Coinbase Assets to Migrate Anthropic Perpetuals From ANTH to ANT

Coinbase Assets will migrate its Anthropic pre-IPO perpetual contract from ANTH to a new ANT symbol on Nov. 16, switching the pricing benchmark from a company-valuation measure to a per-share price index, according to the exchange's announcement.

The change takes effect at 5 a.m. ET (10:00 UTC) on Monday, Nov. 16. The current ANTH index is calculated on a base of 1 billion shares. The replacement ANT index will use a base of 13.116 billion shares — a figure that brings the contract's reference point in line with a per-share price rather than an aggregate valuation of the company.

For traders holding positions, the migration is designed to be economically neutral. Coinbase said existing ANTH perpetual positions on Coinbase Markets will transfer into economically equivalent ANT positions through fee-free block trades. The exchange framed the move as preserving the value of open positions while changing the contract symbol and its underlying benchmark.

What happens to open orders and the ANTH market?

Trading will pause during the transition window. Coinbase will cancel all unfilled ANTH orders before the switch, which means traders who want to maintain specific order levels will need to re-enter them once ANT trading opens. After the migration completes, Coinbase will delist ANTH entirely and open the market in the new ANT symbol.

The mechanics matter for anyone running automated strategies on the contract. A cancelled order book, a symbol change and a 13-fold shift in the share base all land at once. Positions carry over, but the quote reference traders watch will be denominated differently from that point forward.

Why move from valuation to a per-share index?

The shift from a 1 billion-share base to 13.116 billion shares reflects the structural difference between the two benchmarks. A valuation-based index tracks what the market thinks the whole company is worth. A per-share index prices a single share — the format investors will actually see if Anthropic eventually completes a public listing.

For a pre-IPO perpetual, aligning the contract with per-share pricing narrows the gap between the derivative and the eventual primary market. Traders positioning ahead of a listing get a reference point that maps directly onto how a listed equity would quote, rather than requiring mental conversion from an aggregate valuation.

What are the operational consequences?

Three practical effects stand out:

• Fee-free conversion: Open ANTH positions move into ANT through block trades at no cost, so the migration itself doesn't eat into position value.
• Order cancellations: Every unfilled ANTH order gets cancelled during the pause; active strategies need to be re-armed manually or via bot after ANT goes live.
• Clean cutover: ANTH delists immediately after the migration, leaving a single listed contract rather than a parallel pair.

The block-trade mechanism is the load-bearing piece. Rather than settling everyone out and letting them re-establish positions — which would spread the transition across a volatile reopening — Coinbase is transferring exposures directly into the new contract's terms.

Traders holding ANTH positions have until the Nov. 16, 5 a.m. ET cutover to review their exposures and adjust any resting orders, after which the ANT contract and its 13.116 billion-share index become the sole venue for Anthropic exposure on Coinbase Markets.