Anthropic has updated the privacy and legal section of its support documentation today, May 12, with a direct warning against unauthorized sales of its private stock.
In its updated terms, the AI developer, known for creating the LLM Claude, states that any third-party offering of Anthropic shares, whether in the form of tokenized securities, special purpose vehicles (SPVs), or forward contracts, should be considered void and will not be recognized by the company. Anthropic also noted that all share transfers require explicit Board of Directors approval.
The updated policy explicitly lists eight firms it says are not authorized to buy or sell Anthropic shares: Open Door Partners, Unicorns Exchange, Pachamama, Lionheart Ventures, Hiive, Forge, Sydecar, and Upmarket.
That covers both on-chain and traditional secondary market venues. Jupiter's PreStocks and Ventuals are not named, but presumably also fall under the broader SPV and tokenized securities prohibition.
RedStone co-founder Marcin Kazmierczak put numbers to the valuation disconnect in an X post this morning, noting that on PreStocks, tokenized Anthropic shares implied a $1.5 trillion valuation. “Anthropic's last priced round in February closed at $380B post-money. The on-chain mark was effectively 4x the most recent negotiated price, on a venue holding 0.0015% of the market cap it was implying," Kazmierczak wrote.
RedStone’s co-founder concluded that pricing private equity needs a different approach than pricing assets like Bitcoin or Ethereum: "illiquid assets need a different methodology. Primary sources. Last verified funding round. Authorized secondary trades."
Meanwhile, Securitize recently partnered with Computershare to enable Issuer-Sponsored Tokens representing direct equity ownership — authorized by the issuer, with no SPV intermediary.
"Tokenization of equities is happening," Kazmierczak wrote on X. "The question is whether it gets built on authorized rails with proper pricing infrastructure."
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.