Kraken Offers Tokenized Anthropic Shares Ahead of the IPO That FTX Sold Too Early

Crypto exchange Kraken has opened a page for the upcoming initial public offering (IPO) of Anthropic, the company behind the Claude AI models. Users can take part through tokenized shares under the ticker ANTx. Kraken lists an expected price of $70 to $78 a share and an IPO date of November 19, 2026.

Why it matters

Normally, only large investors get shares at the IPO price. Tokenized shares are tokens that track a real stock and can be bought on a crypto platform. They let ordinary users in many countries get exposure to a listing they couldn't otherwise reach.

Kraken isn't alone. Walt, the wallet inside Telegram that used to be called Telegram Wallet, is also taking orders for ANTx. Applications there run from November 11 to 17, and the price is set on November 18. The IPO has reportedly been oversubscribed several times.

Know what you are buying

A tokenized share is not the same as owning the stock directly. Kraken's tokens are issued as xStocks. The issuer holds the real shares and issues tokens against them. Dividends, for example, are reinvested into more tokens instead of being paid in cash. Your rights depend on the issuer, so read its terms before you buy.

The FTX footnote

The timing comes with an irony. FTX, the exchange that filed for bankruptcy four years ago on November 11, 2022, owned a stake in Anthropic. The bankruptcy estate sold it in 2024 for $1.34 billion to help repay customers. At recent valuations, that stake would be worth many times more.

What's next

Kraken expects the IPO on November 19. Tokenized trading should begin once the shares are listed and allocated.