> For the complete documentation index, see [llms.txt](https://docs.colb.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.colb.finance/products/tokenized-pre-ipos/canp-tokenized-anthropic.md).

# CANP (Tokenized Anthropic)

Tokenized exposure to pre-IPO Anthropic shares through Colb.

**Network:** BNB Chain \
\
[Token Term Sheet](https://colb-public.s3.eu-west-3.amazonaws.com/WebsiteDocuments/investments/liquid-strategies/PreIPO/Colb%20Anthropic/0xdc22F0a9a60eEe3697e925414BDb4580D1C35f91/Anthropic%20\(CANP\)%20Colb%20Term%20Sheet.pdf)

***

### What is CANP?

CANP is a Colb Tracker Token issued by the Colb Trust that provides on-chain economic exposure to pre-IPO Anthropic shares.

Each CANP token is fungible, NAV-priced, and backed by the value of the underlying Anthropic shares held through the Trust.

In practice, holding CANP gives you economic exposure to the performance and growth of Anthropic.

***

### How It Works

1. **Complete KYC Onboarding** — Get whitelisted to interact with Colb smart contracts.
2. **Deposit $USC** — Submit a purchase request through the Colb WebApp. Your request enters the deposit queue.
3. **Deposit Settlement** — Fees are calculated and deducted. $USC is sent to the treasury.
4. **CANP Tokens Are Minted** — Your $USC is converted into CANP tokens at the current NAV using the oracle price. Tokens are minted to your wallet.

For full details on the mechanics, see [INVESTMENT CORE TECH](/investment-core-tech/colb-liquids.md)

***

### Pricing

CANP is priced at Net Asset Value (NAV), updated based on:

**Recent SPV transactions** – If shares have been recently acquired, pricing reflects the latest transaction price.

**Quarterly valuation** – In the absence of recent transactions, pricing relies on the official quarterly company valuation.

***

### Fees

| Fee            | Description                        |
| -------------- | ---------------------------------- |
| Deposit Fee    | One-time fee when purchasing       |
| Redemption Fee | One-time fee when redeeming tokens |

Ongoing fees (management, carry) are incorporated into the NAV calculation.

For more fee details, see [Fees](/investment-core-tech/fees.md)

***

### Post-IPO 

#### Redemption Mechanics 

**At a glance**

**Trigger:** The actual sale and distribution of underlying shares, not the IPO date or lockup expiry.

**Value:** Realized sale proceeds at market, not the IPO price.

**Fees on the SPV level:** 20%, plus 5% for final administration costs. Both embedded in NAV. Colb redemption fee: 2.5%, deducted at redemption.

**What holders see:** The NAV is net of SPV-level fees. The 2.5% Colb redemption fee is deducted separately at redemption.

#### What triggers redemption 

The shares backing CANP are subject to a six-month post-IPO lockup. Redemption occurs when the shares are sold and proceeds reach the CANP structure, not simply when the lockup expires.

| Event                             | Triggers redemption?                |
| --------------------------------- | ----------------------------------- |
| IPO                               | No. Starts the six-month lockup.    |
| Lockup expiry                     | No. Shares become sellable.         |
| Sale and distribution of proceeds | Yes. Redemption value crystallizes. |

#### Timeline 

| Period                  | Event                                                  |
| ----------------------- | ------------------------------------------------------ |
| IPO + 6 months          | Lockup expires, shares become sellable                 |
| Post-lockup (estimated) | Proceeds reach CANP structure, NAV reflects net result |

All dates are estimates and may shift with administrative processing.

#### How redemption value is determined 

Redemption value is based on actual realized sale proceeds at market price, not the IPO price or a marked estimate.

#### NAV and oracle behavior 

All SPV-level fees are embedded in NAV. The oracle updates as proceeds arrive.

***

### Get Started

To access CANP, complete onboarding at [app.colb.finance](https://app.colb.finance)