Animoca Brands is preparing for a public listing in New York, citing the current US administration’s more relaxed stance on cryptocurrency regulation as a strategic opportunity to access the world’s largest capital market. The company’s executive chair, Yat Siu, revealed that an announcement regarding the listing could come soon, with various shareholding structures under consideration.
The Hong Kong-based firm, which was delisted from the Australian Securities Exchange in 2020 due to governance issues and regulatory concerns over specific cryptocurrencies, has strengthened its portfolio. It holds significant investments in major crypto firms such as OpenSea, Kraken, and Consensys. For the year ending December 2024, Animoca reported unaudited earnings of $97 million on $314 million in revenue, marking substantial growth from the previous year. The company claims to be the largest non-financial crypto firm globally, with $300 million in cash and stablecoins and over $538 million in digital assets under management.
The decision to pursue a US listing is driven more by timing and strategic positioning than market conditions. Siu indicated that other portfolio companies, including Kraken, might consider US listings in 2025 or 2026.
This move comes as the regulatory environment in the US shifts under former President Donald Trump’s return to office. Unlike the previous Biden administration, which saw aggressive enforcement actions and lawsuits against crypto firms, the Trump administration has signalled a softer approach. The US Securities and Exchange Commission (SEC) has dropped or paused over a dozen enforcement cases since Trump’s election. Moreover, the Department of Justice recently disbanded its cryptocurrency enforcement unit, further easing regulatory pressures.
This regulatory shift has boosted industry confidence, with firms like OKX announcing plans to establish US headquarters and Nexo reentering the US market after previously exiting due to regulatory uncertainty. Animoca’s planned New York listing reflects this broader trend of crypto companies seeking to reengage with the US market during this “unique moment” of regulatory openness.
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