The catch in crypto’s Anthropic IPO rush: lock up your money and you could still miss out
Kraken, Bitget and BigONE disclose uncertain fills, while successful allocations carry extra charges and different delivery schedules. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Crypto investors seeking Anthropic IPO tokens can commit money and still get a refund instead of an allocation.
Kraken, Bitget, and BigONE disclose subscription terms that make delivery dependent on available shares, while successful fills carry additional costs.
The issue became more immediate on Nov. 12 when BigONE opened indications of interest and warned users they could receive a full allocation, a partial allocation, or none. Kraken's Anthropic IPO access terms carry the same three possible outcomes, while Bitget says its commitment caps do not represent the shares it has secured.
Those warnings come ahead of Anthropic's expected Nov. 18 US-time pricing and Nov. 19 Nasdaq debut. Bloomberg News reported on Nov. 11, citing people familiar with the matter, that orders already exceeded the available shares multiple times.
The venues' terms make clear that money can become unavailable while an allocation is determined, and receiving tokens can mean paying above the offering price without acquiring direct shareholder rights.
In a June 12 notice, Bybit said xStocks could not deliver the underlying SpaceX assets, leaving the exchange with no allocation.