Anthropic and OpenAI Have Single-Handedly Severed the Logic of Pre-IPO Stock Tokenization

marsbitPublicado em 2026-05-12Última atualização em 2026-05-12

Resumo

The pre-IPO stock token market is experiencing significant turmoil following strong statements from AI giants Anthropic and OpenAI. Both companies have updated their official policies, declaring that any transfer of their company shares—including sales, transfers, or assignments of share interests—without prior board approval is "invalid" and will not be recognized in their corporate records. This means buyers in such unauthorized transactions would not be recognized as shareholders and would have no shareholder rights. A major point of contention is the use of Special Purpose Vehicles (SPVs), which are legal entities commonly used by pre-IPO token platforms to pool investor funds and indirectly acquire shares from employees or early investors. The companies explicitly state they do not permit SPVs to acquire their shares, and any such transfer violates their restrictions. They warn that third parties selling shares through SPVs, direct sales, forward contracts, or stock tokens are likely engaged in fraud or are offering worthless investments due to these transfer limits. This stance directly threatens the core model of many pre-IPO token platforms, which rely on SPV structures. The announcement revealed additional risks within this model, such as complex "SPV-within-SPV" layering that obscures legal transparency, increases management fees, and creates a chain reaction risk of invalidation. Following the news, tokens like ANTHROPIC and OPENAI on platforms like PreStocks fel...

Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

The pre-IPO stock token market has just experienced a severe shockwave. The epicenter of this earthquake comes from two statements issued by AI giants Anthropic and OpenAI.

Anthropic and OpenAI Successively State They "Do Not Recognize" Unauthorized Transfers

Today, Anthropic updated an official statement it released in February titled "On Unauthorized Anthropic Stock Sales and Investment Scams."

In the article, Anthropic explicitly stated: "Any sale or transfer of Anthropic stock, or disposition of an interest in Anthropic stock, that has not been approved by our board of directors, is invalid (note the use of 'invalid') and will not be recognized on the company's books and records. This means that if anyone sells Anthropic stock without board approval, the transaction will be deemed invalid. The purported buyer will not be recognized as an Anthropic shareholder and will not enjoy any shareholder rights."

Shortly after Anthropic updated its statement, OpenAI also followed up with an announcement stating: "All equity interests are subject to transfer restrictions. No shares may be transferred directly or indirectly without the written consent of the company. Any sale without consent is not only unauthorized but also invalid."

In their announcements, both Anthropic and OpenAI explained that the companies' preferred and common stock are subject to transfer restrictions stipulated in their charters, meaning all stock transfers require board approval.

Anthropic also emphasized, "The company also does not permit the acquisition of Anthropic shares by 'Special Purpose Vehicles' (SPVs). Any transfer of shares to an SPV violates the company's transfer restrictions... Some investment funds may claim to offer indirect access to Anthropic shares, but these funds are likely attempting to circumvent transfer restrictions. Therefore, any third party claiming to sell Anthropic shares to the public — whether through direct sales, forward contracts, stock tokens, or other mechanisms — may be involved in fraud or offering worthless investments due to Anthropic's transfer restrictions."

Odaily Note: The image shows unauthorized equity transfer platforms named by Anthropic.

What is an SPV?

To understand why this update has had such a massive impact on the pre-IPO stock token market, one must first understand what an SPV is.

In traditional pre-IPO stock trading, directly transferring original shares is extremely difficult, restricted not only by company charters but also involving complex legal procedures. In this context, SPVs emerged.

An SPV is a legal entity established specifically for a particular transaction or investment purpose. It can be understood as a 'shell company dedicated to holding a specific asset.' Multiple investors can indirectly hold shares in a company or a certain asset by contributing capital to the same SPV, achieving goals such as centralized ownership, lowered entry barriers, and optimized legal and tax structures. SPVs are particularly common in popular pre-IPO stock trading. Since many high-profile companies are often unwilling to directly introduce numerous small shareholders, institutions typically first set up an SPV, which then uniformly invests in the target company.

For example, so-called "early participation in Anthropic or OpenAI share subscriptions" in the market essentially involves investors first contributing capital to an SPV, which then purchases the unlisted equity of Anthropic or OpenAI.

Currently, most pre-IPO stock token platforms (such as Prestock) adopt the SPV structure.

The platform or its partners will register an SPV in a certain jurisdiction. The sole purpose of this SPV is to buy original Anthropic shares in the secondary market (usually from employees or early investors).
The platform will then issue derivative tokens on-chain (e.g., ANTHROPIC or OPENAI), which are legally defined in agreements as "claims to the economic benefits of that SPV."
Theoretically, these tokens are 1:1 pegged to the original shares. For every token issued, the underlying SPV should hold a corresponding share of stock.

The problem now is that Anthropic and OpenAI have now explicitly stated they 'do not recognize unauthorized stock transfers.' This means if an SPV transfers stock without board approval (which is highly unlikely to be granted), the stock held by that SPV may be considered invalid in the eyes of Anthropic and OpenAI. If the stock held by the SPV is invalid, then the "economic benefits" referenced by the on-chain tokens become worthless.

The Risk of SPV "Nesting"

A significant reason for Anthropic and OpenAI's strong opposition to SPVs is the growing risk of over-financialization as their pre-IPO stock tokens continue to be hotly traded (Anthropic's pre-IPO valuation once soared to $1.4 trillion, far exceeding its last funding round valuation).

Among these risks, the "nesting" of SPVs is most concerning — many investors buying pre-IPO stock tokens believe they are purchasing company shares, but are actually only buying claims to the economic benefits of an SPV. More exaggeratedly, many SPVs do not directly hold Anthropic's original shares but are instead nested two or three SPV layers down.

This "nesting" structure is, in fact, very dangerous.

Legal Transparency Issues: With each additional layer, the authenticity of the underlying assets becomes more blurred. Investors find it difficult to confirm whether the bottom-most SPV has actually obtained the company's board transfer approval.
Management Fee Exploitation: Each layer of SPV charges management fees, performance fees, and dividends. After layer-by-layer skimming, investors' actual returns are severely diluted.
Zeroing Risk: If the equity transfer at any layer is deemed "invalid" by Anthropic, the entire value chain could instantly collapse.

Whether for reputational reasons or investor protection, Anthropic and OpenAI clearly do not want to see this situation.

Pre-IPO Stock Tokens Plummet, Contracts Remain Relatively Stable

Once the announcements from Anthropic and OpenAI spread, the market immediately reacted.

ANTHROPIC on PreStocks plunged sharply, falling below $1,000 at its lowest, temporarily reported at $1,082 as of 12:00, down 20.62% for the day; OPENAI was temporarily reported at $1,440, down 26.82% for the day.

Investor panic is easily understood. Since Anthropic and OpenAI explicitly stated they do not recognize unauthorized shareholdings, the "rights" behind these tokens face the probability of becoming "worthless paper." Holders may confront significant claim validation risks and legal litigation costs.

Interestingly, while pre-IPO stock tokens came under pressure, another type of pre-IPO stock trading product performed relatively stably — pre-IPO contracts that rely entirely on market-driven bilateral betting. The reason for this is that such products do not hold any real stock; Anthropic and OpenAI's restrictions have no effect on them. They are essentially "bilateral betting pools" on future IPO prices, relying on price competition between buyers and sellers.

Predictions for Future Direction

In response to Anthropic and OpenAI's "non-recognition" statements, two distinctly different voices have emerged in the industry.

Some believe the logic of pre-IPO tokenized stock trading is dead. If headliners like Anthropic and OpenAI are leading the charge to ban SPVs, other giants may follow suit. With equity backing being questioned, the value of so-called pre-IPO stock tokens is in doubt.

However, others, including Rivet founder Nick Abouzeid, believe this is not a cause for alarm. Trading pre-IPO stock tokens through unofficial channels was always a gamble; buyers should have had the awareness from day one that the "company might not recognize" the shares. What you lack is direct investment opportunity; obtaining that opportunity through other channels always carries certain risks.

In summary, at a time when premiums for pre-IPO stock tokens have continued to expand and market sentiment has grown increasingly feverish, Anthropic and OpenAI's statements undoubtedly pour cold water on the entire sector.

Over the past few months, more and more investors have begun viewing pre-IPO stock tokens as a 'low-barrier channel to participate in the growth of top AI companies.' Valuations for some AI-concept pre-IPO stock tokens have significantly detached from reality, with even crazy speculation far exceeding the valuations of the last funding rounds. Against this backdrop, the public "debunking" by Anthropic and OpenAI, in a way, is also about redrawing the boundaries for this wildly growing new market.

For speculators, this is a lesson in risk; but for the long-term development of the industry, the market may also need such a moment of "de-bubbling."

Perguntas relacionadas

QAccording to the article, what did Anthropic and OpenAI announce regarding unauthorized stock transfers?

ABoth Anthropic and OpenAI announced that any sale or transfer of their company stock without board approval is unauthorized and invalid. They will not recognize such transactions on their books, meaning buyers of such shares will not be considered shareholders and will have no shareholder rights.

QWhat is an SPV, and how was it typically used in the pre-IPO stock token market as described?

AAn SPV (Special Purpose Vehicle) is a legal entity created for a specific transaction or investment. In the pre-IPO token market, platforms would use an SPV to purchase company stock (e.g., from employees). They would then issue tokens on a blockchain, which represented a claim on the economic benefits of that SPV, theoretically 1:1 with the underlying shares.

QWhy does the article consider the multi-layered 'nesting' of SPVs particularly risky?

AMulti-layered 'nesting' of SPVs is risky because it obscures the transparency of the underlying asset, makes it hard to verify if the transfer was authorized, involves multiple layers of fees that dilute investor returns, and creates a chain where if any one transfer is deemed invalid by the company, the entire value chain can collapse.

QHow did the market react to the announcements from Anthropic and OpenAI, particularly concerning different types of pre-IPO products?

AThe market reacted negatively to pre-IPO stock tokens based on SPV structures. For example, ANTHROPIC and OPENAI tokens on PreStocks saw significant price drops (over 20%). However, pre-IPO contracts, which are purely speculative bilateral bets on future IPO prices and do not hold actual stock, remained relatively stable as they were unaffected by the companies' transfer restrictions.

QWhat are the two contrasting viewpoints presented in the article regarding the future of the pre-IPO stock token market after these announcements?

AOne viewpoint is that the logic behind pre-IPO token trading is dead, as other major companies might follow Anthropic and OpenAI's lead, undermining the value of tokens without recognized underlying equity. The other viewpoint, from figures like Nick Abouzeid, is that this was always a known risk when buying through unofficial channels, and investors should have been aware that the company might not recognize such holdings from the start.

Leituras Relacionadas

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

The AI boom is facing an unexpected bottleneck: a severe shortage of skilled construction workers and electricians. As tech giants like Meta, OpenAI, and Alphabet race to build massive data centers—such as OpenAI's $16 billion "Stargate" project—they are hitting a critical labor wall. The U.S. needs an estimated 130,000 more electricians, 240,000 construction workers, and 150,000 supervisors by 2030 for AI infrastructure alone, but tens of thousands of electrician jobs go unfilled each year. While AI companies offer high premiums, with electricians earning up to $280,000 annually, worker scarcity still causes massive losses—delays on a single project can cost $14.2 million per month. The complexity of building AI data centers, which require immense power (equivalent to powering hundreds of thousands of homes), sophisticated electrical systems, and advanced liquid cooling solutions, demands highly skilled technicians who are in short supply. To combat this, companies are investing heavily in training. Meta has committed $115 million to a free training school offering tuition, housing, and stipends, targeting 5,000 new workers. OpenAI is partnering with unions to secure skilled labor. These efforts are paying off, with a significant rise in Gen Z interest in trade schools over college. However, the power demands are staggering. AI data centers are driving a rapid surge in electricity consumption, projected to account for up to 12% of U.S. power use by 2028 and raising costs for consumers. Furthermore, the construction boom is project-based, leading to a potential future glut of trained workers once building peaks, which could depress wages industry-wide. The race for AI supremacy now depends as much on skilled hands as on advanced chips.

marsbitHá 19m

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

marsbitHá 19m

OpenAI No Longer Sells Its Most Expensive Model for Profit

OpenAI is shifting its business strategy away from promoting its most expensive, flagship models for every task. Recent price cuts—80% for GPT-5.6 Luna and 20% for Terra—signal a deeper change: the company now actively advises users that many tasks don't require the most powerful model. Instead, OpenAI recommends a tiered approach: use the high-end GPT-5.6 Sol for complex planning and analysis, then delegate execution to cheaper models like Luna. This mirrors moves by Anthropic, which recently launched Claude Opus 5 at half the price of its top model, Fable 5. Both companies are de-emphasizing flagship models as primary revenue drivers, using them instead for brand prestige and technological showcases. The industry is entering a "mass-market" phase, similar to automotive, where high-volume, cost-effective models handle daily operations and drive scale. OpenAI's price reductions are partly enabled by AI models themselves optimizing underlying code and infrastructure, creating a self-reinforcing cycle of efficiency gains and cost reduction. Competition is shifting from "who is smartest" to "who offers the best value." The goal is no longer selling individual models but fostering widespread API adoption and ecosystem lock-in. By making AI calls cheap and ubiquitous, companies like OpenAI aim to become the indispensable, utility-like infrastructure powering automated workflows—the "water and electricity" of software, quietly embedded everywhere.

marsbitHá 19m

OpenAI No Longer Sells Its Most Expensive Model for Profit

marsbitHá 19m

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

Coldcard hardware wallet users are facing a new wave of coordinated attacks targeting a firmware flaw, with researcher Alex Thorn flagging 218 recent transactions moving approximately 389 Bitcoin from potentially impacted addresses. The attack pattern shows a high rate of transactions targeting unique victim addresses, differing from previous waves. The vulnerability, which causes affected devices to generate weaker wallet seeds, is estimated to have impacted over 1,100 wallets, leading to around $90 million in Bitcoin stolen. Thorn advises affected users who control their keys may attempt to move funds with a higher-fee transaction before the attacker's transactions are confirmed.

cointelegraphHá 26m

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

cointelegraphHá 26m

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

Bitcoin miners are capitulating as evidenced by a sustained drop in network hash rate and a record-steep 19.9% decline in mining difficulty, signaling the shuttering of unprofitable machines. However, in a significant divergence from historical patterns, the stocks of publicly traded mining companies have soared, with one major player gaining over 430% in the past year, even as BTC's price fell roughly 46%. This surge is largely attributed to these companies pivoting toward the more lucrative AI narrative. Simultaneously, miners face a structural squeeze. Daily block reward revenue in BTC terms has hit a new all-time low following the latest halving, with current dollar-denominated daily revenue around $30 million compared to a longer-term average of ~$40 million. Fee revenue remains negligible, covering less than one block's subsidy over a 28-day average and accounting for only about ten minutes of the network's daily security budget. This capitulation cycle is unique: miner stress and crypto price weakness have decoupled due to alternative revenue streams (AI), while the long-term reliance on increasing bitcoin prices to offset shrinking subsidies continues, with fee income still far from filling the impending gap.

marsbitHá 29m

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

marsbitHá 29m

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

The market's expectation for a September Fed rate hike surged dramatically in early August, jumping from under 50% to over 80% within a week. This shift followed a contentious July FOMC meeting, where a 9-3 vote to hold rates revealed growing dissent from hawkish members advocating for an immediate hike to combat persistent inflation. The primary catalyst for this repricing is rising oil prices, driven by renewed geopolitical tensions around the Strait of Hormuz, which threaten global supply. Energy costs directly influence inflation metrics, making the upcoming July CPI report (due August 12th) a critical data point. If it shows inflation reaccelerating, the probability of a September hike will solidify. For Bitcoin and crypto assets, this is typically bearish news. Bitcoin continues to behave as a high-beta, liquidity-sensitive risk asset. A rate hike raises the opportunity cost of holding non-yielding assets and could drive capital toward money markets, pressuring crypto prices in the short term. However, historical patterns suggest that if a hike is perceived as the end of a tightening cycle rather than the start, any negative price impact may be brief. U.S. stocks, particularly crypto-linked equities like Coinbase and growth-oriented tech stocks, are also vulnerable. Higher rates increase discount rates in valuation models, putting pressure on high-multiple companies. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditure to tangible revenue and cash flow generation. Companies with negative cash flow and weak growth narratives could face heightened volatility if borrowing costs rise in September. In summary, a September Fed hike has evolved into a mainstream market scenario. Key factors to watch are oil prices, the July CPI report, and Fed communications, which will determine the final decision and its impact on volatile crypto and equity markets.

marsbitHá 29m