Bitget opens Anthropic pre-IPO subscriptions via IPO Prime

What happened

Bitget has added an Anthropic-linked subscription product to its IPO Prime platform, giving eligible users a way to seek exposure to the artificial intelligence company before its planned Nasdaq listing. The Seychelles-based exchange said on Nov. 3 that subscriptions start at $100 and will be handled in two rounds, with participants receiving rANT tokens rather than Anthropic shares.

The VIP round is scheduled to open Nov. 5 at 08:00 UTC and close Nov. 9 at the same time. Eligible VIP1-VIP7 users can commit between $100 and $3 million, and Bitget has set a $1 billion ceiling for the round. The public round begins Nov. 10, with commitments from $100 to $25,000 and a $200 million cap, and is set to close at 08:00 UTC one day before Anthropic's IPO. Both rounds accept USDT and USDGO.

Fees differ by tier: VIP participants face a 12% underwriting service fee, while public subscribers pay 5%. Bitget said allocations will depend on available shares and each investor's share of total subscriptions, and that fees apply only to allocated amounts. Unallocated commitments are refundable, but subscriptions cannot be canceled once submitted and funds remain locked during processing.

Why it matters

The offering gives crypto users a tokenized route to a closely watched AI company at a time when several platforms are competing to provide pre-IPO exposure. But the structure is not equivalent to buying stock. rANT holders receive economic exposure to Anthropic shares held through brokerage and custody partners, according to Bitget, and the tokens do not carry shareholder voting rights. The exchange's terms state that holding rANT is not the same as directly holding Anthropic shares. Bitget also confirmed that Anthropic has not authorized, sponsored or endorsed the offering.

What the data shows

Bitget's subscription page estimates an offering price of $103 per share and a valuation of $1.75 trillion, but the exchange describes those figures as estimates rather than prices approved by Anthropic or its underwriters. It said final subscriptions will settle at the confirmed IPO issue price plus applicable fees. Bitget cited historical allocation rates of 40%-80% through participating institutional channels but said those results do not guarantee similar allocations for Anthropic. Public-round tokens are expected two to three hours before regular U.S. trading begins on listing day, while VIP allocations are expected three to five business days after the IPO.

Background

Anthropic filed its initial registration statement with the U.S. Securities and Exchange Commission on Oct. 26 and submitted an amended prospectus on Nov. 2. The company plans to list on Nasdaq under the ticker ANT, though the final offering price and listing date remain undecided. Bitget's move follows earlier attempts by crypto platforms to offer exposure to private technology companies. Crypto.news reported that Bitget ran an IPO Prime offering in May linked to the ChatGPT developer, while CoinGape noted the exchange's expansion into tokenized stocks and cross-asset trading.

What is still unclear

Several key terms remain unresolved. Anthropic has not disclosed its final offer price or exact listing date, and Bitget cannot guarantee that subscribers will receive an allocation. The timing of token delivery and the start of trading, scheduled for roughly one hour after Anthropic completes its Nasdaq opening auction, are subject to final arrangements. U.S. residents are excluded, along with users in several other restricted jurisdictions, and participants must complete identity verification.

What to watch

Investors will be watching whether Anthropic's IPO proceeds on the expected timeline and how Bitget handles settlement if the listing is postponed, canceled or allocated fewer shares than expected. The exchange's terms allow refunds or delayed processing under the relevant agreements. How rANT tokens trade after distribution, and whether their redemption arrangements function as described, will also draw scrutiny.

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