Perpetual futures have traditionally been associated with cryptocurrencies, and they’ve grown into a substantial market. According to CoinGecko Research figures cited by Forbes, crypto perpetuals average approximately $4.7 trillion in monthly trading volume. Now, the same trading model is expanding beyond digital assets, giving traders exposure to publicly listed companies and businesses preparing to go public.
PrimeXBT is part of this shift. Having recently introduced Tokenized Stock Crypto Futures, the global multi-asset broker and crypto asset service provider is now preparing to expand its offering further with Pre-IPO Trading, starting with Anthropic*, the AI company behind Claude.
From crypto perpetuals to company-linked markets
The expansion of perpetual futures beyond cryptocurrencies gained momentum earlier this year, as major exchanges began introducing contracts linked to private companies such as SpaceX and OpenAI. Similar instruments linked to Anthropic subsequently appeared on other trading venues.
These contracts apply a familiar Crypto Futures structure to a different type of market. Rather than trading the underlying shares, traders take long or short positions through USDT-quoted derivatives. For listed companies, prices are influenced by movements in the underlying stock. For private companies preparing to go public, prices reflect market expectations about their potential valuations and upcoming listings.
SpaceX’s June IPO demonstrated the interest surrounding major public debuts. The company priced its shares at $135, opened at $150 and closed its first trading day at $160.95, approximately 19% above the IPO price. The listing also illustrated how expectations formed ahead of an IPO can differ from prices established once shares begin trading publicly.
PrimeXBT’s expansion with Tokenized Stocks
PrimeXBT began expanding into company-linked Crypto Futures in October, introducing seven Tokenized Stock Crypto Futures contracts linked to SpaceX, NVIDIA, Tesla, Circle, Apple, Alphabet and Robinhood. These USDT-quoted derivatives allow traders to take long or short positions on share price movements without owning the underlying shares.
Available 24/7, the contracts extend PrimeXBT’s Crypto Futures offering beyond cryptocurrencies, giving traders round-the-clock access to major companies through a crypto-native trading structure. They complement the broker’s existing range of more than 350 markets on PXTrader 2.0, spanning Crypto Futures and CFDs on Forex, commodities, indices, shares and cryptocurrencies.
PXTrader 2.0 supports accounts denominated in USD, USDT, USDC, BTC and ETH, allowing clients to access these markets through a single platform. TradingView-powered charts, price alerts, chart trading and mobile access provide tools for monitoring markets and managing positions. PrimeXBT also offers 24/7 live chat support.
Anthropic: The next step into pre-IPO markets
PrimeXBT is now preparing to introduce Pre-IPO Trading as a new category within its Crypto Futures offering, beginning with ANTHROPIC/USDT*. The USDT-margined perpetual will trade 24/7, allowing traders to take long or short positions on Anthropic’s market-implied valuation ahead of its public listing, without owning shares in the company.
Anthropic filed its public IPO registration with the US Securities and Exchange Commission (SEC) on 26th October, proposing a Nasdaq listing under the ticker ANT. The company has since updated its filing with an indicative offering price of $70–$78 per share, with public trading expected to begin on 19th November.
Unlike Tokenized Stock Crypto Futures linked to publicly traded companies, ANTHROPIC/USDT will initially have no official share price to follow. Its price will instead be determined through a live order book, with one contract representing one notional share. This assumption is used for contract pricing and does not represent Anthropic’s official share count or valuation.
Following Anthropic’s public debut, the contract is designed to transition into a standard perpetual Crypto Futures contract linked to the listed stock. If the IPO is cancelled, the contract may be delisted, with open positions closed or settled at a reference price following advance notice. It will not convert into actual shares.
What’s next for Crypto Futures?
The expansion of Crypto Futures beyond cryptocurrencies is opening up new opportunities for traders to access major market developments, from the performance of established global companies to highly anticipated public listings.
With Tokenized Stock Crypto Futures already available and Pre-IPO Trading planned to launch, PrimeXBT is bringing these opportunities together on PXTrader 2.0. From Bitcoin and Ethereum price movements to Tesla earnings and upcoming Anthropic’s IPO, traders can follow and trade some of the biggest market stories through a single platform.
Trade Crypto Futures with PrimeXBT.
*This instrument does not confer ownership of or any rights in Anthropic shares and is not issued, sponsored or endorsed by Anthropic. Prices are based on an assumed 1 bn shares and may differ materially from any official valuation or IPO price. The instrument may be converted, settled or delisted upon IPO or IPO cancellation, including forced closure of open positions. Funding fees apply.
About PrimeXBT
PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.
PrimeXBT Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. The Company does not accept clients from the Restricted Jurisdictions as indicated on its website / T&Cs. Some products and services, including MT5, may not be available in your jurisdiction. The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
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