Ethan Feldman

CTO at @talostrading, building trading systems for digital assets.

[Talos @talostrading]

Pre-IPO perps value Anthropic at ~$1.4T, down from highs above $2T, with $260M+ in open interest across Entropy, TradeXYZ and OKX.

This week’s State of the Network examines Anthropic’s implied pre-IPO valuation, how share-count settlement rules shape perp pricing, and what SpaceX reveals about IPO price discovery.

🔹 TradeXYZ’s ANT price of ~$97 sits 23% above the top of the S1’s $70–$78 range
🔹 OKX settles on ~15.2B shares and Entropy on the fully diluted count, so each venue converges to the same IPO price by a different path
🔹 SpaceX perps overshot the first-day open by ~17%, then traded within 2% of the stock a week after listing

Read the latest State of the Network: Countdown to ANT: What the Pre-IPO Perps Markets Say About Anthropic’s IPO
https://t.co/I4TZiJIMCp

Research by Henry Duschang (Cooper Duschang)
Chart: Anthropic Implied Valuation. Source: Talos CM Market Data Pro.

[Talos @talostrading]

Talos has been named Algorithmic Trading Provider of the Year at the Hedgeweek US Awards 2026 in New York.

Thank you to @Hedgeweek for recognizing our algorithmic execution suite — from TWAP, VWAP and Sniper to smart order routing and multi-leg spreads — and congratulations to all of this year’s winners.

➡️ Read more: https://t.co/JzIC18ysaR

Accepting the award: Sirui Zhang, Eliad Hoch, and Kaan Giray (Quant Execution Services).

[Talos @talostrading]

In 2018, @KatzAnton and @ethanf set out to build the best institutional execution platform for crypto. Eight years, 200+ people and over $1 trillion in volume later, Talos is today the trading and data infrastructure for 24/7 markets, from crypto and tokenized assets to perpetuals and prediction markets.

We recently came together from across 19 countries to reflect on our successes, re-energize around our mission, and reimagine how we continue to build ambitiously into the future.

Come build with us: https://t.co/EavXj3x11k

[Ethan Feldman @ethanf]

@Airport_FRA @MEOFAR What is the ETA for recovery?

[Talos @talostrading]

Other markets get a closing bell. Crypto doesn't.

Talos CTO & Co-Founder Ethan Feldman contributed to TabbFORUM's recent article "Identity, Automation & Trust in the Next Generation of Trading Infrastructure" about securing infrastructure that doesn't switch off.

🎙️ "You're effectively rebuilding the plane while it's in flight."

➡️ Read the takeaways: https://t.co/DSQsKOktPm

[Ethan Feldman @ethanf]

$1 trillion in trading volume 🚀

What you don’t see is all the engineering, deployments, performance tuning, and weekend support that goes into running a 24/7 trading platform. A huge thank you to the team that made it possible.

As crypto and traditional markets converge, the infrastructure challenge has never been more exciting.

On to the next trillion.

https://t.co/UdEvUJEPh9

[Depository Trust & Clearing Corporation @The_DTCC]

Today, tokenization continues to move from discussion toward real-world market activity.

Through live production use cases, DTCC is demonstrating how tokenized assets move through established market infrastructure.

Follow along: https://t.co/iM0NShmKqf

[Talos @talostrading]

SpaceX is set to debut on Nasdaq tomorrow, the largest IPO in history at a $135 IPO price with a $1.77T target valuation. Crypto derivatives markets have been pricing it for weeks. What does the market think @SpaceX is worth?

We built a dashboard to track pre-IPO perp market data in real time, including pricing, liquidity and open interest.

Check it out to here see what the market is reflecting ➡️ https://t.co/01zEaOSXat

[Talos @talostrading]

Talos has been named EMS Provider of the Year at the @Hedgeweek Global Digital Assets Awards 2026, one of the industry's most respected benchmarks for excellence in the digital assets space.

Congratulations to all nominees and winners.

➡️ Read more: https://t.co/hWvlup6JJG

[Ethan Feldman @ethanf]

It turns out great DevEx helps humans, but AI even more.

If you want AI to speed up software development, you need fast feedback that your changes are correct.

[Chris Lattner @clattner_llvm]

AI coding is here to stay, but it is far from obvious how to get the most value out (rather than tokenmax'ing lol). Ignoring them would be like ignoring git 15 years ago!

Luca and I explored how AI tooling is "forcing" best practices in SW (good CI, fast testing, etc), discussed the challenges of getting teams to adapt (productively!) to new tools, how these tools are challenging OSS projects and proprietary SW moats, among many other topics.

It was wonderful to spend time with Luca talking about the evolving nature of software design. He is thoughtful and does wonderful work at https://t.co/RUDJwiQuX2, check it out!

[Talos @talostrading]

Talos increasingly sits at the intersection of traditional capital markets and digital assets. Today, we're proud to announce we're partnering with @Nasdaq to connect Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms.

➡️ Read the announcement: https://t.co/TQy1pHz6KL

🎙️ “This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens.”
— Roland Chai, Executive Vice President, Nasdaq

🎙️ “By combining Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms, firms can connect workflows for execution, risk, collateral and compliance to reduce operational friction across both on- and off-chain asset classes.”
— @KatzAnton, CEO and Co-Founder, Talos
#DigitalAssets #Tokenization #TokenizedCollateral #TokenizedAssets

[Talos @talostrading]

It’s always great to be back at @Cornell for our CTO Ethan Feldman and Engineer Zachary Shine.

During this Talos TechTalk, Ethan and Zack shared how we design institutional grade trading infrastructure that must be low latency, handle peak bursts of activity, and run 24/7 with no downtime — because crypto markets never sleep.

The talk focused on our sequencer based architecture and how building services as replicated state machines enables us to build systems that combine performance, determinism, and fault tolerance.

Enjoy this stuff? We’re hiring ➡️ https://t.co/YSiAv7a5vI
#SoftwareEngineering #InstitutionalTrading #WereHiring

[Kenton Varda @KentonVarda]

Worries that software developer jobs are going away are backwards. There is SO MUCH software to build right now, that previously wasn't possible (uses AI directly) or wasn't cost-effective (too niche). We're going to have more developers, and orders of magnitude more software.

[Talos @talostrading]

Talos has closed a $45M Series B extension, bringing our total Series B funding to $150M.
➡️ Read more: https://t.co/P8U0LRL7dk

The extension brings strategic partners in closer alignment with Talos as we continue building the unified, front-to-back infrastructure institutions rely on as markets move to digital rails.

We are grateful to our new strategic investors:
Robinhood Markets @RobinhoodApp
Sony Innovation Fund @Sony_Innov_Fund
IMC @IMCTrading
QCP @QCPgroup
Karatage @Karatage
As well as returning investors: @a16zcrypto, @BNYglobal and @Fidelity Investments.

🎙️“We extended our Series B round to accommodate interest from strategic partners who recognize Talos’s role in providing core institutional infrastructure for digital assets. At a time when traditional asset classes are increasingly migrating to digital rails, these partners wanted to be more closely aligned with our growth. -- @KatzAnton, CEO and Co-Founder of Talos

#DigitalAssets #FinTech #Crypto #Blockchain

[Jeff Dean @JeffDean]

Performance Hints

Over the years, my colleague Sanjay Ghemawat and I have done a fair bit of diving into performance tuning of various pieces of code. We wrote an internal Performance Hints document a couple of years ago as a way of identifying some general principles and we've recently published a version of it externally.

We'd love any feedback you might have!

Read the full doc at: https://t.co/jej95g236P

[Frank @jedisct1]

"I've been writing ring buffers wrong all these years" https://t.co/Zab4MvULRH

[Talos @talostrading]

Ethan Feldman , CTO and Co-Founder of Talos, discusses how orchestration, automation and resilient infrastructure are helping institutions overcome fragmentation in digital asset markets.

In this new e-Forex feature, Vivek Shankar explores with Ethan the complexity of institutional digital asset trading and how technology is evolving to meet enterprise standards.

➡️ Read and download the article here: https://t.co/2oEmmMIHAR

View the full November issue of e-Forex magazine: https://t.co/Op0B3UeF3B

[Talos @talostrading]

Talos was named Best Technology Solution Provider for Digital Assets - Institutional Trading and Investment Infrastructure at The Digital Banker Digital Assets Awards 2025.

The Awards exist to honor and celebrate the world’s pre-eminent and ground-breaking digital asset participants and market infrastructure providers that are transforming the digital assets ecosystem.

We're honored to receive this recognition from The Digital Banker @banker_digital. Congratulations to all of this year's winners.

➡️ Learn more here: https://t.co/MP9jhrE9WW

Visit https://t.co/w5JwKiTZE9 to find out how Talos empowers sellside institutions like banks to trade and manage digital assets.

[Talos @talostrading]

Talos has integrated its OEMS with BlackRock's Aladdin® platform to expand institutional digital asset order management capabilities for Aladdin users.

This integration unlocks greater efficiency for institutional trading. BlackRock’s team executed over $1 billion in trading volume through the Talos platform in the first week of implementation.

🎙️ “Integrating Talos into Whole Portfolio applications on the Aladdin platform enables us to expand and further automate our crypto trading capabilities. Talos’s crypto-native technology strengthens our execution capabilities now, ensuring we’re ready to meet future client demand with greater efficiency, liquidity access, and execution quality.” -- Daniel Veiner, Head of Markets at @BlackRock

🎙️ "As large, traditional firms move from exploration to execution on their digital asset strategies, they expect the same level of sophistication they’re accustomed to in traditional markets. Through this integration, BlackRock can now access that standard directly within their existing workflows.” -- @KatzAnton, CEO and Co-Founder of Talos

Read the announcement: https://t.co/rp53xlKJk2

#BlackRock #Aladdin #InstitutionalAdoption #ETFs #OEMS #DigitalAssets

[Ethan Feldman @ethanf]

🚢 What did you ship this week?

[Initialized Capital @Initialized]

Ship fast, learn faster. @talostrading—an institutional crypto platform—brings TradFi-grade reliability to digital assets. Cofounder/CTO @ethanf: ship early, follow the pull (OTC/market makers), keep the vision but adjust the path—and never compromise safety.