Anthropic: Is This the Weirdest Ever IPO Prospectus?

Chart of the Day — An onchain BTC bull signal
Trade of the Day — ETH ready to move
Alpha Leaks — BTC puts in a strong Q3
News Roundup — Anthropic IPO, NEAR Intents hacked, USDT on Bitcoin

MVRV Z-Score Sends BTC Bull Signal

This chart from CryptoQuant offers further backing for the argument that BTC is in the early stages of shifting into a sustainable bull market.

It shows the MVRV Z-score–a metric measuring BTC value relative to holder cost basis–with its 365-day moving average, and the MVRV Z-Score has just climbed back above the moving average. Looking at previous cycles, you can see how reclaiming the moving average has marked the start of new bull phases, although it is critical that this level is now held.

ETH Consolidating - Sponsored by Kalshi

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ETH has been consolidating tightly after an earlier move up from the August/September range. The RSI and the MACD on the 4-hour chart are in neutral territory, and it could be getting ready for another move up from here, while the top of the earlier range acts as support, and also marks invalidation if price goes the wrong way.

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Anthropic IPO Incoming

According to a new Bloomberg report, Anthropic could begin marketing its IPO during the week of November 9, and start trading before the Thanksgiving holiday in the US.

And its IPO prospectus reportedly reveals extraordinary growth alongside enormous costs. Revenue rose roughly twelvefold to $4.6 billion in 2025, but operating losses exceeded $8 billion, while computing and infrastructure spending tripled to $7.33 billion. Anthropic’s net loss reached $42 billion in 2025, although around $34 billion came from an adjustment to earlier fundraising, rather than from cash spending.

Customer concentration is another concern: two clients supplied nearly a quarter of revenue, and many major customers lack long-term contracts, while there is $518 billion in future infrastructure obligations.

Additionally, in a deeply weird twist, the filing warns of “existential risks to humanity”. That isn’t a typical disclosure for a financial document soliciting investment: Anthropic appears to be asking future shareholders to finance humanity-ending technology. But then again, we live in strange times, so maybe the apocalyptic language will help to ramp up anticipation.

NEAR Intents Hacked

It’s been an incredibly eventful week for NEAR, which has had an ETF launched, prevented hacked Bitget funds from being moved onchain, and then, most recently, has itself been the victim of a hack.

We covered the first two of those events last time: The Bitwise NEAR ETF launched on September 29, and has had strong inflows so far, and NEAR Intents–a cross-chain protocol–blocked attempts to swap assets stolen in the recent Bitget hack, and also froze some of those assets.

And following on from all that, on Thursday, NEAR Intents announced that due to a security incident, services were halted, and $3.8M had been stolen. It also stated that the vulnerability had been patched, and all lost funds would be reimbursed.

NEAR Intents GM Alex Shevchenko later updated that the attacker had been identified, and demanded return of the stolen funds within 48 hours, warning, “you know better than most how responsible disclosure works — this is the last window to use it”.

This approach worked, and all funds have now been returned in full, with Shevchenko finally stating, “please use bug bounties instead of disrupting the services”.

Utexo to Bring USDT Back to Bitcoin

Bitcoin-native payments platform Utexo, which is backed by Tether, is preparing to launch USDT on Bitcoin. This will give users a way to make private USDT transfers, allow direct swaps between USDT and BTC, and can facilitate lending services that use BTC as collateral.

The project uses RGB Protocol and Lightning Network to enable these services, but USDT actually first appeared on Bitcoin’s Omni Layer way back in 2014. As such, Utexo’s new rollout–which is expected later this month–brings the stablecoin back to its original ecosystem, albeit through a different technical approach.

Importantly, privacy can be achieved through processing transaction details offchain, as RGB allows participants to verify transfers without publishing the full transaction record on Bitcoin’s public ledger, meaning that confidentiality is built in to the system.

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