First product issued under 21shares’ new dedicated SPV architecture, unlocking advanced multi-asset and synthetic capabilities to bring Anthropic’s pre-IPO implied valuation to public market investors in collaboration with FalconX

21shares, a global leader in cryptocurrency exchange-traded products (ETPs),  announced the launch of the 21shares Anthropic Synthetic ETP (ticker: CLAU). The product is Europe’s first ETP offering continuous, unleveraged exposure to the implied valuation of Anthropic, one of the world’s leading artificial intelligence companies, ahead of its highly anticipated initial public offering (IPO).

Investors who want exposure to Anthropic’s implied market valuation can now reach it through the ETP structure as easily as any stock or index ETF. This allows investors to obtain economic exposure to Anthropic’s valuation, ahead of its highly anticipated IPO.

The launch is made possible by a new dedicated 21shares Special Purpose Vehicle (SPV), 21shares x FalconX Limited, created to issue synthetic exposure. Operating as a standalone structure, the SPV fundamentally expands 21shares’ product engineering capabilities. By combining 21shares’ ETP structuring expertise with FalconX’s prime brokerage balance sheet, multi-venue execution, and derivatives desk, the structure establishes a repeatable pipeline for bringing multi-asset strategies, pre-IPO exposure and yield-bearing derivative structures directly to investors.

For pre-IPO exposure, underlying exposure is actively sourced via the underlying instrument which incorporates total returns swaps (TRS) on the Kaiko Anthropic USD Reference Rate (USDT) (London) index. The daily Kaiko index reference price is derived from Binance’s Anthropic perpetual futures. These swap contracts provide performance tracking of the listed perpetual futures, with no leverage.

“Frontier AI is absorbing capital at a faster rate than almost any sector in history, yet its primary value drivers remain locked inside private companies,” said Duncan Moir, President and Chief Investment Officer at 21shares. “Traditional investors who want to take part in this value creation face a growing access problem. We are taking the structural tools developed in digital assets and applying them to alternative and multi-asset investing. Wrapping pre-IPO exposure into an ETP bridges this access gap, allowing allocators to trade private market valuations as seamlessly as any traditional stock or ETF.”

“Financial markets are evolving quickly, and investors want access to the segments that matter most. This launch is the latest example of 21shares launching differentiated products that give investors the exposure they are asking for,” said Austin Reid, Chief Commercial & Strategy Officer at FalconX. “We look forward to continuing to work alongside 21shares to bring an expanded range of multi-asset products to market.”

“Kaiko’s role is to provide 21shares and FalconX with an objective, transparent reference price for Anthropic’s implied valuation, based on real pre-ipo trading activity on perpetual markets, so that the product’s NAV relies on a price set by an independent, institutional-grade benchmark administrator,” said Anne-Claire Maurice, Managing Director, Indices and Analytics Data at Kaiko.

Source: 21shares