# The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares

Page: https://stenobird.com/podcast/bankless-357756/the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares
Text version: https://stenobird.com/podcast/bankless-357756/the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares.md
Podcast: [Bankless](https://stenobird.com/podcast/bankless-357756)
Published: 2026-05-14T10:30:00+00:00
Episode link: https://episode.flightcast.com/01KRJTN89PJM38GAK3RRB7AFDW.mp3
Audio file: https://episode.flightcast.com/01KRJTN89PJM38GAK3RRB7AFDW.mp3
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JSON: https://stenobird.com/v1/public/podcasts/bankless-357756/episodes/the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares
Duration seconds: 2654

## Resource

Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque. Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | MEMBER MONTH https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo ------ TIMESTAMPS 0:00 Intro 0:40 What is Going on in Secondary Markets? 7:03 How Anthropic Secondary Markets Unfold 14:51 Anthropic’s Secondaries Social Elite 19:00 Emerging SPV Structure 21:51 Accidental Frauds? 27:04 After IPO Consequences 35:13 Private Market Lessons 38:21 Patagon Markets 43:54 Tokenized Perps 44:57 Closing Thoughts ------ RESOURCES Diogenes Cesares https://x.com/diogenes Patagon Markets https://patagonmarkets.com/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

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