Anthropic IPO Access on Kraken

Via IPO xStocks (ANTx)

1. Log in to your Kraken account on the Kraken App. If you don’t have an account, you’ll need to sign up and get verified.

2. Go to the Explore page using the bottom navigation bar.

3. Tap Pre-order on the Anthropic IPO card at the top of the page.

4. Enter the amount you would like to participate with. Your funds are reserved, not debited, at this stage. You participate at the offering price, inclusive of applicable fees.

5. Lastly, review your pre-order on the confirmation page, accept the required agreements, and tap Submit conditional offer to buy.

You can view your pending interest orders at any time before the window closes by tapping the More tab of the Kraken App (bottom-right corner), then tapping Queued orders. You can cancel your order at any time before the IPO at no cost. You will only pay the 5% fee on any received allocation.

1. Log in to your Kraken account on Kraken.com. If you don’t have an account, you’ll need to sign up and get verified.

2. From the Home page, scroll down and click Pre-order on the Anthropic IPO card. It is located under the Upcoming IPOs section.

3. Enter the amount you would like to participate with. Your funds are reserved, not debited, at this stage. You participate at the offering price, inclusive of applicable fees. You will see ANTx as the ticker.

4. Lastly, review your pre-order on the confirmation page, accept any required agreements, and click Submit conditional offer to buy.

1. Log in to your Kraken Pro account on the Kraken Pro App. If you don’t have an account, you’ll need to sign up and get verified.

2. Go to the Anthropic IPO card on the Home page below your favorites or Stocks in Markets.

3. Tap Submit interest within the Anthropic IPO card page with key details about the xStocks offering.

4. Enter the amount you would like to participate with. Your funds are reserved, not debited, at this stage. You participate at the offering price, inclusive of applicable fees.

5. Lastly, review your pre-order on the confirmation page, accept the required agreements, and tap Submit conditional offer to buy.

1. Log in to your Kraken Pro account on pro.kraken.com. If you don’t have an account, you’ll need to sign up and get verified.

2. From the Home page, click on the Anthropic IPO card or discover the Anthropic IPO within Stocks in Markets to submit interest.

3. Enter the amount you would like to participate with. Your funds are reserved, not debited, at this stage. You participate at the offering price, inclusive of applicable fees. You will see ANTx as the ticker.

4. Lastly, review your pre-order on the confirmation page, accept any required agreements, and click Submit conditional offer to buy.

If you are participating in the Anthropic IPO, it helps to understand what you are receiving.

xStocks are tokenized equities. Each xStock is backed 1:1 by the underlying share, held in custody by a regulated entity (Backed Assets (JE) Limited), so the value of the token tracks the value of the underlying share. If you receive an allocation in the Anthropic IPO, you receive ANTx, a 1:1 backed tokenized representation of Anthropic equity, delivered to your Kraken portfolio.

IPO xStocks provide price exposure only. They do not represent direct ownership of the underlying shares and do not carry voting rights. Corporate actions such as dividends are reflected through the token’s rebasing mechanism rather than paid out directly.

Allocation is not guaranteed, is not first-come, first-served, and is decided by the IPO underwriters based on demand. High demand may result in a full, partial, or no allocation.

Once trading opens, ANTx can be traded, converted, or moved like other assets on Kraken, and can move across participating xStocks Alliance platforms and compatible venues.

A few things to know before you submit interest in the Anthropic IPO:

• Your funds are reserved, not debited. When you submit interest, the amount you enter is reserved in your account. It is not charged unless and until you receive an allocation. You cannot use reserved funds for other activities until allocation is processed or the funds are made available again.

• Participation includes applicable fees. You participate at the offering price, inclusive of applicable fees.

• Submitting interest is non-binding until the final window closes. Your indication of interest is not a guarantee of an allocation.

• You can cancel, but you cannot edit. If you want to change your interest amount, you should cancel your existing submission and submit a new one.

• There is a final cancellation window. Before the interest window closes, you will receive a notice marking the last opportunity to withdraw. After that point, your submission becomes binding. For IPO xStocks, the cancellation deadline is set for each IPO and communicated to you.

• Allocation is not guaranteed. The amount you submit interest for is not the amount you are guaranteed to receive. Any unallocated funds will get refunded. See the allocation section below.

Allocation is not determined by Kraken, and it is not first-come, first-served. The amount you receive depends on availability and demand. In a high-demand offering like Anthropic, the available allocation may be distributed on a pro-rata or similar basis.

Because of this, you may receive:

• a full allocation (the full amount you submitted interest for),

• a partial allocation (some of the amount you submitted interest for), or

• no allocation (none of the amount you submitted interest for).

Allocation depends on availability and demand, and is not guaranteed. High demand may result in a partial or zero allocation.

On the listing day, the final IPO price is set and allocations are processed. If you received an allocation, your ANTx IPO xStocks will appear in your portfolio. Any unallocated funds will get refunded.

Trading opens later that day, without any lock-up period. From that point, you can trade your ANTx allocation, including selling it, like any other asset on Kraken.

Listing dates can move. If the date changes, the timeline above shifts with it. Kraken and xStocks do not decide this. Dates are determined by Anthropic.

If any of your reserved funds are not allocated, either because you received a partial allocation or no allocation, those funds are returned to your account.

Unallocated funds are returned on the same day after the listing. Once returned, the funds are available to use as normal.

For IPO xStocks (ANTx):

• A verified Kraken account in an eligible region.

• Required xStocks verification completed for the EEA or rest of world.

• Funding in a supported method. IPO xStocks support USD, USDC and USDG. Stablecoin submissions convert to USD at submit, and refunds are returned as USD, not the coin.

• Not available to clients in the UK, Canada, Australia, sanctioned jurisdictions, the US, or to US persons.

IPO participation involves a high degree of risk. Before submitting interest, consider the following:

• Allocation is not guaranteed. High demand may result in a partial or zero allocation, and any funds not allocated are returned.

• Price can move after listing. The value of IPO xStocks may go down as well as up after the company lists.

• Your funds are reserved during the window. You cannot use reserved funds until allocation is processed or the funds are returned.

• Price exposure only. IPO xStocks are tokenized equities that provide price exposure only and do not represent direct ownership of the underlying shares.

• Not available in all jurisdictions. Not available in the United States or to US persons, or in the UK, Canada, Australia, or sanctioned jurisdictions. Geographic restrictions apply for xStocks.

• Terms apply. See the Kraken Terms of Service at kraken.com/legal/disclosures to determine which legal entity you face, based on where you live.