According to Woofun AI, the field of artificial intelligence and cryptocurrency recently showed a very different capital story: Anthropic revealed that it plans to conduct an initial public offering (IPO) on the NASDAQ with a valuation of about $1 trillion, the stock code is ANT, while crypto infrastructure service provider Bakkt (BKKT.US) is facing a sharp decline in revenue, and many listed companies continue to reduce their Bitcoin reserves.
On the AI circuit, Anthropic's latest financial disclosure reveals its rapid growth trajectory. As of October 31, 2026, the company's annualized revenue had reached approximately $81 billion, an increase of $10 billion from September 30, 2026.
This growth is mainly driven by high-value customers, and the number of customers with annual revenue of $100,000 or more has risen to 11,900. It is proposed to issue 825 million Class A common shares, of which approximately 801 million shares will be issued by the company, approximately 24.5 million shares will be sold by existing shareholders, and the selling parties will be seven co-founders. Based on the upper limit of the issuance range of $70 to $78 per share, the maximum total cash out is approximately US$1,845 million. The company raised a maximum of about US$64.35 billion, plus the US$26 billion private placement involving NVDA.US (NVDA.US) and Alphabet (GOOGL.US), etc., and the total scale is expected to surpass the previous SpaceX IPO record.
Notably, Anthropic's valuation target is around $1 trillion, $1.02 trillion based on underlying share capital, and up to about $1.4 trillion at fully diluted share capital, which is still lower than previous market expectations of $1.5 trillion to $2 trillion. This indicates that the AI industry's pricing logic in the capital market is undergoing a fundamental restructuring, and the tension between its revenue scale and valuation multiples has become the focus of market attention.
In contrast, the financial position of crypto trading infrastructure provider Bakkt showed clear signs of contraction. According to data compiled by Woofun AI, Bakkt's total revenue for the third quarter was US$149.2 million, down 62.9% from US$402.2 billion in the same period last year, mainly due to a decrease in cryptocurrency trading volume.
Although net profit attributable to the company for the quarter was $14.3 million, or $0.31 per diluted share, this included a non-cash warrant income of $26.8 million. Excluding this non-recurring profit and loss, the pressure on actual operating profit is still huge. For comparison, the company had a net loss of $14.9 million in the same period last year. In terms of deal size, total transaction volume (TTV) for the third quarter was only $147.9 million. Facing the current sluggish performance, Bakkt reiterated its goal for TTV of approximately US$3 billion for the full year of 2026 and set a long-term target of US$6 billion for TTV in the first half of 2027.
However, with a total of only $37.3 million in cash and restricted cash at the end of the quarter, there is a stark contrast between its liquidity situation and ambitious growth targets, and investors need to be wary of its execution risks.
On the asset holding side, listed companies are continuing to reduce their holdings of Bitcoin. Since 2026, 14 listed companies have sold bitcoins, totaling 108,247 BTC, with a total value of about $8.08 billion. Among them, Bitcoin mining company MARA (MARA.US) was the main seller, selling 40,581 BTC (about $3.03 billion), with an average selling price of $74,446, accounting for 37.5% of the total sell-off volume; Riot Platforms (RIOT.US) followed, selling 20,264 BTC (about $1.51 billion), with an average selling price of $73,231.
It should be clarified that this statistic includes some on-chain transfer estimates, and not all of them are confirmed spot sales. This large-scale institutional holdings reduction reflects mining companies' financial balance strategies between computing power costs and currency price fluctuations, and also puts potential pressure on market liquidity.
Meanwhile, cryptographic services within the Telegram ecosystem are seeking a breakthrough in independence. The crypto trading platform Walt, which changed its name from Wallet in Telegram, has launched an independent app. This is the first time it has provided services outside of Telegram. Walt completed its name change on September 28, 2026, and launched the AI-assisted perpetual contract trading feature on October 20.
Currently, Walt offers more than 200 cryptocurrencies, more than 100 tokenized US stocks and ETFs, perpetual contracts for cryptocurrencies, metals, and energy, and wealth management products for assets such as stablecoins, SOL, and ETH. Existing users can log in directly with their Telegram account, and new users can sign up through a Telegram, Google, or Apple account, while the original service within Telegram remains.
This initiative aims to reduce reliance on a single social platform and expand a wider user base.
Furthermore, the Hong Kong Stock Exchange (02513.HK) announced that after receiving the share repurchase proposal put forward by Chairman Liu Debing, the company plans to take the opportunity to buy back H shares in the open market in accordance with the general authorization granted by the annual shareholders' meeting on June 22, 2026. The total amount of the plan is capped at HK$4 billion, and the total number of repurchases will not exceed 1% of the total number of shares issued on the announcement date. The company believes that the share repurchase plan will reflect its confidence in the Group's long-term business outlook and prospects, as well as its commitment to enhance shareholder value. When implementing the buyback, the company will consider the Group's financial situation, operating capital requirements and business development needs to maintain sufficient financial resources for its continued operation and growth.
In the context of the AI industry's general pursuit of overvalued IPOs, this move shows another way of operating capital, which is to stabilize stock prices and give back to shareholders through repurchases rather than simply relying on external financing to expand. Overall, from Anthropic's trillion-dollar valuation plan to Bakkt's revenue woes, to the asset adjustments of listed companies, the market is experiencing a profound revaluation and structural differentiation.