Siu’s bold claim that “altcoins, ultimately, over the largest space, are going to outperform Bitcoin as a collective” is a clear testament to Animoca’s focus on the altcoin potential. In a recent interview, Siu likened Bitcoin (BTC) to gold, noting that while no single entity surpasses gold’s market capitalization, the combined worth of all public companies is substantially greater. He emphasized that although these companies might not have the enduring nature of gold, they exhibit a dynamic potential for growth and fluctuation.

Altcoin Utility Across the Industry

Animoca’s approach isn’t just about holding Bitcoin as a reserve asset; Siu highlighted the practical applications of altcoins across the industry, from Web3 games to gas fees, and decentralized finance (DeFi). According to him, many of these applications, including memecoins, fall under the classical definition of altcoins.

He drew parallels between Animoca’s investment strategy and the opportunities available during the early 2000s, which allowed investors to engage with top internet companies like Amazon, Google, and Alibaba. Siu believes that the crypto industry is unlikely to see a “winner-takes-all” scenario, unlike the early internet era, and Animoca Brands is strategically positioned to capture some of the leading projects.

Animoca’s Diverse Investment Portfolio

The majority of Animoca Brands’ investments are concentrated in gaming-related projects, with 230 of the 628 companies receiving their backing. Additionally, the company is increasingly investing in infrastructure, artificial intelligence, and DeFi.

Siu pointed out that Animoca has a unique advantage to invest and gain access to altcoins at much lower levels than external investors, and they are committed to transferring this benefit to their shareholders.

This strategic move comes just weeks after a report that Animoca Brands plans a Nasdaq listing next year via a reverse merger with the AI-centric public fintech company Currenc Group. With a solid focus on the Animoca altcoin potential, the company aims to capture some of the crypto market’s most promising winners.

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Addressing the crowd at Consensus 2025 in Toronto, Siu drew attention to the underutilized potential of the global $3 trillion student loan market for the crypto sphere. He suggested that moving merely a fraction of this market, say 10%, to the blockchain could greatly stimulate DeFi’s expansion.

“Bringing student loans on-chain can more than quadruple DeFi’s TVL, highlighting that the industry is still nascent,” he emphasized.

Siu also made a case for the use of Web3-based financial tools in the education sector for mass crypto adoption. He reasoned that these tools could be particularly beneficial for the youth and the unbanked.

“Children are the first unbanked demographic. If a student obtains a loan on the blockchain and repays it in the same manner, which is regulated and more efficient, they are likely to adopt crypto for life,” Siu explained, drawing parallels to the rise of PayPal and Venmo.

Siu also made mention of Animoca Brands’ recent investment in Pencil Finance, a startup offering blockchain-based student loans. He outlined plans for expanding into the US market, after initial operations in countries like the Philippines and Indonesia.

Earlier on April 30, Pencil Finance publicized a $10 million student loan financing project to offer more affordable blockchain-supported loans. Siu sees the incorporation of such “positive-sum use cases” as vital for the industry’s growth and believes it could make students more crypto-friendly.

Siu further contended that education is a natural fit for Web3 use cases. He pointed out how platforms like YouTube and TikTok, initially dismissed as entertainment platforms, have become the world’s largest informal learning platforms.

He suggested that by integrating financial infrastructure into educational experiences, Web3 could transform learning communities and reputational networks into capital assets, laying the foundation for a new, decentralized financial ecosystem.

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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.

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