This article is based on Decrypt's Morning Minute, a daily newsletter written by Tyler Warner (@Tyler_Did_It), who also hosts Decrypt's daily news show FOMO HOUR. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

Today's top stories:

• Crypto majors rebound after Tuesday's selloff; Bitcoin at $74,000
• Anthropic plans to IPO on Nov. 19 at roughly a $1 trillion market cap
• Consortium of big banks commits $270 million to build a stablecoin competitor
• Grayscale pledges $1 million to Zcash nonprofits, including a front-page Wall Street Journal ad
• CFTC warns Kalshi over potential enforcement charges tied to new contracts

Anthropic's $1.4 Trillion IPO: The Key Details

Several key new details were released on Tuesday for the pending IPO of Anthropic, the AI company behind the Claude chatbot. The price range was set at $70 to $78 per share, with 825 million Class A shares to be sold to raise roughly $64.4 billion at the top of the range. Pricing is expected on Nov. 18, with trading beginning Nov. 19 on Nasdaq under the ticker ANT. Roughly 20% of the deal is set aside for retail investors — about double what a book of this size typically allocates to individuals.

At the range, Anthropic is valued at $916 billion to $1.02 trillion on a basic share count, or up to $1.405 trillion fully diluted. In September, the company was reportedly eyeing a $2 trillion valuation. According to The Wall Street Journal, major investors now expect it to land closer to $1 trillion following last week's AI selloff — a roughly 30% markdown in two months — and the order book is reported only as covered, not oversubscribed.

Notably, on Hyperliquid, ANT is trading at an implied $1.8 trillion valuation, with $100 million in daily trading volume and $200 million in open interest — a market large enough to provide some signal. Traders there may be somewhat more bullish on ANT than Wall Street is.

Alongside the IPO sits a $26 billion private placement of non-voting Class N stock, purchased at the IPO price by seven of Anthropic's own compute suppliers. Google and Nvidia are taking about $10 billion each, AMD $2.5 billion, and Broadcom, Micron and Microsoft roughly $1 billion apiece, with TSMC at $500 million. Those shares carry no lock-up. Combined with the IPO, Anthropic stands to walk away with roughly $84.6 billion for general corporate purposes, most of it earmarked for compute.

On the financial side, Anthropic reported revenue of $33.2 billion through nine months, up from $2.5 billion a year earlier, alongside a $1.26 billion operating loss. It also reported a $104 billion net loss — almost all of it a non-cash charge on convertible notes — and $900.9 billion in committed spending, with $70.7 billion due within twelve months.

So what does it mean for crypto? The liquidity drain thesis has been circulating since April, when CoinDesk laid out the case that mega-IPOs pull speculative money from the same pool that funds crypto. Retail allocations are the mechanism: a dollar earmarked for an IPO ticket is a dollar not deployed into Bitcoin or memecoins.

The experiment has effectively already run. SpaceX listed on June 12 at more than $2 trillion. Bitcoin fell 29% heading into the listing, bottomed at $58,500 on June 30, and then rose 37% off that low. Notably, however, the Bitcoin bottom was effectively in on June 5 at $59,000 — a full week ahead of the SPCX IPO.

The question, then, is not whether a mega-IPO pulls money out of crypto, but whether that has already happened. Bitcoin fell roughly 15% from its early-October high through a $6.3 billion exchange hack, an AI capex selloff and a Democratic sweep.

Two factors make this deal smaller for crypto than it appears. The retail slice is roughly $12.9 billion, versus SpaceX's $22 billion — about 59% as much. And the $26 billion private placement never touches public-market liquidity at all, because it comes from Anthropic's vendors, who are then repaid through compute contracts.

Warner's conclusion: if the SpaceX pattern repeats and the ~60% scaling factor applies, Bitcoin could drop another 5% or so into the Anthropic IPO — notably, right where the 200-week moving average sits — with the effective bottom forming sometime in the next one to two days. In that scenario, the worst of the pain may largely be behind the market. Whether IPO history repeats itself for crypto will become clear soon enough. The immediate checkpoints are concrete: final pricing on Nov. 18, ANT's Nasdaq debut on Nov. 19, and whether the gap between Wall Street's roughly $1 trillion expectation and Hyperliquid's $1.8 trillion implied valuation narrows.

Macro Crypto and Markets

Crypto majors are red but rebounding after a brutal selloff on Tuesday: Bitcoin is even at $74,000; ETH is down 2% at $2,055; SOL is down 1% at $84; HYPE is down 2% at $73; and ZEC is down 14% at $986. Gram (+12%), SPX (+6%) and LIT (+5%) led the top altcoin movers. Oil rose 2% to $87, while gold slipped 1% to $4,050.

Stock futures are firmly green after a big earnings beat from CoreWeave, the AI cloud infrastructure provider, eased concerns around AI spending: Dow futures +0.14%, Nasdaq futures +1.9%.

A consortium of 21 banks including Goldman Sachs, Citigroup, Santander and Deutsche Bank has committed about $270 million to fund five years of operations for a US-incorporated dollar stablecoin issuer, known internally as Project Faro. Stablecoins — blockchain tokens pegged to the US dollar — have so far been dominated by crypto-native issuers, and the banks' involvement marks a concerted push by traditional finance to challenge them.

Nvidia erased its 2026 gains as the “Spygate” fallout continued, with the AI chipmaker falling to $166.95 and down 18.4% in November, after House Foreign Affairs Chairman Brian Mast threatened to subpoena CEO Jensen Huang over his dealings with a former executive at a Singapore chip buyer.

Near AI disclosed a breach in which an attacker exploited a remote code execution flaw in the open-source SGLang inference engine to move through its infrastructure, exposing the names and emails of about 100 users and chat histories from 18 AI agents.

Trump Media posted a $409.7 million third-quarter profit — the parent company of Truth Social swinging from a $238 million loss in Q2 — on the back of $496.1 million of unrealized gains on digital assets and securities as Bitcoin rose 42% during the quarter.

Grayscale pledged $1 million to Zcash ecosystem nonprofits, a boost for the privacy-focused cryptocurrency, funded by reinvesting sponsor fees from its Zcash ETF for up to the fund's first year. $100,000 has already been sent to each of four organizations, accompanied by a full-page ad in the Wall Street Journal.

Former Ripple CTO David Schwartz said he has cut his crypto holdings from roughly 26 million XRP to 3 million, from 1,500 BTC to one, and from 40,000 ETH to six, describing years of sales carried out under a longstanding agreement with his wife to sell into new highs.

The CFTC — the Commodity Futures Trading Commission, the US derivatives regulator — warned Kalshi, the regulated prediction-market platform, that it may bring enforcement charges over how the platform notified the agency about new contracts. Politico reported that dozens of products are under review, while Kalshi describes the matter as a “procedural error” affecting only a handful of listings.

Corporate Treasuries and ETF Flows

The Bitcoin ETFs saw $95 million in net outflows on Tuesday; the ETH ETFs saw $1.3 million in outflows.

Meme Coin Tracker

Meme leaders were mostly green: DOGE -2%, SHIB even, PEPE -5%, PENGU +1%, TRUMP -2%, SPX +5%, BONK +1%.

Robinhood chain leaders were red: Pons -1% to $102 million; Cashcat -9% at $60 million; Orbio -4% at $28 million; AI -2% at $28 million. MEME +17% and v4 +90% led the top movers.

Among Solana tokens, top movers included Mihao +17x, Nihao +175x and Hold +25x; Stonk +2% at $50 million and Ansem +13% at $55 million.

Token, Airdrop and Protocol Tracker

Hyperliquid led onchain protocols in revenue on the day with $2.53 million, followed by Pump.fun at $1.16 million and Papertrade at $1.01 million.

Jupiter, the Solana decentralized exchange, launched four products extending it beyond trading, including Baskets, which offer one-click token bundles that rebalance automatically, and Vaults, which provide curator-managed yield strategies.

Moody's Ratings and Chainlink completed a pilot distributing credit ratings across multiple blockchains, using Chainlink's cross-chain protocol and Moody's Token Integration Engine.

Decrypt added confidential transfers to its Money Account through Solana infrastructure firm Helius, using zero-knowledge proofs to hide transfer amounts from the public ledger while leaving viewing keys available for compliance purposes.

NFT Roundup

NFT leaders were mostly flat: Punks even at 30.4 ETH, BAYC -1% at 5.75 ETH, Pudgy -3% at 2.14 ETH. Gimboz (+35%) and Gs on Ape (+32%) led the top movers.