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Anthropic filed its S-1 with the SEC, kicking off a listing that could value the company above $1.5 trillion, with the filing also showing an $80.7 billion first-half loss. Tokenization kept advancing on several fronts — Wall Street names objected to a new tokenized-stock venue even as DTCC quietly moved securities tokenization live and JPMorgan extended its tokenized funds to Solana. And at a Nasdaq bell-ringing, CZ pitched BNB Chain as a future home for AI-driven crypto activity.

Some stories in Kaupr Daily:

💎 More than half of Anthropic's biggest customers now use multiple Claude products, a cross-sell strategy investors are watching closely.
💎 Wells Fargo, Cisco and four more companies objected to having their shares tokenized on OKX-ICE.
💎 BNB Standard said it will start running its own validator rather than simply holding BNB.

Also in today's edition: how Goobit's new Futureproof platform plans to automatically rebalance bitcoin, gold and bonds — and the latest Trendline on Bitcoin's stalled range.

— Morten

Anthropic filed its S-1 registration statement with the SEC, intending to list Class A common stock on the Nasdaq Global Select Market under the ticker "ANT." The number of shares and price range have not yet been set. Goldman Sachs and Morgan Stanley are named as underwriters for the offering.

Why it matters: The filing formally starts the clock on what could become the largest IPO in history, with reports putting Anthropic's potential valuation above $1.5 trillion.

Source: Anthropic files S-1 with the SEC for proposed initial public offering — Anthropic

Anthropic's S-1 shows an $80.7 billion net loss in the first half of 2026 against roughly $16.3 billion in revenue. The Wall Street Journal reports the IPO could value the company above $1.5 trillion, up from $965 billion in May. Anthropic also warned AI could bring "catastrophic or existential risks to humanity" without proper safeguards.

Why it matters: AI critic Gary Marcus accused Anthropic of omitting Q3 revenue figures from the filing, saying the omission "tells you all you need" about demand.

Source: Anthropic's IPO filing shows off soaring revenues as the company warns of AI's 'risks to humanity' — Euronews

More than half of Anthropic's customers spending $100,000 or more annually now use both the Claude Platform and a first-party app like Claude Code, up from about 30% a year ago. As of September 30, Anthropic counted 11,900+ customers spending $100k+, 1,900+ spending $1m+, and about 250 spending $10m+ a year, driving roughly 900% net revenue retention.

Why it matters: Anthropic flags cloud-partner conflict and customer concentration as key risks, noting Amazon, Google and Microsoft may prioritize their own AI products or rivals they've invested in.

Source: Anthropic's IPO filing reveals its strategy for keeping enterprise customers hooked — TechCrunch

Close to half of Anthropic's revenue flows through Microsoft, Amazon and Google's cloud divisions, all of which are also investors in the company. Up to $77 billion in notes could go to Amazon, Broadcom and Google. Q2 revenue hit $11.56 billion, up from $787 million a year earlier, and Anthropic posted its first operating profit, $974 million, after five loss-making quarters.

Why it matters: Growth investor Brad Bernstein warns a weak debut would be a "trickle-down effect" that resets valuations across the AI venture-funding world.

Source: From Wall Street to Silicon Valley, Anthropic IPO poised to have massive 'trickle-down effect' — CNBC

Wall Street's settlement giant DTCC has moved securities tokenization live, putting 25 securities — including Treasuries, equities and ETFs — on the Canton Network and Hyperledger Besu, with Stellar joining in early 2027. A working group including BlackRock, JPMorgan, Goldman Sachs, Nasdaq and NYSE is involved, operating under a three-year SEC no-action letter. DTCC processed $4.7 quadrillion in transactions in 2025.

Why it matters: DTCC's scale makes this one of the clearest signals yet that tokenized settlement is moving from pilot projects into core market infrastructure.

Source: Wall Street's settlement giant moves securities tokenization live — Kaupr

Six more companies — Wells Fargo, Cisco, Marvell, Arm, Moderna and Intuit — have objected to having their shares traded on the OKX-ICE tokenized stock venue, bringing the total to 22 objectors, up from 16 a week earlier. The venue's latest notice also flags risks: no circuit breakers beyond trading halts, no protection against transaction reordering, and smart-contract upgrades without advance notice.

Why it matters: Issuers have 30 days to object before trading can begin by default, and the list keeps growing as more companies learn their shares were tokenized without being asked first.

Source: Wells Fargo, Cisco, Intuit Among 6 More Companies Objecting to Tokenized Stocks — Decrypt

A growing list of companies — including McDonald's, Microsoft and Alphabet — have objected to having their shares traded on the OKX-ICE venue. Analysts say the pushback reflects issuer caution rather than rejection: under the SEC's framework, staying silent for 30 days counts as consent, so legal teams often opt out by default while they seek answers on custody and voting rights.

Why it matters: Nasdaq itself is objecting to having its own stock tokenized under the current framework, citing risks to liquidity and price discovery — even as it pursues a separate tokenization model of its own.

Source: Why McDonald's, Microsoft and Google saying no to tokenized stocks isn't a dealbreaker — CoinDesk (Source: analysis)

JPMorgan has made its tokenized money-market funds MONY and JLTXX available on Solana, alongside their existing presence on Ethereum, for qualified US investors via its Morgan Money platform. JLTXX, a US Treasury-focused fund, held $628.48 million in assets as of September 30, with a 3.79% seven-day SEC yield. JPMorgan also runs JPM Coin on Ethereum and Base.

Why it matters: The move extends JPMorgan's institutional on-chain footprint to a third network, as tokenized assets on Solana have grown from about $700 million to $4.3 billion over the past year.

Source: JPMorgan Launches Two Tokenized Money Market Funds on Solana — Cointribune

Changpeng "CZ" Zhao said crypto will be the "native currency for AI," pointing to BNB Chain as a network he wants to serve that role, though he acknowledged "that's still to be done." The comments came as BNB Standard, formerly CEA Industries, marked its rebrand and new CEO Alex Odagiu at a Nasdaq opening-bell ceremony. BNB Standard holds the largest corporate BNB treasury, over 515,400 BNB (~$383.5m).

Why it matters: New CEO Odagiu said the company plans to build an active business on BNB Chain — starting with running its own validator — rather than simply holding the token.

Source: CZ pitches BNB Chain's role in AI as BNB Standard rings Nasdaq bell — The Block

Futureproof, from Swedish fintech Goobit, is building an auto-rebalancing platform that mixes bitcoin, gold and bonds across three risk profiles, with bitcoin transactions routed through Finnish, MiCA-regulated Kvarn X. The company is raising about SEK 25.1 million in a rights issue running 22 October–5 November, ahead of a planned Q4 launch. More than 400 people are on the waiting list. Goobit's MiCA license appeal remains ongoing.

Why it matters: The launch positions Futureproof as a regulated, Nordic entry into multi-asset crypto portfolio management at a time when MiCA is reshaping how Nordic crypto firms operate.

Source: How Futureproof will automatically rebalance bitcoin and gold — Kaupr

Venkat Hrushikesa Varri notes Bitcoin tested both boundaries of its range this week — rejected above $83,500 and below $79,700 — without a sustained breakout or breakdown. The Fear & Greed Index sits at a neutral 54, down from 71 a month ago. Ethereum, meanwhile, is testing the rising trendline from its May lows near $2,314. A reclaim of $83,500 would put the $86,700–$87,500 resistance zone back in focus, while a confirmed loss of $79,700 or Ethereum's May trendline would shift the picture toward further downside.

Source: Bitcoin Tried Both Directions. Neither Side Won. — Kaupr

Key takeaways are also available in Norwegian, Swedish and Danish: kaupr.io/nyheter/trendline-bitcoin-fastlast-ethereum-naer-veiskille

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Wishing you a great Monday — and welcome back tomorrow morning for the next edition of Kaupr Daily.

Best regards Morten Myrstad Founder & Editor