{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T14:08:32Z","timestamp":1785334112677,"version":"3.55.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>I document the price response of four Solana-based tokenized pre-IPO claims to a sequence of three events in May 2026. Anthropic published an investor notice on 11 May 2026 stating that share transfers without board approval are void; OpenAI issued similar language on 12 May 2026. Both notices named secondary platforms whose offerings the issuers do not recognize. Within 24 hours of each notice the directly-named tokens fell sharply-the Anthropic token reached a trough approximately 38 percent below its 72-hour-prior baseline and the OpenAI token approximately 40 percent below-and at 72 hours after the 12 May reference both tokens remained 10 to 25 percent below baseline. On 13 May 2026, Anduril Industries announced a $5 billion Series H funding round at a $61 billion valuation, more than double its Series G valuation. The Anduril tokenized claim, traded on the same platform but not named in either notice, fell to a trough approximately 42 percent below baseline before the announcement and did not recover after. A SpaceX tokenized claim on the same platform fell approximately 9 percent at trough and stabilized within 3 percent of baseline. On-chain circulating supplies of the four tokens, queried directly from the Solana mainnet, are small in absolute terms-between 2,003 and 14,391 tokens per name-generating on-chain market capitalizations several orders of magnitude below the platformreported implied valuations cited in industry coverage. The cross-asset price response and the supplyversus-implied-valuation gap are both consistent with a credibility shock to the wrapping infrastructure that prices tokenized claims in the event window without responding to a doubling of one underlying firm's primary-market valuation. I discuss implications for the pricing of synthetic pre-IPO exposure instruments.<\/jats:p>","DOI":"10.2139\/ssrn.6770578","type":"posted-content","created":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:31:16Z","timestamp":1785331876000},"source":"Crossref","is-referenced-by-count":0,"title":["Disavowal and Decoupling: Tokenized Pre-IPO Claims in May 2026"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:31:16Z","timestamp":1785331876000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6770578"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6770578","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}