Anthropic said unauthorized tokenized investment products tied to its private shares and SPV-based structures may be invalid.
The company said acquisitions of Anthropic shares through SPV structures, related share transfers and offerings such as pre-IPO products to retail investors are not permitted.
CoinDesk said Anthropic’s implied valuation on PreStocks exceeded $1.5 trillion, while the platform’s actual assets were only about $23 million.
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Anthropic has warned investors against tokenized products tied to its private shares, saying unauthorized share transfers or structures using special purpose vehicles, or SPVs, may be invalid.
CoinDesk reported on May 12 that Anthropic said in an updated investor notice that any transfer of its shares or share-related rights without company approval is void and will not be recognized on the company’s books.
Anthropic also said investors are not allowed to acquire its shares through SPVs.
Purchases of Anthropic shares through SPVs are prohibited, the company wrote, and any related share transfer is also invalid. It added that proposals using SPV structures to offer participation in past or future funding rounds are not permitted.
Anthropic said third parties claiming to offer its shares to retail investors through direct sales, forward contracts or tokenized securities may be fraudulent or worthless.
The warning comes as crypto platforms launch more products offering exposure to private technology companies, fueling legal debate over such structures.
Some exchanges and platforms are offering pre-IPO investment products tied not only to Anthropic, but also to private companies including SpaceX and Polymarket.
The structures vary. Some are derivatives that do not hold the underlying shares and instead track prices linked to company valuations. Others use SPVs or secondary-market stakes to provide exposure to private shares.
CoinDesk highlighted PreStocks, where Anthropic’s implied valuation recently exceeded $1.5 trillion. The platform’s actual assets, however, are only about $23 million.
Some in the industry say token prices formed in thin trading could be mistaken for a company’s actual valuation. For private companies, that can complicate the management of investor expectations and market perception.
John Montague, a Florida-based lawyer specializing in digital assets, told CoinDesk that private companies could sue by arguing such structures violate corporate charters or shareholder agreements. Controlling the terms of share transfers is the issuer’s right, he said.