May 12, 2025 — Anthropic, the artificial intelligence company behind the Claude large language model, today updated its legal and privacy documentation to explicitly prohibit the unauthorized tokenization and sale of its private shares. The move comes as secondary market platforms continue to offer fractional stakes in privately held AI firms without official consent.
In a revised section of its support pages, Anthropic stated: “Any third-party offering of Anthropic shares, whether tokenized or otherwise, is not authorized by the company. Investors should be aware that such transactions lack our endorsement and may expose purchasers to fraud or legal risk.”
Sources close to the company confirmed that the warning targets a growing trend of unregulated tokenized stock sales, where private shares are converted into digital tokens and traded on decentralized exchanges.
Background
Anthropic, valued at over $18 billion as of its last funding round, restricts transfers of its common stock to existing shareholders and accredited investors under a private placement agreement. However, intermediaries have begun tokenizing these shares, effectively allowing retail traders to buy fractions of Anthropic equity.
Secondary market platforms such as Forge Global and Hiive have seen a surge in demand for AI-related stocks, including Anthropic and its rival OpenAI. But tokenized offerings often bypass standard securities laws, raising concerns about investor protection and corporate control.
What This Means
Jonathan Cain, a securities lawyer at Morrison & Foerster, called the warning a “shot across the bow” for tokenized share platforms. “By updating its terms, Anthropic is clearly stating that any tokenized sale of its stock is unauthorized. This could lead to cease-and-desist letters or even legal action against the platforms and the investors involved.”
For investors, the risk is significant. Tokenized shares often come with no voting rights, no guaranteed liquidity, and minimal recourse if the original company decides to repudiate the sale. “Buying a token that claims to represent Anthropic stock is not the same as holding an actual share—and Anthropic has just made that crystal clear,” added Aayush Gupta, a fintech analyst at PitchBook.
The development also adds pressure on regulators. The Securities and Exchange Commission (SEC) has yet to issue sweeping guidance on tokenized private securities, leaving companies like Anthropic to self-police. “Until the SEC steps in, firms are forced to rely on contractual language and cease-and-desist notices to protect their cap tables,” Gupta noted.
Anthropic did not specify whether it plans to seek legal remedies against specific platforms. However, the company’s terms now state that “unauthorized transfers may be deemed void” and that the company “reserves the right to refuse to register any such transfer on its books.”
The warning comes just weeks after a similar notice from OpenAI, which updated its own policies to ban tokenized share sales. Industry observers see a pattern emerging: major AI startups are tightening control over secondary market activity as their valuations soar and employee liquidity needs grow.
For now, investors interested in Anthropic equity must purchase shares directly from the company or through approved secondary transactions. Any tokenized offering should be treated as highly speculative and, in light of today’s update, potentially non-binding.