May 15, 2025
By Our Correspondent
Animoca Brands, a prominent crypto investor based in Hong Kong, is preparing to go public on the New York Stock Exchange, seizing what the company’s leader describes as a “distinct opportunity” for digital asset firms to penetrate the US market under Donald Trump’s administration.
Yat Siu, the executive chair of Animoca, informed the Financial Times that an announcement regarding the listing could be forthcoming “soon.” The company is currently evaluating various potential shareholding structures for its public offering. “This is a remarkable moment in history. I believe it would be a significant missed opportunity if we did not at least attempt this,” Siu articulated.
The cryptocurrency market has reacted favorably to Trump’s election, with Bitcoin surging over 50% to exceed $102,000 since November. This increase coincides with the new administration’s decision to dismiss numerous digital asset enforcement actions initiated during former President Joe Biden’s tenure. Trump has committed to establishing the United States as the global hub for digital assets, adopting a more lenient regulatory approach that contrasts sharply with the previous administration’s policies.
Under Biden, a multitude of lawsuits and criminal actions were initiated against digital asset firms, creating regulatory pressures that led many crypto companies to steer clear of US operations entirely. Siu remarked that the prior regulatory crackdown stifled innovation in the United States, thereby granting overseas firms like Animoca a unique competitive edge.
“Had the US not implemented such regulatory measures under Biden, we likely would have faced competition within the US,” he stated. Animoca was previously removed from the Australian stock exchange in 2020 due to governance concerns and the legal status of some of its crypto assets. Since that time, the company has broadened its array of digital asset projects and advisory services, now holding investments in over 540 companies, including OpenSea (the leading marketplace for non-fungible tokens), the crypto exchange Kraken, and the blockchain software group Consensys.
Animoca has disclosed unaudited earnings before interest, taxes, depreciation, and amortization amounting to $97 million, derived from revenues totaling $314 million for the fiscal year ending December 2024. This marks an increase from the previous year’s earnings of $34 million on a revenue of $280 million.
The company also possesses nearly $300 million in cash and stablecoins, alongside $538 million in digital assets recorded on its balance sheet. Siu remarked, “We believe we are the largest non-financial services crypto firm.” He added, “Going public serves as a means to demonstrate that there exists a crypto business that operates outside the conventional crypto activities.” Siu noted that several firms within Animoca’s portfolio, including the US crypto exchange Kraken, are also considering US listings either this year or in early 2026.
The company anticipates that gaming enterprises will gain from forthcoming console launches and titles such as Grand Theft Auto 6, which present opportunities for integrating crypto-based payments into gaming, potentially enhancing revenues for Animoca’s investments.
Animoca is not the sole crypto entity reassessing its position in the US market in light of Trump’s crypto-friendly policies. Deribit, the largest cryptocurrency options exchange globally, has also been attracted to the US due to the evolving regulatory environment.
Recently, OKX announced its intention to set up a US headquarters in San Jose, California, shortly after resolving a $504 million case with US regulators. Nexo, which exited the US market at the end of 2022 due to regulatory uncertainties, disclosed on April 28 that it is now re-entering the American market.
The Department of Justice has recently disbanded its cryptocurrency enforcement unit, further indicating the administration’s more lenient stance towards the sector. A year prior, Animoca would not have contemplated a US listing; however, it is now regarded as “a very important part of the roadmap,” according to Siu.
