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.
The token’s market capitalization now sits around $6.65 million with a supply of approximately 9,550 tokens. At the current price, the implied valuation for Anthropic works out to roughly $1.14 trillion.
Broader market headwinds pile on
Anthropic’s legal salvo was not the only thing weighing on the token. US government actions in mid-June introduced fresh regulatory scrutiny toward Anthropic’s advanced AI models, creating a second wave of selling pressure across tokenized products linked to the company.
On Hyperliquid, perpetual contracts tied to Anthropic saw a 3.7% decline around June 13. Cumulative trading volume for the ANTHROPIC token has exceeded $203 million, with limited liquidity compared to traditional equity markets.
The broader contraction of nearly 30% across the tokenized equity space during this period suggests the Anthropic situation is not purely idiosyncratic.
What this means for investors
For anyone holding the ANTHROPIC token, Anthropic has made its position clear: these transfers are, in the company’s view, void. What was once a speculative play on AI valuations is now a speculative play on AI valuations plus legal uncertainty plus regulatory exposure.
The implied $1.14 trillion valuation also warrants skepticism. Even the most optimistic private market transactions for Anthropic have not placed the company anywhere near that figure, suggesting the token’s price discovery mechanism may be disconnected from reality.