The Kaiko Anthropic USD Reference Rate (USDT) (London) is Kaiko’s first pre-IPO benchmark embedded in a regulated investment product.

Kaiko, the regulated provider of data services for onchain finance, today announced that the Kaiko Anthropic USD Reference Rate (USDT) (London) will serve as the benchmark for the 21shares Anthropic Synthetic ETP (ticker: CLAU), a new exchange-traded product (ETP) that listed on the Vienna MTF, operated by Wiener Börse, on 13/10/2026.

21shares describes it as Europe’s first ETP offering continuous, unleveraged exposure to the implied valuation of Anthropic ahead of its initial public offering (IPO). It is issued by 21shares x FalconX Limited, a new 21shares special purpose vehicle (SPV) created to issue synthetic exposure, and tracks the rate through total return swaps (TRS) with no leverage. This is the first time a Kaiko benchmark for a pre-IPO company has been embedded in a regulated product.

Anthropic was last privately valued at $965 billion, according to a report from Reuters following its $65 billion Series H funding round on 28/05/2026, but until now there has been no independent market price to benchmark that value against. Issuers who want to build public products on private companies need one they can defend to investors and regulators.

Pricing a company before it lists

Benchmarking a private company requires a price that updates continuously and can be observed by anyone. Pre-IPO perpetual futures (perps) listed on venues such as Binance and OKX now provide one. Binance is the price source for the new rate. It is also the deepest of these markets. Kaiko Research found that Binance held 68% of the $57 million of Anthropic perp open interest across five venues on 01/10/2026, a total that rose 5.1x from about $11 million in July.

Kaiko acts as an independent, institutional-grade benchmark administrator and calculates the rate from that market data under a published methodology and governance framework. Kaiko Indices are administered in accordance with the IOSCO Principles for Financial Benchmarks. The rate is a one-hour time-weighted average of volume-weighted median prices from Binance’s Anthropic perps, calculated ahead of a daily London fixing.

Solving rebasement

The main technical challenge was rebasement: how the implied share price is reset when a corporate or IPO-related event changes the underlying value. Kaiko worked with Binance to understand how the venue handles these events. Binance’s business team monitors IPO-related information and, when an event such as an equity or share adjustment occurs, publishes an announcement and rebases positions by adjusting position size and entry price. Contracts are also priced on placeholder share counts. Binance assumes 1 billion shares, while OKX rescaled its contract 10:1 on 30/06/2026 and will rescale again once Anthropic discloses its actual share count.

Kaiko’s methodology tracks these venue-driven rebases so the reference rate continues to reflect the value of the underlying exposure. The same framework can be applied to other pre-IPO perps as venues list them.

A new asset class for issuers and exchanges

Pre-IPO ETPs bring private-market access into public-market infrastructure. Investors get exposure before an IPO at lower minimums, with exchange trading and no private-share administration. Wealth managers and institutions get an instrument that fits existing custody and distribution processes. SpaceX shows how these markets resolve. Its perps traded 23% to 27% above the $135 offer price the day before listing, and ended the first trading day within 0.3% of the $161 close.

Each new product of this kind needs an independent benchmark. On 01/10/2026, Binance priced Anthropic at $2.04 trillion and OKX at $2.11 trillion, a difference of about $65 billion depending on the venue. The gap between the highest and lowest venue has had a median of 3.5% since June and has never closed for long. ETP issuers, exchanges and structurers looking at pre-IPO or other new-asset products can use Kaiko Reference Rates to price them, with the governance and methodology already in place for a regulated capital markets use case.

Build with Kaiko Reference Rates

Find out more about Kaiko Reference Rates at www.kaiko.com/indices or contact our team to discuss a benchmark for a pre-IPO or new-asset product.

About Kaiko

Kaiko provides institutional-grade data, regulated digital asset services, and infrastructure for onchain finance. Founded in 2014, the company supports trading, valuation, risk management, tokenized assets and onchain applications, connecting traditional and blockchain-based markets. Its clients include banks, asset managers, exchanges and leading financial institutions worldwide. For more information, visit www.kaiko.com.

Read the 21shares announcement here.

Disclaimer: this announcement is not an offer or recommendation to invest in the ETP. The ETP is not affiliated with or endorsed by Anthropic and does not give direct exposure to Anthropic shares, before or after an IPO. It is not offered in the US, Canada, Australia or Japan, and is offered only to professional investors in Switzerland and the UK.