Anthropic tokenized pre-IPO volume hits $643M, but liquidity test looms
Anthropic-linked pre-IPO perpetual contracts traded $643 million across 12 crypto venues through Sept. 21, with about $80 million in open interest. Binance currently prices its contract from trading activity, but says it may gradually switch to a stock-linked benchmark after Anthropic lists and a stable index is available. That shift could change traders’ gains, collateral and liquidation levels if the crypto-implied valuation differs from the public share price. Anthropic filed confidentially in June, though its IPO may be delayed beyond November’s US midterm elections. SpaceX’s listing offers a precedent: its perpetual trading grew sharply after conversion to an equity-linked contract. Anthropic’s listing could test whether pre-IPO crypto markets can sustain demand through the move to public price discovery.
