Tokenized pre-IPO shares remain a hot sector in crypto, with Anthropic’s tokenized shares continuing to trade actively on Solana despite the company’s move to void unauthorized secondary market purchases. Meanwhile, SpaceX pre-IPO perpetual futures launched on Hyperliquid under the SPCX ticker, drawing $33 million in volume in the first day.
The Anthropic token, representing exposure to the AI firm’s future public listing, dropped from a peak above $1,400 to around $956 after Anthropic declared all SPV-based secondary trades void. However, with 3,663 on-chain holders and $1.7 million in liquidity, the asset remains far above the Forge retail price of $254.57, according to Dune Analytics. The issuer, PreStocks, responded by explaining its use of Reg S debt instruments and offshore buyers to avoid low-tier SPVs, reassuring traders that tokens are fully backed.
In the derivatives market, the SpaceX synthetic perpetual (SPCX) went live on Hyperliquid with prices surging from $150 to $200, implying a $2.2 trillion valuation for the private company. The contract uses oracle price feeds and funding rates to track SpaceX’s estimated share price. Aster, another DEX, quickly followed with its own SPCX perpetual offering up to 5x leverage. The launch drove a 6% rally in Hyperliquid’s HYPE token, with weekly gains extending to nearly 10% and 24-hour trading volume nearing $700 million.
Both events highlight the growing demand for tokenized real-world assets (RWAs) and the blurring line between traditional equity and crypto derivatives, even as regulatory and counterparty risks persist.
