Bankless
The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares
May 14, 2026
· 44m
Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque. Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs. ------ 📣SPOTIFY PREMIUM RSS …
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