Solana Investor Appetite Drives 78% Share of Pre-IPO Tokens
PreShares on Solana has captured 78% of all buying and selling quantity in pre-IPO OpenAI and Anthropic tokens, in accordance with a brand new Allium Labs report. The platform has processed $414.7 million in quantity since its September 2025 launch.
Three venues monitor publicity to the 2 synthetic intelligence (AI) labs forward of anticipated preliminary public choices (IPOs). Rival platform Ventuals wound down its Hyperliquid markets on June 15. Solana now dominates the house that continues to be.
PreShares on Solana Widens Its Lead
Combined quantity throughout all three venues reached $532.1 million since inception, Allium Labs found. PreShares alone accounts for $414.7 million of that whole. Ventuals’ Hyperliquid shutdown left it with $114.1 million, or 21% of the mixed determine. Positions closed on June 15.
PreShares generated $2.4 million in recent buying and selling over the past 30 days. Ventuals’ $11 million determine, in distinction, displays the one-time unwind of its closing positions relatively than new exercise. Total quantity throughout all three venues reached $15.2 million over the past 30 days. Active buying and selling alone amounted to simply $4.2 million as soon as the Ventuals unwind is excluded.
Meanwhile, the sample echoes SpaceX tokens on Solana, the place onchain venues absorbed buying and selling curiosity forward of a Nasdaq itemizing.
Investor Appetite Builds Around Pre-IPO Exposure
PreShares tokens monitor pre-IPO share worth by particular goal car (SPV) constructions. Holders can commerce that publicity across the clock. Solana’s function displays a broader shift, as tokenized real-world property more and more settle there earlier than reaching public markets.
The construction held up higher after May 13, when OpenAI and Anthropic each rejected unauthorized transfers of worker shares. As a end result, that call weakened the authorized foundation for tokens relying on share recognition.
Perpetual futures and prediction markets, nonetheless, don’t declare underlying shares. The May ruling largely spared them. Traders have proven an analogous urge for food for pricing SpaceX before its IPO, weighing the identical questions SpaceX pre-IPO investors confronted earlier than that itemizing.
Anthropic’s tokenized shares have beforehand implied valuations far above personal funding rounds. That hole underscores how skinny these markets stay.
That urge for food extends past pre-IPO tokens. BlackRock, the world’s largest asset supervisor with $15 trillion in property below administration (AUM), filed with the SEC to difficulty tokenized fund shares on Solana. The submitting accompanies the launch of the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a money administration product constructed to carry stablecoin reserves onchain.
Institutional demand for Solana-based merchandise now sits alongside the retail urge for food driving PreShares and its rivals.
Allium Labs cautioned that every day quantity on quieter days has stayed close to $100,000. That is skinny sufficient for costs to diverge sharply from precise funding spherical phrases. Therefore, whether or not PreShares on Solana can maintain its lead as soon as an IPO submitting arrives stays an open query.
A near-term OpenAI or Anthropic itemizing would take a look at that thesis immediately.
The publish Solana Investor Appetite Drives 78% Share of Pre-IPO Tokens appeared first on BeInCrypto.
