About this episode
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: SPOTIFY24https://bankless.cc/spotify-premium------🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | MEMBER MONTHhttps://bankless.cc/coinbase-one🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix💰NEXO | Get your 30-day access to Wealth Club Premierhttps://bankless.cc/nexo ------TIMESTAMPS0:00 Intro0:40 What is Going on in Secondary Markets?7:03 How Anthropic Secondary Markets Unfold14:51 Anthropic’s Secondaries Social Elite19:00 Emerging SPV Structure21:51 Accidental Frauds?27:04 After IPO Consequences35:13 Private Market Lessons38:21 Patagon Markets43:54 Tokenized Perps44:57 Closing Thoughts------RESOURCESDiogenes Cesareshttps://x.com/diogenes Patagon Marketshttps://patagonmarkets.com/ ------Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures