Tokens representing stakes in AI powerhouses Anthropic and OpenAI plunged this week after both companies updated their policies to explicitly ban secondary trading of their private shares. The immediate market reaction saw Anthropic tokens on PreStocks, a Solana-based platform, drop from $1400 to $873, while OpenAI tokens fell from $2000 to $1080. This sharp correction underscores the fragility of synthetic assets tied to private equity without direct corporate endorsement.
The updated policies, described as "practically identical" across both firms, now state that any sale or transfer of securities without explicit board approval is invalid. Crucially, a buyer in such an unauthorized transaction will not be recognized as a shareholder and will acquire no rights. This move effectively closes a significant loophole that allowed early investors and employees to monetize their illiquid holdings.
Both Anthropic and OpenAI specifically named a list of prohibited transfer methods. These include direct sales, special purpose vehicles (SPVs), tokenized stakes, and forward contracts. SPVs, in particular, had become a standard workaround for investors seeking exposure to high-growth private companies before their public listing, pooling capital to acquire shares. The explicit ban on these structures indicates a direct challenge to the burgeoning market for pre-IPO equity.
This policy shift carries significant implications for the broader crypto ecosystem, especially platforms like PreStocks that facilitate access to private market assets via tokenization. The immediate impact on Solana-based tokens highlights the interconnectedness of traditional finance and decentralized markets, where corporate actions can trigger rapid price adjustments in associated digital assets. It also raises questions about the future viability of platforms built on the premise of democratizing access to private equity through tokenized representations.
The companies' motivations likely center on maintaining control over their shareholder base, potentially in anticipation of future funding rounds or eventual public offerings. For traders, the immediate focus shifts to understanding the enforceability of these new policies on existing tokenized positions and whether platforms will be forced to delist or freeze these assets. The market will closely watch for any further official statements from Anthropic, OpenAI, or affected trading platforms regarding the path forward for current holders.
Anthropic, OpenAI Ban Secondary Share Trading; Tokens Dive
Anthropic and OpenAI have updated their policies to prohibit secondary trading of their shares, including tokenized stakes and SPVs, without board approval. This led to significant price drops for their tokens on the Solana-based PreStocks platform.