The strategy combines the firm’s engineering with FalconX’s derivatives capabilities to deliver synthetic pre-initial public offering (IPO) access to the artificial intelligence (AI) firm.

21Shares, a leading issuer of crypto exchange-traded products (ETPs), has introduced the 21Shares Anthropic Synthetic ETP (CLAU), describing it as ‘the first product in Europe offering synthetic, pre-IPO exposure to the implied valuation’ of the company. Pre-IPO exposure will be delivered through total return swaps referencing the Kaiko Anthropic USD Reference Rate The product provides investors with access to Anthropic’s implied market valuation through an ETP structure, a