Base’s post, replying to Anthropic’s IPO announcement, read: “Tokenized Anthropic shares on Base.” Its only short link opens attached media, not a product page or offering document.
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Base’s stock-token page describes Coinbase-issued tokens backed one-for-one by shares held in regulated custody. Anthropic is absent from that page’s registry, which states: “If a token is not on this list, Coinbase did not issue it.”
A $125 Starting Reference, Not an IPO Price
Trade.xyz’s launch announcement followed Anthropic’s filing announcement at 9:05 a.m. ET. The ANT specification sets a $125 initial reference price and isolated margin. XYZ says its discretionary starting reference anchors market protections; it is not a forecast or an indication of the eventual IPO price.
The units differ from the pre-IPO markets covered in The Defiant’s earlier filing report. In page snapshots taken around 10:19 a.m. ET, Binance’s ANTHROPICUSDT quoted 1,868.40 USDT under an estimated one-billion-share convention. Liquid’s ANTH quoted 1,886.35, with each price point representing $1 billion of company valuation. Those are not directly comparable per-share quotes to XYZ’s $125 starting reference.
Before public trading supplies an external stock price, XYZ uses an internal oracle—a reference-price mechanism—based on a 30-minute exponentially weighted moving average driven by order-book impact prices. Its pre-listing funding multiplier is 0.005, compared with 0.5 for standard XYZ equity perpetuals; XYZ describes the pre-listing calculation as 1% of its standard funding calculation.
The mark price, used for margin and liquidations, combines the oracle, a smoothed adjustment for the gap between the market midpoint and oracle, and bid, ask and last-trade prices. Relayer updates to both oracle and mark are capped at 50 basis points in either direction per update.
ANT’s market-specific schedule lists ±50% discovery bounds, a 75% oracle trigger threshold and three resets. Under XYZ’s discovery-bound rules, the reference shifts to the relevant bound when the oracle reaches its trigger; upward and downward reset counters are independent. Once resets are exhausted, the bound becomes a hard cap until external pricing resumes.
The documents leave an important ambiguity for leveraged traders: the general rules describe an instantaneous bound of one divided by maximum leverage, which would be ±10% at ANT’s 10x cap, while ANT’s specific schedule lists ±50%. The schedule therefore should not be read as establishing an independently verified executable price range.
After a qualifying listing and sufficient external price data, the contract is expected to become a standard equity perpetual, typically in the first regular session after listing—not deliver shares. Its schedule uses Nov. 20 as an anticipated listing date, not a confirmed IPO date, with a delay grace period ending no later than Jan. 19, 2027. Alternative settlement rules default to the market’s lifetime time-weighted average price, but allow other announced methods for specified exceptional circumstances.
XYZ’s terms bar restricted persons, including those located in or subject to the laws of the United States, Canada and the United Kingdom, from its interface.
Exposure Is Not Equity
Anthropic’s existing investor warning says stock transfers without board approval are void and confer no stockholder rights. It also prohibits special-purpose vehicles from acquiring its stock and warns that purported public share offerings through tokenized securities or other mechanisms may have no value because of its transfer restrictions.
Synthetic exposure is a separate structure. In the Anthropic Synthetic ETP previously covered by The Defiant, 21Shares says investors receive derivatives exposure rather than Anthropic shares or ownership rights.
Anthropic’s S-1 covers a proposed Class A offering and an intended Nasdaq listing under ANT. The company says the registration statement has not become effective and the offering’s share count and price range have not been determined.
*Updated Oct. 26 to add Trade.xyz’s ANT launch, contract mechanics and comparisons with Binance and Liquid.*
