By Bitget opens Anthropic pre-IPO subscriptions with fees of up to 12%
Bitget has opened a new route for eligible cryptocurrency investors to seek exposure to Anthropic’s planned stock market debut through tokenized assets linked to the artificial intelligence company.
Summary
- Bitget has introduced Anthropic-linked subscriptions through IPO Prime, allowing eligible users to participate with a $100 minimum.
- The VIP subscription round runs November 5–9, while public subscriptions begin November 10 and close before Anthropic’s listing.
- VIP participants face a 12% allocation fee, compared with 5% for public subscribers, with no guaranteed allocation.
- Investors receive rANT tokens instead of direct Anthropic shares, without shareholder voting rights.
- U.S. residents cannot participate under Bitget’s platform restrictions, while the final offering price remains unconfirmed.
The Seychelles-based exchange announced on November 3 that its IPO Prime platform would accept subscriptions starting at $100, with successful participants receiving rANT tokens tied to Anthropic’s future shares.
The offering follows Anthropic’s October 26 filing for a Nasdaq listing under the ticker ANT. Its November 2 amended prospectus confirmed that the company was preparing to go public, although the final share price and offering date remain undecided.
Bitget sets two subscription rounds for Anthropic
Investors can participate through separate VIP and public subscription rounds, each carrying different fees and allocation limits.
The VIP round opens November 5 at 08:00 UTC and closes November 9 at the same time. Eligible VIP1–VIP7 users can commit between $100 and $3 million.
Bitget has set a combined subscription ceiling of $1 billion for the VIP round, alongside a 12% underwriting service fee.
Public subscriptions begin November 10, with individual commitments ranging from $100 to $25,000 and a combined ceiling of $200 million.
Unlike the VIP window, the public round closes at 08:00 UTC one day before Anthropic’s IPO, under the published subscription rules.
Both rounds accept USDT and USDGO. Bitget said investors would receive allocations based on available shares and their proportion of total subscriptions.
The company cited historical allocation rates of 40%–80% through participating institutional channels, although those figures do not guarantee similar results for Anthropic.
Fees apply to allocated amounts, while subscribers receive refunds for unallocated commitments. Users cannot cancel subscriptions once submitted, and committed funds remain locked during processing.
Anthropic rANT tokens do not provide shareholder rights
Successful applicants will receive rANT tokens representing economic exposure to Anthropic shares held through brokerage and custody partners.
Bitget said allocated underlying shares would remain with designated partners, while the corresponding digital tokens would reach eligible customers through their exchange accounts.
However, holding rANT does not make an investor a direct Anthropic shareholder or automatically provide voting rights.
The product’s terms state that “holding rANT is not equivalent to directly holding Anthropic shares.”
The exchange’s promotional materials describe the tokens as backed by real shares, but their precise redemption arrangements and enforceable rights depend on separate product agreements.
Bitget expects public-round tokens to arrive two to three hours before regular U.S. trading begins on listing day. VIP allocations are expected three to five business days after the IPO.
Trading is scheduled to begin roughly one hour after Anthropic completes its Nasdaq opening auction, subject to the final arrangements.
Bitget confirmed that Anthropic has not authorized, sponsored or endorsed the token offering.
Under the exchange’s eligibility rules, U.S. users are excluded, alongside residents of several other restricted jurisdictions. Participants must complete identity verification before subscribing.
Bitget joins growing market for pre-IPO crypto products
The offering follows similar attempts by cryptocurrency platforms to provide access to private technology companies before public trading begins.
In May, crypto.news reported Bitget’s earlier OpenAI token offering, which used IPO Prime to distribute assets linked to the ChatGPT developer.
Other platforms have introduced derivatives tracking Anthropic’s estimated valuation.
Entropy operates Anthropic-linked perpetual futures through Hyperliquid, while Polymarket offers contracts allowing traders to speculate on the company’s value before listing.
Unlike Bitget’s proposed share-backed structure, these derivatives do not represent ownership of Anthropic securities.
In September, OKX introduced Anthropic derivatives for eligible European customers, offering leveraged exposure without shareholder rights.
Binance Wallet later introduced tokenized pre-IPO access through PancakeSwap, with allocations and settlement depending on third-party providers.
These offerings differ in their ownership structures, fees and legal arrangements, even when they reference the same underlying company.
Anthropic IPO filing leaves valuation and pricing unresolved
Anthropic filed its initial registration statement with the U.S. Securities and Exchange Commission on October 26.
The company subsequently submitted an amended filing on November 2, providing updated financial disclosures ahead of its planned listing.
Bitget’s subscription page estimates an offering price of $103 per share and a valuation of $1.75 trillion.
However, those figures are estimates and do not represent prices approved by Anthropic or its underwriters.
The exchange said final subscriptions would be settled using the confirmed IPO issue price, together with applicable fees.
If the listing is postponed, canceled or receives a smaller allocation than expected, Bitget’s terms allow refunds or delayed processing under the relevant agreements.
