TLDR
- Animoca Brands, a Hong Kong-based crypto investor, plans to list on the New York stock exchange soon
- CEO Yat Siu cites Trump’s crypto-friendly regulations as creating a “unique moment” to enter US markets
- Bitcoin has jumped more than 50% to over $102,000 since Trump’s election in November
- The company was previously delisted in Australia in 2020 but now reports $97 million in earnings from $314 million in revenue
- Other crypto firms including Kraken, OKX, and Nexo are also eyeing US expansion under the new regulatory climate
Animoca Brands, a major Hong Kong-based crypto investor, is preparing to list on the New York stock exchange as Donald Trump’s administration creates what the company’s leader calls a “unique moment” for digital asset companies to enter the US market.
Yat Siu, Animoca’s executive chair, told the Financial Times that an announcement about the listing could come “soon.” The company is currently examining several potential shareholding structures for its public debut.
“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,” Siu explained.
Trump’s Impact on Crypto Regulation
The crypto market has responded positively to Trump’s election, with Bitcoin jumping more than 50% to over $102,000 since November. This surge comes as the new administration has dropped numerous digital asset enforcement cases that were initiated under former President Joe Biden.
Trump has pledged to make the United States the global center for digital assets. His light-touch regulatory approach marks a clear shift from the previous administration’s stance.
Under Biden, dozens of lawsuits and criminal cases were launched against digital asset companies. This regulatory pressure pushed many crypto firms to avoid US operations entirely.
Siu noted that the previous clampdown actually cooled innovation in America, giving overseas companies like Animoca a rare competitive advantage. “If the US didn’t do what they did with the regulators [under Biden], we probably would have competitors in the US,” he said.
We are pleased to report key unaudited financial and business highlights for the quarter and fiscal year ending on 31 December 2024.
Key business highlights for Q4 2024 also include a transition of three fundamental business pillars at @animocabrands:
1️⃣Digital Asset Advisory… pic.twitter.com/Fj5aDySKd8
— Animoca Brands (@animocabrands) March 5, 2025
Animoca’s Business and Growth
Animoca was previously delisted by the Australian stock exchange in 2020 due to concerns over governance and the legal status of some of its crypto assets. Since then, the company has expanded its portfolio of digital asset projects and advisory services.
The company now has investments in more than 540 companies, including OpenSea (the leading marketplace for non-fungible tokens), crypto exchange Kraken, and blockchain software group Consensys.
Animoca reported unaudited earnings before interest, taxes, depreciation, and amortization of $97 million from revenues of $314 million for the year ending December 2024. This represents growth from $34 million on turnover of $280 million in the previous year.
The firm also holds nearly $300 million in cash and stablecoins, plus $538 million in digital assets on its balance sheet.
“We think we’re the biggest non-financial services crypto firm,” Siu stated. “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’.”
Siu mentioned that some companies in Animoca’s portfolio, including US crypto exchange Kraken, are also exploring US listings either this year or in early 2026.
The company expects gaming businesses to benefit from upcoming console releases and games like Grand Theft Auto 6, which offer opportunities to incorporate crypto-based payments into gaming and could boost revenues for Animoca’s investments.
Broader Industry Movement Toward US Markets
Animoca isn’t the only crypto firm reconsidering the US market under Trump’s crypto-friendly stance. Deribit, the world’s largest cryptocurrency options exchange, has also been drawn to the country by the changing regulatory landscape.
OKX recently announced plans to establish a US headquarters in San Jose, California, just months after settling a $504 million case with US authorities.
Nexo, which left the US market at the end of 2022 citing a lack of regulatory clarity, revealed on April 28 that it is now reentering the American market.
The Department of Justice has recently dissolved its cryptocurrency enforcement unit, further signaling the administration’s softer approach to the sector.
A year ago, Animoca would not have considered a US listing, but now it is “a very important part of the roadmap,” according to Siu.
