Anthropic tokens keep trading interest as early sale ban holds

Thousands of crypto traders still hold tokenized ANTHROPIC pre-IPO shares, in a risky bid for early ownership and high returns. The recent decision of Anthropic to clear unauthorized buyers from its IPO list, however, questions the real value and backing of the currently traded tokens.

Anthropic’s pre-IPO shares, tokenized on Solana, were one of the most actively traded in its asset class, alongside SpaceX pre-IPO tokens. 

As Cryptopolitan reported earlier, Anthropic made all secondary market trades void for its pre-IPO token sales. This means all special purpose vehicle (SPV) purchases may be void. 

The recent pre-IPO rush coincides with a general shift to tokenization, as traders seek exposure beyond pure crypto assets. 

ANTHROPIC still trades on Solana

ANTHROPIC is one of the high-profile tokenized pre-IPO stocks on Solana. As of May 18, the token has 3,663 on-chain owners. Most of the supply is held by whales or market makers, as it still behaves like a niche asset.

ANTHROPIC mostly relies on various Meteora trading pairs, essentially trading similar to meme tokens or other risky assets. Following Anthropic’s announcement, the token slid from its peak above $1,400 down to around $956.89.

Tokenized shares are still trading way above the Forge retail price of $254.57, due to the more speculative nature of Meteora liquidity pairs. ANTHROPIC retains just $1.7M in liquidity, potentially going through bigger price swings.

Overall, pre-IPO shares lost some of their previously inflated valuations. Traders have not given up on this asset class, and still value SpaceX (SPCX) at $11.78B. On Solana, SPCX shares are priced at around $161 after the 1:5 split.

Will tokenized ANTHROPIC remain useless?

For now, the tokenized assets have not seen total capitulation. Traders may be more cautious of tokenized pre-IPO shares, but the platforms still offer a tool for price discovery.

ANTHROPIC still achieves around $1M in trading volumes and serves as a prediction market for the actual IPO price.

PreStocks, the issuer of ANTHROPIC on Solana, has tried to calm the markets by exposing its approach to acquiring shares before the actual sale. PreStocks claimed it avoids low-tier SPV, instead relying on approved offshore buyers.

The company also tries to diversify across SPVs to achieve the best share of actual ANTHROPIC shares at launch. 

“At PreStocks, we mitigate counterparty risk by avoiding 3rd or lower layer SPVs, verifying actual ownership up to the cap table, and vetting and reference checking fund managers before tokenization,” explained the team in an X post.

The company assured traders that ANTHROPIC and all other pre-IPO tokens remain fully backed according to the terms and conditions, and trading will continue to operate normally.

PreStocks uses Reg S debt instruments issued outside the US, and only available to offshore users. This way, traders gain economic exposure without using SPVs. Minting and redemption require KYC and eligibility screening, meaning the platform has not allowed unvetted traders to rush in on pure hype. This differentiates ANTHROPIC tokens from unbacked memes.

For now, the biggest risk for ANTROPIC is price volatility, as whales take profits. The biggest holder of ANTHROPIC has sold some of the tokens in the past few days, contributing to the price correction.

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