On Tuesday, both Anthropic and OpenAI issued strict stock transfer policies declaring any sale or transfer of company stock without explicit board approval as void—not voidable, but entirely null. The move sent shockwaves through secondary markets and tokenized equity platforms, causing immediate price crashes for their tokenized shares.
Anthropic published a list of unauthorized platforms, including regulated marketplaces Forge Global and Hiive, along with SPV-based and tokenized offerings. The company stated unequivocally that buyers would not be recognized as shareholders and would have “no rights.” OpenAI’s language mirrored this, warning that unauthorized transfers carry “no economic value.”
The impact hit the tokenized market instantly. On the Solana-based SPV platform PreStocks, the Anthropic token plunged from $1,400 to $900, while the equivalent OpenAI token crashed from $1,400 to $900 within 24 hours. The companies specifically targeted special purpose vehicles (SPVs), forward contracts, and tokenized interests—mechanisms commonly used to bypass direct transfer restrictions.
The crackdown underscores the growing tension between private AI companies’ control over their cap tables and the expanding secondary trading ecosystem. Analysts noted that valuations on platforms like Forge—where Anthropic’s implied valuation hit roughly $1 trillion—may now be meaningless if the underlying transfers lack board consent.
The only legitimate transaction cited was OpenAI’s board‑authorized $6.6 billion tender offer in October 2025, where employees sold vested shares to institutional buyers such as Thrive Capital, SoftBank, and T. Rowe Price. Meanwhile, Robinhood’s recent $75 million purchase of OpenAI common stock through a special purpose vehicle remains unconfirmed by the company, leaving its validity in question. Anthropic’s rapid revenue growth to $30 billion annually, driven by Claude Code, has intensified investor demand—making Tuesday’s announcements a definitive attempt to nail side doors shut.
