SBI CEO: Crypto slowdown driven by capital rotation into tech IPOs
In brief
- SBI Holdings CEO Yoshitaka Kitao links crypto slowdown to institutional capital rotation into tech IPOs
- SpaceX, OpenAI, and Anthropic IPOs could collectively raise over $200 billion
- Kitao: crypto fundamentals remain sound despite temporary liquidity drain
- U.S. Clarity Act seen as bullish catalyst; Ripple positioned to benefit from regulatory clarity
The IPO Wave Pulling Liquidity
The crypto market is being temporarily starved of liquidity as institutional "smart money" sets capital aside to acquire shares in SpaceX, Anthropic, and OpenAI. The scale of this rotation is substantial. The combined fundraising for the SpaceX, OpenAI, and Anthropic IPOs could exceed $200 billion, with total target valuations for all three companies combined adding up to roughly $3.6 trillion.
SpaceX is targeting a valuation between $1.75 trillion and $2 trillion and aims to raise up to $80 billion. The space exploration company could list as early as this June. OpenAI, the creator of ChatGPT, recently raised $122 billion at an $852 billion post-money valuation and is targeting an IPO valuation between $850 billion and $1.1 trillion. Anthropic, the AI company behind the Claude large language model, is eyeing a valuation of approximately $900 billion and is expected to target a listing window in the fourth quarter of 2026.
Fundamentals Remain Sound
Kitao stressed that the fundamentals of the crypto market remain entirely sound, framing the current downturn as a temporary liquidity event rather than a structural weakness. The CEO sees regulatory clarity as a path forward. He noted that the potential passage of the "Clarity Act" in the U.S. would be a massive bullish catalyst for the entire crypto space. Kitao has also stressed that Ripple, the company associated with the XRP cryptocurrency, will benefit from this regulatory clarity.
