Bankless

The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares

Donnerstag, 14. Mai 2026 · 44 min

MP3

Shownotes

Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque.

Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs.

------
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
bankless.cc/spotify-premium

------
🔮POLYMARKET | #1 PREDICTION MARKET
bankless.cc/polymarket-podcast

🟦 COINBASE ONE | MEMBER MONTH
bankless.cc/coinbase-one

🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE
app.okx.com/join/USBANKLESS

🦊 METAMASK | DOWNLOAD NOW
go.metamask.io/BL-Pod-Download

🌐BRIX | EMERGING MARKET YIELD
bankless.cc/brix

💰NEXO | Get your 30-day access to Wealth Club Premier
bankless.cc/nexo

------
TIMESTAMPS

Intro
What is Going on in Secondary Markets?
How Anthropic Secondary Markets Unfold
Anthropic’s Secondaries Social Elite
Emerging SPV Structure
Accidental Frauds?
After IPO Consequences
Private Market Lessons
Patagon Markets
Tokenized Perps
Closing Thoughts

------
RESOURCES

Diogenes Cesares
x.com/diogenes

Patagon Markets
patagonmarkets.com

------
Not financial or tax advice. See our investment disclosures here:
bankless.com/disclosures⁠

0:00 / 0:00