Anthropic Issues Warning Against Unauthorized Tokenized Shares

Anthropic, the AI developer known for its Claude language model, has firmly opposed the unauthorized sale of its private equity. On May 12, the company updated its terms of service, stating that any third-party offerings of its shares, including tokenized securities and special purpose vehicles (SPVs), will not be accepted. This decision follows recent market activities revealing a significant gap between actual valuations and tokenized market representations.

In its revised policy, Anthropic identifies several firms, such as Open Door Partners and Unicorns Exchange, as unauthorized to buy or sell its shares. This ban extends to both traditional secondary markets and on-chain transactions, aimed at protecting the integrity of its equity. The company underscored the need for explicit approval from its Board of Directors for any share transfers, reinforcing its control over equity distribution.

The warning comes as industry experts have noted inflated valuations of Anthropic's shares in secondary markets. RedStone co-founder Marcin Kazmierczak pointed out that shares on the PreStocks platform suggested a staggering $1.5 trillion valuation for Anthropic, a stark contrast to its most recent funding round, which valued the company at $380 billion post-money. This disparity indicates that the on-chain market was valuing Anthropic at nearly four times its agreed valuation, based on a venue that represented only 0.0015% of the market cap it suggested.

Kazmierczak emphasized that pricing illiquid assets like private equity requires a fundamentally different approach than more liquid assets such as Bitcoin or Ethereum. He highlighted the need to rely on primary sources, verified funding rounds, and authorized secondary trades to determine accurate valuations. His remarks reflect a growing concern about the methods used to price private equity in a digital context, especially as tokenization becomes more common.

In a related development, Securitize has partnered with Computershare to facilitate issuer-sponsored tokens, allowing for direct equity ownership without an intermediary. This shift toward authorized tokenization of equities indicates that while the concept is gaining momentum, the infrastructure for accurate pricing and regulation remains essential. Kazmierczak remarked, "The question is whether it gets built on authorized rails with proper pricing infrastructure."

As tokenized equities continue to evolve, companies like Anthropic are clearly defining their boundaries to protect their valuations and maintain control over equity distribution. This clarification of ownership policies may signal a broader trend in the tech and finance sectors as stakeholders navigate the implications of digital assets on traditional equity frameworks. The situation is developing and merits close attention, as it could establish precedents for managing private equity in an increasingly digital marketplace.