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Episode Description
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.
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TIMESTAMPS
0:00 Intro
0:40 What is Going on in Secondary Markets?
7:03 How Anthropic Secondary Markets Unfold
14:51 Anthropic’s Secondaries Social Elite
19:00 Emerging SPV Structure
21:51 Accidental Frauds?
27:04 After IPO Consequences
35:13 Private Market Lessons
38:21 Patagon Markets
43:54 Tokenized Perps
44:57 Closing Thoughts
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RESOURCES
Diogenes Cesares
Patagon Markets
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