Anthropic and OpenAI have banned secondary trading of their shares, requiring board approval for any transactions. Market reactions followed swiftly.
Anthropic and OpenAI have revised their policies to prohibit the secondary trading of their shares, requiring board approval for any sales or transfers.
According to the new regulations, any transaction involving the transfer of securities without explicit consent from the board is deemed invalid, meaning the buyer will not be recognized as a shareholder and will not gain any associated rights.
Both companies have outlined a range of prohibited transaction types, including direct sales, special purpose vehicles (SPVs), tokenized equity shares, and forward contracts. SPVs, which are created to hold shares of private companies and facilitate capital raising, have been frequently used as a means to acquire shares in non-public firms.
The new rules state that if the initial funding transfer to an SPV lacks board approval, the entire transaction chain becomes invalid. Anthropic has specifically named several entities that are blocked from facilitating such transactions, including Open Door Partners and Forge Global, with the latter being noted as a major player in the secondary trading of private company shares.
"We are working with Anthropic to remove Forge's name from this warning. Our company does not facilitate transactions involving shares of any private companies without explicit approval from the firm," Forge Global stated.
Market Response
Following the announcements from both companies, their tokens saw significant declines on the PreStocks platform, with Anthropic's token dropping from $1400 to $873 and OpenAI's from $2000 to $1080.
In recent years, various crypto firms have introduced investment products that provide access to shares of private companies, often through perpetual futures that track the value of these firms without conferring actual ownership.
Motivation Behind the Ban
The decision to ban secondary trading comes on the heels of a board-approved tender offer by OpenAI in October 2025, which allowed current and former employees to sell shares worth up to $30 million. This event saw over 600 individuals collectively cash out $6.6 billion, prompting concerns about the need for tighter control over secondary sales.
OpenAI had previously raised the individual cap from $10 million to $30 million to address dissatisfaction among key researchers. The new restrictions aim to maintain control over secondary sales, a right that private firms are keen to protect, while also closing off avenues for investors seeking access to the burgeoning revenues of AI startups.
