Ryan Sean Adams

Bankless Nation, we are here with Dio Casares from Patagon.

Dio, welcome to the show.

Thanks for having me.

Dio, I've got some questions.

I think a lot of people have some questions around the secondaries market on Anthropic stock, but also we could probably extend that to the private markets broadly.

Before I start asking you my questions, can you just explain to me and to the listeners where your perch is?

and why you have a vantage or a perspective on what's going on with Anthropic Secondaries.

So as like a service to your clients, you go and find secondaries that are hot and then you package them up and sell them to your clients.

Exactly.

Exactly.

Okay.

So that gives you kind of like a first row seat, front row seat to like what's going on in this very hot secondaries market.

As I kind of understand it, like the hot ball of money is secondaries, specifically Anthropic, but also SpaceX, also OpenAI.

Maybe just like shed a little bit of light for listeners because like most people is completely blind to this.

What's going on over there?

Does that make it secondary secondaries?

I see.

So one of the reasons why this phenomenon is happening in the first place is a the market sizes are just gargantuan now.

And so the amount of money to be flying around is just larger.

And then also because these companies are staying private for longer, there's more time to do it, the market has time to mature and, you know, get bigger, more and attract more participants.