Source time Edition date
InstitutionsCoinDesk
Traders are already placing leveraged bets on Anthropic’s IPO using crypto contracts
交易者已通过加密合约对 Anthropic 的 IPO 进行杠杆押注
Anthropic’s new ANT contract shows how swiftly crypto markets create exposure without shares, but U.S. traders being locked out raises a key access and legal question that regulators and exchange operators must resolve.
Judgment
Trade.xyz and Hyperliquid operators must decide whether to keep the ANT contract listed after it fell about 20% in its first hour: it offers leveraged IPO exposure with no shares behind it, yet U.S. traders are locked out, so the call trades off reach against legal risk.
Basis
CoinDesk reports that Trade.xyz's new ANT contract fell about 20% in its first hour on Hyperliquid, that there are no shares behind it, and that U.S. traders are locked out. The mechanism: the contract supplies leveraged exposure to Anthropic's IPO without any underlying equity, so its price is set by derivatives positioning on Hyperliquid rather than by an actual share sale. Because U.S. traders are excluded, liquidity and price discovery rest on a narrower non-U.S. base, which can amplify moves such as the first-hour decline and leaves the venue, not the issuer, holding the listing decision.
- ANT first-hour declineabout 20%
Unclear The source does not say what collateral or margin rules back the ANT contract, how it settles against any IPO price, or why U.S. traders are excluded.
Next Check whether Trade.xyz publishes settlement or margin terms for ANT, and whether Hyperliquid order-book depth for the contract recovers after the first-hour drop.