Yoshitaka Kitao, CEO of Japanese financial giant SBI Holdings, has attributed the current sluggishness in cryptocurrency markets to a massive capital rotation by institutional investors. According to Kitao, “smart money” is liquidating digital asset positions to raise cash in preparation for a historic wave of tech IPOs in the United States.
The upcoming public offerings of SpaceX, OpenAI, and Anthropic are expected to be among the most expensive in stock market history, with combined target valuations reaching approximately $3.6 trillion. To participate, institutional investors are reportedly selling off risk-on assets, including cryptocurrencies, leading to a temporary liquidity drain in the crypto space. SpaceX alone is targeting a valuation between $1.75 trillion and $2 trillion and could raise up to $80 billion in its offering as early as June 2026. OpenAI, valued between $850 billion and $1.1 trillion, and Anthropic, at around $900 billion, are also slated for IPOs later this year.
Despite the near-term headwinds, Kitao emphasized that crypto market fundamentals remain sound. He pointed to the potential passage of the “Clarity Act” in the U.S. as a massive bullish catalyst for the entire industry, noting specifically that Ripple and its associated cryptocurrency XRP would benefit from enhanced regulatory clarity.
Analysts note that the combined capital required for these IPOs could exceed $200 billion, with some estimates suggesting the total raise may surpass all U.S. IPO proceeds from the past decade. This liquidity demand is putting pressure on markets, and the low free float structures—similar to some crypto ICO models—may further complicate price dynamics.
