Solana-based PreStocks fell sharply after Anthropic renewed its warning about unauthorized share transfers tied to its stock. These tokens are meant to link to private companies before they go public, so pricing depends on how clearly they map to a claim on the underlying equity. When Anthropic tightened its language around transfer restrictions, traders questioned whether any Anthropic-linked token could reliably track that claim, and the market dropped 27% in a matter of hours.
That gets to the core risk in tokenized pre-IPO products: when the connection between the token and the underlying private shares looks uncertain, pricing can break down fast — especially in a small market.