The catch in crypto’s Anthropic IPO rush: lock up your money and you could still miss out

Crypto investors seeking Anthropic IPO tokens can commit money and still get a refund instead of an allocation. Kraken, Bitget, and BigONE disclose subscription terms that make delivery dependent on available shares, while successful fills carry additional costs. The issue became more immediate on Nov. 12 when BigONE opened indications of interest and warned users they could receive a full allocation, a partial allocation, or none. Kraken's Anthropic IPO access terms carry the same three possible outcomes , while Bitget says its commitment caps do not represent the shares it has secured. Those warnings come ahead of Anthropic's expected Nov. 18 US-time pricing and Nov. 19 Nasdaq debut . Bloomberg News reported on Nov. 11, citing people familiar with the matter, that orders already exceeded the available shares multiple times.

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