CZ Shakes Up Finance: Predicts On-Chain IPO Boom Amid Claude's Anthropic Frenzy!

Binance founder Changpeng Zhao (CZ) has forecasted a significant shift in capital markets, predicting that the traditional Initial Public Offering (IPO) model will entirely transition onto the blockchain. According to CZ, tokenizing public offerings will grant companies unprecedented round-the-clock liquidity, seamless interoperability with decentralized finance (DeFi) protocols, and direct access to a global pool of retail capital.

A compelling validation of this thesis is currently unfolding in the artificial intelligence sector, exemplified by Anthropic, the creator of the Claude AI. Its pre-market activity has experienced an explosive surge, with on-chain derivatives tied to its shares registering trading volumes in the millions just a month before its official debut on Wall Street.

CZ's projection is underpinned by the growing on-chain infrastructure for real-world assets (RWA), which boasts a total market capitalization of $33.6 billion. Within this, tokenized stocks and ETFs constitute approximately $3 billion. Binance's own bStocks platform commands a substantial 21% share of this segment, valued at $627.5 million, and serves 981,215 holders. Other notable entities like Circle Internet Group ($103.6 million) and SpaceX ($63.4 million) are leading in trading turnover. Despite this growth, the total value of tokenized stocks remains a minuscule fraction compared to the traditional U.S. stock market, which exceeds $55 trillion in capitalization, with the NYSE alone seeing average daily trading turnovers of $100–150 billion.

The pre-IPO boom for Anthropic demonstrates the potential of this nascent market. Anthropic's official roadshow is slated for mid-October 2026. The startup's robust fundamentals, including reaching $65 billion in annualized revenue by the end of summer and achieving its first operating profit, have fueled an aggressive rally in its pre-IPO derivatives. These derivatives have been actively traded in the Web3 space since June, with trading volumes witnessing explosive growth following CZ's remarks.

On Binance's TradFi Perps platform, the ANTHROPICUSDT contract recorded a value of 2,012.50 USDT with a daily trading volume of $21.1 million, showcasing a strong bullish trend and a full recovery from a July decline. Concurrently, on the decentralized exchange Hyperliquid, the ANTH-USDC contract trades at a premium, priced at $2,157.3 (a 7.78% increase over 24 hours). Open interest on Hyperliquid stands at $22.5 million, with daily turnover holding at $15.9 million.

Combined buying activity across both exchanges implies an expected valuation for the AI developer of approximately $2 trillion. A primary challenge for integrating these markets remains the legal classification of these instruments. Exchanges typically include disclaimers stating that pre-IPO derivatives are purely synthetic contracts based on price expectations. They are not directly linked to the share issuer and do not confer voting rights to investors before their expiration. Nevertheless, derivatives trading will automatically conclude on the listing day, with settlement at the actual opening price of the shares on the traditional exchange.

The fact that, a month before its official offering, the traditional investment banking sector is compelled to acknowledge the multimillion-dollar, round-the-clock trading volumes on platforms like Binance and Hyperliquid, effectively confirms CZ's rationale: the distinction between traditional IPOs and blockchain-based offerings is rapidly dissolving.