PreStocks on Solana now handles nearly four out of every five dollars traded in pre-IPO tokens for OpenAI and Anthropic. Since its September 2025 launch, the platform has processed $414.7 million in volume — 78% of the $532.1 million total across all three venues offering such tokens. The remaining $114.1 million sits with rival Ventuals, which wound down its Hyperliquid markets on June 15.
The volume breakdown
PreStocks generated $2.4 million in fresh trading over the last 30 days. Ventuals reported $11 million in the same period, but that figure is misleading — it reflects the one-time unwind of closing positions, not active trading. Strip that out, and combined active volume across all three venues was just $4.2 million. The third platform, unnamed in the data, accounts for the rest.
PreStocks tokens track pre-IPO share value through special purpose vehicle (SPV) structures. They trade 24/7 on Solana, giving investors a way to bet on companies like OpenAI and Anthropic before they go public. That model has attracted serious volume, but it also carries risks.
Legal cloud over token structure
On May 13, OpenAI and Anthropic rejected unauthorized transfers of employee shares. That decision weakens the legal basis for tokens that depend on share recognition — if the companies won't honor transfers, the SPV structure becomes harder to enforce. Perpetual futures and prediction markets were largely spared because they don't claim underlying shares. PreStocks' model, which does rely on that claim, now faces more uncertainty.
BlackRock's Solana bet
While the pre-IPO token market sorts itself out, BlackRock has moved deeper into Solana. The asset manager, with $15 trillion under management, filed with the SEC to issue tokenized fund shares on the blockchain. It also launched the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) on Solana. That's a different kind of tokenization — regulated, institutional, and backed by real assets. It doesn't directly compete with PreStocks, but it signals that Solana's infrastructure can support serious financial products.
The pattern of pre-IPO token trading on Solana echoes what happened with SpaceX tokens before its Nasdaq listing. Those tokens also traded on Solana, and they saw similar volume spikes before the actual IPO. Whether OpenAI or Anthropic will follow that path is an open question.
Liquidity concerns
Allium Labs, a data firm, cautioned that daily volume on quieter days has stayed near $100,000. That thin liquidity means prices can diverge sharply from actual funding round terms. A token might trade at a premium or discount that has little to do with the company's latest valuation. For investors, that's a risk — especially if they need to exit quickly.
PreStocks has the dominant share now, but the legal and liquidity challenges haven't gone away. The May 13 rejection from OpenAI and Anthropic still hangs over the market. And with Ventuals winding down, the ecosystem is consolidating. The next test will be whether PreStocks can sustain its volume without relying on a single rival's collapse.
