{"podcast":{"title":"Bankless","slug":"bankless-357756","podcast_index_feed_id":357756,"rss_url":"https://feeds.flightcast.com/p83fuj0y0u58o82l41xei7zo.xml","website_url":"http://podcast.banklesshq.com/","image_url":"https://assets.flightcast.com/workspaces/vzyepv1wunc8uo4au6e1tld4/podcasts/p83fuj0y0u58o82l41xei7zo/qytiwwt972ormowswu9ysv65.png","author":"Bankless","episode_count":1287,"summary":"The Ultimate Guide to Crypto Finance. DeFi, NFTs, and cryptocurrencies. Level up. Go bankless.","last_synced_at":null,"page_url":"https://stenobird.com/podcast/bankless-357756"},"episode":{"title":"The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares","slug":"the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares","published_at":"2026-05-14T10:30:00+00:00","page_url":"https://stenobird.com/podcast/bankless-357756/the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares","show_page_url":"https://stenobird.com/podcast/bankless-357756","url":"https://episode.flightcast.com/01KRJTN89PJM38GAK3RRB7AFDW.mp3","audio_url":"https://episode.flightcast.com/01KRJTN89PJM38GAK3RRB7AFDW.mp3","summary":"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","meta_description":"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 opaqu…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2654,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/bankless-357756/episodes/the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/bankless-357756/the-200-billion-shadow-market-behind-anthropic-s-stock-dio-casares.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}