SBI Holdings CEO Blames Crypto Drop on Capital Outflows to SpaceX, OpenAI, and Anthropic IPOs

Yoshitaka Kitao, chief executive of Japanese financial conglomerate SBI Holdings, said the recent decline in crypto prices is the result of large-scale institutional capital outflows into fiat ahead of the anticipated U.S. initial public offerings of SpaceX, OpenAI, and Anthropic, and not a sign of weakening industry fundamentals, in his view. Kitao said he expects the scheduled U.S. Senate vote on the CLARITY Act to catalyze a market rebound and specifically boost Ripple and XRP.

SpaceX’s $75 Billion IPO Target at $1.75 Trillion Valuation Cited as Primary Crypto Liquidity Drain

Kitao described the crypto market’s recent decline as purely technical in nature, saying industry fundamentals remain stable. He identified the terms of Elon Musk’s SpaceX listing as the primary catalyst behind what he called an aggressive liquidity outflow from digital assets. 

SpaceX is targeting a raise of $75 billion at a total business valuation of $1.75 trillion, according to Kitao. SpaceX reported a net loss of $4.94 billion in 2025. Kitao described the CLARITY Act decision and other anticipated regulatory developments as large-scale restructuring events that he expects will restore liquidity to digital assets once the wave of public listings is complete.

Major Funds Pulling From Crypto to Secure Stakes in Technology IPOs, Kitao Said

Kitao further explained that major institutional funds are withdrawing capital from the crypto industry in order to secure positions in what he characterized as the decade’s most significant technology assets. He said the institutional rush into those IPO opportunities drew capital away from crypto markets during the same period. Kitao said the resulting liquidations were driven by capital leaving for fiat opportunities, not by problems within the crypto market itself.

CoinGlass data shows that the market exit by major players triggered the forced closure of margin positions held by retail crypto investors. Positions held by 267,467 users were forcibly closed over a 24-hour period, with total liquidations reaching $1.77 billion, of which $1.55 billion came from long positions, according to CoinGlass.

Kitao Says CLARITY Act Vote and Ripple’s Regulatory Position Will Drive Market Recovery

Kitao said the scale of the liquidations had not changed his outlook for the crypto ecosystem. He said the CLARITY Act’s potential passage, combined with Ripple’s ongoing alignment with the prevailing regulatory environment, will determine the direction of the crypto market in the period ahead. Kitao characterized that outcome as likely to be positive for the broader crypto ecosystem.

SBI Holdings has existing business ties to Ripple, which provides context for Kitao’s specific mention of XRP among the assets he expects to benefit from regulatory clarity. No specific price targets or timeline projections were included in his remarks.