A Rare Opening in the World’s Largest Capital Market
Hong Kong-based Animoca Brands is preparing to list in New York, seizing what its executive chair calls a “unique moment” to break into the world’s largest capital market. The move reflects a broader shift among digital asset firms lured by President Donald Trump’s deregulation push, which is rapidly redefining the crypto business landscape in the United States.
Yat Siu, executive chair of Animoca, told the Financial Times that an official announcement could come “soon,” with the company currently exploring several shareholding structures. Importantly, Siu noted, the decision to go public in the U.S. is not contingent on prevailing market conditions.
“The biggest market, so we should go there, right?” Siu said. “It’s a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn’t at least try.”
From Caution to Commitment
Just one year ago, a U.S. public listing wasn’t even under consideration for Animoca. But with the Trump administration easing the regulatory grip on digital assets, the strategic calculus has changed dramatically.
“If the US didn’t do what they did with the regulators [under Biden], we probably would have competitors in the US,” Siu remarked. “Normally we’d be fighting with some giant or something.”
Under the previous administration of President Joe Biden, digital asset companies faced a barrage of enforcement actions, lawsuits, and regulatory scrutiny. The aggressive clampdown prompted many to exit or avoid the U.S. market altogether. By contrast, Trump has pledged to make the U.S. the “global center for digital assets” and has rolled back several enforcement efforts. Since his election in November, the price of bitcoin has surged more than 50%, topping $102,000.
This pro-crypto climate has already attracted major players. Deribit, the world’s largest cryptocurrency options exchange, has announced plans to enter the U.S. market, and according to Siu, several companies within Animoca’s investment portfolio—including U.S.-based crypto exchange Kraken—are considering a U.S. listing either later this year or in early 2026.
A Comeback After Delisting
Animoca has been contemplating a return to public markets since 2023. The company was previously delisted from the Australian Stock Exchange in 2020 over concerns related to governance and the regulatory classification of some of its crypto holdings. Since then, Animoca has pivoted aggressively, investing heavily in blockchain-based gaming, crypto advisory services, and digital assets.
Today, Animoca holds stakes in more than 540 companies, including leading platforms like OpenSea, Consensys, and Kraken. It has also strategically expanded its investment arm and anticipates strong future revenues from gaming titles that integrate cryptocurrency features, especially with the upcoming launch of major franchises such as Grand Theft Auto 6.
“We think we’re the biggest non-financial services crypto firm,” said Siu. “I think going public is a way to tell the world that ‘hey, there’s a business that is in crypto that isn’t doing the typical crypto stuff.’”
Solid Financial Footing Amid Surging Markets
Animoca’s financials reflect the broader market momentum. For the year ending in December, the company reported $97 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) on $314 million in revenue. That marks a significant jump from the previous year’s $34 million in EBITDA on $280 million in revenue. The figures, however, remain unaudited.
The company also boasts nearly $300 million in liquid assets, including cash and stablecoins, and an additional $538 million in digital assets held on its balance sheet.
Trump’s Regulatory Reset Alters the Playing Field
For firms like Animoca, the Trump administration’s lighter regulatory approach marks more than just a reprieve—it’s a rare advantage. Siu believes the prior U.S. regulatory stance under Biden suppressed innovation and allowed international companies like Animoca to thrive without domestic competition.
Now, with the tide turning, the U.S. market is not just open—it’s inviting. For Siu and Animoca, the timing couldn’t be better.
“It’s a very important part of the road map,” Siu affirmed. “This is a chance we simply can’t afford to miss.”
