Kraken Opens Anthropic IPO Token Requests With 5% Spread

Kraken has opened requests from eligible clients for share-backed ANTx tokens tied to Anthropic's IPO, pricing the offer with a 5% spread, according to The Defiant's November 14, 2026 account. The tokens carry economic exposure to Anthropic shares, not direct ownership of the AI company's stock. The offer excludes the United States and U.S. persons, with additional regional restrictions applying.

The request process commits client funds up front. When a client submits a request, Kraken reserves the funds while the client seeks an allocation. The outcome can be full, partial or zero allocation. Unallocated funds will be refunded under the conditions Kraken set out.

How did the product reach the request stage?

Kraken first announced plans for a tokenized product linked to Anthropic's IPO on November 5, according to ChainCatcher. That initial announcement laid out allocation conditions, refunds and geographic restrictions. By November 14, the offer had moved from proposal to an open request window for eligible clients.

Anthropic is the developer of Claude. Clients interact with Kraken as the platform; the economic exposure runs to Anthropic shares through the ANTx instrument.

What does the 5% spread mean for applicants?

The spread and the allocation outcome are separate parts of the decision. The 5% spread is a pricing term — the cost of the token's economics relative to the underlying shares. The allocation determines how much exposure an applicant actually receives.

Kraken has said it does not determine the IPO allocation results. An applicant reserving funds can end up with a smaller position than requested, or none at all. The unallocated portion returns to the client. A client holding a Kraken account does not by itself establish eligibility.

Where does the offer sit in Payward's expansion?

The ANTx offer fits a broader diversification strategy at Payward, Kraken's parent. The company has expanded into derivatives, proprietary trading, tokenized assets and payments, according to Cointelegraph, seeking revenue beyond transaction fees that swing with trading activity.

• Acquired futures broker NinjaTrader and proprietary trading firm Breakout in 2025
• Added US-regulated derivatives platform Bitnomial in May 2026
• Purchased stablecoin payments and card-issuing business Reap in July 2026

The financial results show both the scale and the strain of that push. In the third quarter, margin from subscriptions, trader evaluations and other paid services rose 59% to $125 million. Asset- and access-based services accounted for 52% of total platform margin, up from 46% a year earlier. Derivatives contracts carrying a per-contract fee increased 84% to 66 million.

The annual picture is less favorable. Adjusted EBITDA fell 66% year over year to $60 million, from $178.6 million. Total platform margin declined 12% to $487 million, and quarterly transaction volume dropped 30% to $353 billion. Payward introduced the total platform margin metric that quarter, replacing adjusted revenue and deducting staking rewards paid to customers.

Sequential trends improved. Transaction volume rose 22% against the second quarter, platform margin climbed 12% from $436 million to $487 million, and adjusted EBITDA recovered from $23 million to $60 million. Margin from assets held on Payward's platforms, including staking-related services, rose 26% to $128 million. Payward also grew its share of global crypto spot trading to 6.5% in September, from 3.3% a year earlier.

What comes next?

For applicants, the next milestone is the allocation result, which fixes both the token position and the refunded portion. Separately, Payward has its own listing plans: a confidential US IPO filing in November 2025, paused in March 2026 as market conditions weakened, with the second quarter of 2027 under consideration as the earliest listing window.