TREE NEWS update: Coinbase Assets will adjust the index benchmark for its Anthropic pre-IPO perpetual contract at 18:00 Beijing time on November 16, switching from an index based on a $100 billion valuation to a per-share price index based on 1.3116 billion shares. Trading will be temporarily suspended during the adjustment and all unfilled ANTH orders will be canceled. Existing ANTH perpetual positions on Coinbase Markets will be migrated to economically equivalent ANT perpetual positions via zero-fee block trades; ANTH will then be delisted and ANT will open for trading.
Coinbase to Adjust Anthropic Pre-IPO Perp Index, Migrate ANTH to ANT
AI take
This is a structural change to how Coinbase's pre-IPO Anthropic exposure is priced, moving from a valuation-anchored benchmark to a per-share basis — a quieter but meaningful shift in how private-market equity gets wrapped for perp traders. The forced migration to ANT, with unfilled ANTH orders canceled and positions rolled via zero-fee block trades, affects anyone holding or quoting the contract rather than the underlying story. The open question is whether the new per-share index tracks more tightly to secondary-market Anthropic pricing, and whether liquidity rebuilds in ANT after the delisting.
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