Hong Kong’s Animoca Brands is reportedly gearing up for a New York listing, pinpointing the current US administration’s favorable approach to cryptocurrencies as a golden opportunity to penetrate the world’s largest capital market. Animoca’s executive chairman, Yat Siu, revealed to the Financial Times that an official announcement might be on the horizon, as the company is presently assessing diverse shareholding structures.
Siu emphasized that the decision to seek a US listing is not dependent on market fluctuations but is instead influenced by timing and strategic positioning. Animoca was delisted from the Australian Securities Exchange in 2020 due to governance issues and the uncertain status of certain cryptocurrencies, but has since assembled a strong investment portfolio, with stakes in OpenSea, Kraken, and Consensys.
Animoca disclosed unaudited profits of $97 million on $314 million revenue for the year ending December 2024, marking a significant surge from the preceding year. The company, according to Siu, is the globe’s largest non-financial crypto entity, with $300 million in cash and stablecoins and over $538 million in digital assets.
Other Animoca portfolio companies, including US-based Kraken, might also pursue listings in the US around 2025 or 2026. With the return of former President Trump to office, the US has seen a decrease in enforcement actions against digital asset firms, which had previously stifled innovation and deterred foreign companies from entering the US market.
Siu referred to this as a “unique moment in time,” stating that failing to seize it “would be a tremendous missed opportunity.” Since Trump’s election triumph, the US Securities and Exchange Commission has suspended or dismissed numerous enforcement cases against crypto companies. Moreover, the Department of Justice recently dissolved its cryptocurrency enforcement unit, hinting at a more lenient approach toward the sector.
This policy shift seems to be revitalizing industry confidence. OKX, for instance, has disclosed plans to set up a US headquarters in San Jose, California, only months after resolving a $504 million case with US authorities. Furthermore, on April 28, Nexo, which had exited the US in late 2022 due to regulatory ambiguity, announced plans to reenter the US market.
