Wu learned that Coinbase Markets stated that Coinbase, through Coinbase Bermuda Ltd, which holds a license from the Bermuda Monetary Authority (BMA), has launched pre-IPO perpetual contracts (pre-IPO perps) for OpenAI and Anthropic, available to eligible users in certain markets outside the United States. Coinbase noted that this product allows traders to gain exposure to a company before its public listing, but unlike standard perpetual contracts, it carries additional risks such as valuation-based index pricing, IPO conversion risk, lower liquidity, and higher volatility.