Anthropic, the company behind Claude AI, is preparing to go public. Kraken is offering a way to participate directly with stablecoins. Through its IPO xStocks program, the platform lets users reserve exposure to Anthropic shares at the IPO price, funding their request in USDC or USDG. Here’s how it works.
How to participate in Anthropic’s IPO with stablecoins?
Kraken has opened access to Anthropic’s IPO on its app, website and Kraken Pro. Participation is through IPO xStocks, under the ticker ANTx. It can be funded in dollars, USDC or USDG.
This is what sets Kraken apart from the traditional brokers participating in the offering: there is no need to use a bank account to mobilize funds already held in stablecoins.
The process is simple: specify how much you want to invest, and the funds are reserved without being debited. If you receive an allocation, you get ANTx at the IPO price, plus a 5% spread. As a reminder, Anthropic’s price range is between 70 and 78 dollars per share.
The offering is available to verified clients residing in the European Economic Area, including France, Belgium and Luxembourg. The latter two countries are not included in Anthropic’s public offering for retail investors, which is limited to 9 European countries. Kraken’s IPO xStocks therefore give them a way to participate.
Steps to follow to try to obtain an allocation of ANTx tokens through Kraken
What you get with ANTx
ANTx is a tokenized share: each token is backed 1:1 by an actual Anthropic share held by Backed Assets (JE) Limited, the issuer of xStocks. Its value therefore moves in line with that of the stock listed on Nasdaq.
However, it is not a share in the strict sense. ANTx only provides price exposure, with no voting rights or shareholder status. Any dividends are passed on through an adjustment to the number of tokens.
Tokenization, on the other hand, offers greater flexibility. Allocated ANTx tokens are credited to your wallet on the day of listing and can be traded as soon as markets open, with no lock-up period. In the EEA, they trade 24/5, including outside Nasdaq trading hours.
To submit your request on Kraken, follow these steps:
- Create and verify your Kraken account, then complete xStocks verification;
- Deposit funds into your account in USD, USDC or USDG;
- From the home screen of the app, website or Kraken Pro, open the “Anthropic IPO” tab.
- Enter the amount you want, review the summary, then submit your buy order.
What to know before participating
First, an allocation is not guaranteed. The banks managing the IPO determine it based on demand, not on the order in which requests arrive. Given the interest in Anthropic’s IPO, which is already heavily oversubscribed, the allocation may be full, partial or zero.
Reserved funds remain locked until the allocation is processed. Any amounts that are not allocated are returned in dollars on the day of listing, even if they were deposited in stablecoins.
You can then cancel your request free of charge until the deadline shown in your account. The amount cannot be changed: you must cancel the request and submit a new one.
IPO xStocks are tokenized shares that provide price exposure only, not direct ownership. Allocations are determined neither by xStocks nor by Kraken and may be full, partial or zero. They are not guaranteed, and unallocated funds are returned. Not available to US persons, or in the United Kingdom, Canada and Australia. Capital at risk. Geographic restrictions apply. See Kraken’s xStocks risk disclosure at kraken.com/legal/xstocks or eu.kraken.com/legal/risk-disclosure. In the EEA, IPO xStocks are offered by Payward Europe Digital Solutions (CY) Limited, regulated by CySEC (licence no. 342/17).
