Coinbase to Adjust Anthropic Pre-IPO Perp Index, Migrate ANTH to ANT

The share-count change matters less than the operational risk it exposes: pre-IPO perps on private companies are synthetic constructs whose benchmarks can be redefined by the venue, and holders here absorb a forced migration rather than a market exit. The zero-fee block trades soften the mechanics, but the cancellation of open orders and temporary halt mean traders carry gap risk through the window. Whether this sets a precedent for how Coinbase handles future index revisions on private-company contracts is the open question, as is how much liquidity follows ANTH into ANT.