Arthur Hayes, co-founder of the former derivatives platform BitMEX and chief investment officer at Maelstrom, said he is increasing cryptocurrency exposure ahead of Anthropic's expected Nasdaq debut. In a post on X, Hayes wrote that Anthropic's initial public offering is likely to perform strongly and that he is adding crypto risk between now and the listing date, keeping position sizes small to medium so he can unwind quickly if needed. He described his stance as 'mini-bulled up' in the near term.
His move contrasts with his earlier warning in the essay 'D is for Dilution,' where he cautioned that heavy share unlocks after major AI-related listings involving Anthropic, SpaceX, and OpenAI could pressure equity prices. Hayes estimated early public investors in Anthropic could face dilution of about 83% by mid-2027, based on the company's registration materials. He argued that AI infrastructure capital needs could tighten liquidity and create headwinds for risk assets like Bitcoin and other cryptocurrencies in the shorter run, while eventual central bank liquidity support could favor crypto later.
Anthropic has advanced its IPO process with an updated filing for 825 million Class A shares at a proposed range of $70 to $78 per share, potentially raising around $64 billion. Reports suggest pricing is expected around November 18, with trading on the Nasdaq under ticker ANT on November 19. A concurrent private placement involving semiconductor and cloud partners may add capital at the IPO price, and the fully diluted valuation at the top of the range is discussed near $1.4 trillion, lower than some earlier projections.
Separately, Bitmine Immersion Chairman Tom Lee outlined three cash drains he sees behind crypto's recent weakness. First, the selloff in AI and chip stocks led by Nvidia triggered margin calls, mainly among retail traders in Asia, with reports also citing the US, South Korea, and Taiwan. Because crypto trades around the clock and settles quickly, it may be among the easiest assets to sell for cash. Second, Lee said much of the Anthropic IPO allocation is expected to go to retail investors on Robinhood, and some buyers are selling crypto to fund orders, while the listing could act as a supply shock for equities. Third, he pointed to about $6.3 billion in funds being restored or made available after the reported late October 2026 Binance hack.
Lee said Bitmine Immersion has kept buying Ethereum through the swings. The company now holds about 6.06 million to 6.07 million ETH, or roughly 4.9% to 4.97% of total supply, close to its own 5% cap. Bitmine began buying in mid-2025, funded mainly by selling new shares, with staking rewards adding to holdings, and it plans to resume share buybacks as it nears the limit. Lee remains bullish on the long term, saying crypto 'remains the future of finance' and is headed for a supercycle bigger than past cycles, describing the market as a coiled spring and saying the headwinds will pass.
