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At Token2049 in Singapore, Hyperliquid CEO Jeff Yan argued that most gains from private firms before their IPOs go to a privileged few, and that his exchange's pre-IPO perpetual futures offer earlier exposure. Perps never expire and only track price, conferring no share ownership, earnings rights or voting power. Anthropic's valuation rose from $586.56 million in May 2021 to $965 billion in May 2026, with most gains going to funds and institutions. Yet its perp implied about $2 trillion on October 15, double its latest funding round, while a Space Exploration Technologies perp traded at $180–$200 after launch and slid to $160–$170, versus a $135 June IPO price. The author advises against buying pre-IPO perps, since they carry no claim on the company and Anthropic's financials are not yet public.
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21shares has launched the 21shares Anthropic Synthetic ETP (ticker $CLAU), which began trading on October 13 on Vienna MTF, operated by Wiener Börse. The product offers continuous, unleveraged exposure to Anthropic's implied valuation before its IPO, which 21shares describes as the first such ETP in Europe. Rather than holding shares, it tracks the valuation through total return swaps linked to the Kaiko Anthropic USD Reference Rate, which is based on Anthropic perpetual futures traded on Binance. The ETP carries a total expense ratio of 1% and a 2% exit fee. President and CIO Duncan Moir said the product lets investors trade private-market valuations as easily as traditional stocks or ETFs, marking an expansion beyond crypto products.
- Crypto exchange MNX takes on OKX, BitGet offering pre-IPO futures for AI giants
MNX, a new crypto exchange founded by former Manifold executives and built on the MegaETH blockchain, launched futures tied to the valuations of private AI firms OpenAI, Anthropic, DeepSeek and Moonshot. Unlike the perpetual contracts offered by OKX and Bitget, MNX's contracts expire at the end of 2027 and carry no recurring funding fees, though settlement prices may differ from what investors would pay for private shares. If a company is still private at expiry, the exchange uses public valuations from funding rounds, investment funds or secondary markets, and only as a last resort sets the price itself. Traders can use up to 3x their funds, U.S. customers are not yet served, and the platform plans markets on the wider AI economy. The exchange raised $6.4 million led by Village Global in June.
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- Who’s Really Making Money on Leveraged ETFs? Ripple Wants In
Ripple Prime, the prime brokerage arm of Ripple, is financing leveraged stock ETFs, according to a Wall Street Journal report shared by CoinDesk. In one example, a Tradr fund targeting twice the daily move of Sandisk pays Ripple the overnight bank funding rate plus four percentage points, which CoinDesk estimates at roughly 8% annualized at current rates. Ripple entered the business through its $1.25 billion acquisition of Hidden Road, a multi-asset prime brokerage, in October 2025. According to Morningstar data cited by CoinDesk, the U.S. has 593 leveraged ETFs holding more than $256 billion, including 426 funds tracking individual stocks. This financing fee is separate from the management fee shown on fact sheets and reduces fund returns, while Ripple has not disclosed how much revenue the business generates.
- Monero futures are again heating with leverage, raising volatility risks
Leveraged bets are building again in Monero (XMR) futures, with open interest topping $300 million, close to January's peak of about $320 million according to SoSoValue. Open interest in coin terms reached 515.73K XMR, a five-week high up from 400K a week earlier, as the spot price recently rose above $600. The article notes a similar buildup in January preceded a 66 percent plunge, when XMR fell from about $790 to below $300 as long positions were forcibly closed. Analyst Doctor Profit warned of a possible big liquidation event, but the article says whether history repeats remains to be seen. With a market cap of $10.9 billion, Monero is the second-largest privacy coin in the world.
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- Counterparty Concentration and Depreciation Define CoreWeave Now
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Microsoft (NASDAQ:MSFT) shares rose just 1.6% over the past year, while net income grew 32.01% in the latest quarter, a gap the author argues most investors are misreading. The author sees Microsoft earning revenue at every layer of corporate AI use, from Azure capacity to Foundry and Copilot. In the quarter ended Sept 30, 2026, revenue reached $92.28B, up 18.8%, Microsoft Cloud brought in $63.9B, up 30%, and Azure grew 48%. Commercial remaining performance obligations reached $677B, up 73%, and non-GAAP EPS came in at $4.89 against a $4.72 estimate. The article also flags spending risk, with cash capex of $39.37B last quarter, up 102.99%, and fiscal 2026 free cash flow down 6.46% to $66.99B.
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