Binance to adjust Anthropic perp basis to 13.1 billion shares

Binance’s November 13 announcement sets out the size of the expected update to the original estimate: the ANTHROPICUSDT Pre-IPO Perpetual Contract launched with a 1 billion-share reference basis, and Binance expects that figure to be revised to 13,116,075,288 — drawn from Anthropic’s S-1/A-2 filing published November 10.

The underlying asset is the price of one common share of Anthropic, PBC.

The new estimate’s components, per the Binance notice, start with 13,086,672,593 common shares of all classes issued and outstanding after the offering and concurrent private placement. On top of that: 561,963 Class A common shares issued after September 30 in connection with acquisitions of privately held companies, 848,882 Class N common shares issued after that date for the same purpose, and 27,991,850 Class N common shares issued after September 30 in the Matching Issuance.

The basis is narrower than a fully diluted share count. Binance’s methodology excludes unexercised options, unsettled restricted stock units, unconverted convertibles, shares issuable through underwriters’ options, and shares reserved for future issuance. What feeds into the estimated share-count calculation is common shares issued and outstanding, while excluding the listed unexercised, unsettled, unconverted and reserved shares.

Binance Futures will rename the contract from ANTHROPICUSDT Pre-IPO Perp to ANTUSDT Pre-IPO Perp during the contract-size adjustment. According to Binance, the rename will not affect open positions, and users will not need to close or settle them. Exact timing for the adjustment isn’t specified in the notice.

The document trail for anyone in this contract runs from the June 2 specification at 1 billion shares, through Anthropic’s November 10 filing, to Binance’s November 13 announcement of the expected revision landing at 13,116,075,288.