforms now face uncertainty over whether their holdings will be legally recognized. It also raises questions about future disputes in private share trading markets.
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