Binance Pegs Anthropic Valuation at $2.12 Trillion Using Leveraged Derivatives

Crypto traders have valued Anthropic at $2.12 trillion using leveraged derivatives that don't carry a stake in the company, more than twice its last private round valuation of $965 billion.

This estimate comes from Binance's ANTHROPIC/USDT contract, which hit $2,120 on September 9 and assumes one billion shares outstanding to reach this value. Similar contracts traded at the same range on other exchanges such as Bitget, Kraken, BingX, Aster, and Coinbase International.

However, a different token for Anthropic's stock on Solana, launched by Prestocks, had a market cap of about $7.1 million on September 9, suggesting an Anthropic value closer to $1.59 trillion. This discrepancy highlights the potential inaccuracies in using leveraged derivatives to estimate company valuations.

Anthropic has attempted to address this issue by stating that it does not permit special purpose vehicles (SPVs) to hold its stock and that transfers into such vehicles are void.