The PreStocks token that offers synthetic exposure to Anthropic shares has cratered roughly 28.6% over the past 30 days, trading at approximately $697 as of June 15. What started as a novel way to bet on one of the hottest private AI companies has turned into a cautionary tale about what happens when the actual company tells the market your product might be legally worthless.
The catalyst was a formal warning Anthropic issued around May 12, stating that unapproved share transfers, including tokenized instruments, are considered void. In plain English: Anthropic told the world that these tokens have no legitimate claim on actual equity.
The warning that broke the floor
Within the first week after Anthropic’s announcement, the ANTHROPIC token dropped by roughly 34%. Some reports indicated declines of up to 50% at the worst moments.
The token operates on the Solana blockchain through PreStocks, a platform that structures synthetic exposure to private company equity via a Special Purpose Vehicle, or SPV. The idea is straightforward: investors who can’t access Anthropic’s private shares directly can instead buy tokens that theoretically track the company’s valuation.
