Anthropic, OpenAI tokens plunge as AI firms say pre-IPO share transfers are invalid
AI firms Anthropic and OpenAI declared pre-IPO share transfers invalid, causing their associated tokens on Solana to plummet.Summary
Solana-based tokens representing pre-IPO valuations of AI companies Anthropic and OpenAI have seen significant price drops after both firms stated that the structures backing these tokens are invalid. Anthropic and OpenAI have warned that the transfer of privately held shares to special purpose vehicles (SPVs) used for these tokens requires board approval and is therefore invalid. Consequently, Anthropic PreStocks (ANTHROPIC) fell 34% and OpenAI PreStocks dropped 39% in seven days. Both companies issued warnings about potential fraud and the invalidity of investments offered through unauthorized third parties, citing transfer restrictions. Concerns also exist regarding the lack of published attestation reports from the token issuer, PreStocks, and liquidity issues, highlighting a significant gap between the tokens' implied valuations and the actual assets held by the SPVs.
(Source：CoinDesk)