TLDR:
- Animoca Brands is preparing for a New York Stock Exchange listing, citing Donald Trump’s crypto-friendly stance as creating a “unique moment”
- The Hong Kong-based company reported $314 million in revenue and $97 million in earnings for the last fiscal year
- Animoca holds nearly $300 million in cash/stablecoins and $538 million in other digital assets
- The firm was previously delisted from the Australian stock exchange in 2020 due to concerns about its crypto holdings
- Trump’s election has led to reduced crypto enforcement actions, encouraging other firms like Deribit and OKX to consider US expansion
Animoca Brands, one of Asia’s most active crypto investors, is preparing for a listing on the New York Stock Exchange. The move comes as President Donald Trump’s administration creates what the company calls a “unique moment” for crypto firms to enter the US capital markets.
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
Yat Siu, Animoca’s Executive Chair, told the Financial Times that the company plans to announce the listing “soon.” The team is currently reviewing various shareholding structures before moving forward.
Just a year ago, a US listing wasn’t even on Animoca’s radar. The regulatory climate under the Biden administration had pushed many crypto companies away from the US market.
Financial Position and Portfolio
The Hong Kong-based company has built a strong financial foundation. Animoca reported $314 million in revenue for the last fiscal year, up from $280 million previously.
Earnings before tax and depreciation reached $97 million. The company also maintains a healthy treasury with nearly $300 million in cash and stablecoins, alongside $538 million in other digital assets.
Siu claims Animoca is “the largest non-financial crypto firm globally” based on these holdings. Its investment portfolio includes stakes in more than 540 companies, including major crypto names like OpenSea, ConsenSys, and US crypto exchange Kraken.
This financial strength comes after a setback in 2020 when Animoca was delisted from the Australian Securities Exchange. The delisting was due to concerns about governance and the status of some cryptocurrencies in its holdings.
Since then, the company has rebuilt its brand and emerged as a powerhouse in blockchain gaming, NFTs, and Web3 investments. Siu suggested that other Animoca portfolio companies, including Kraken, might follow with their own US listings in 2025 or 2026.
Changing Regulatory Environment
The changing regulatory approach under Trump has created a window of opportunity for crypto companies. Under the Biden administration, federal agencies launched numerous lawsuits and enforcement actions against digital asset firms.
Siu said this regulatory hostility discouraged overseas companies from entering the US market. In contrast, Trump’s return to office has brought pledges to support the crypto sector and a rollback of enforcement activity.
The shift is already apparent. Since Trump’s election victory, the US Securities and Exchange Commission has dropped or paused over a dozen enforcement cases against crypto companies.
The Department of Justice recently announced the dissolution of its cryptocurrency enforcement unit. This signals a softer approach to the sector that has boosted industry confidence.
Trump has also publicly supported cryptocurrency. In a recent interview with Meet the Press, he spoke about crypto’s stability compared to the stock market during economic downturns.
Industry-Wide Movement
Animoca isn’t alone in seeing new opportunities in the US market. Crypto derivatives exchange Deribit is considering US expansion under the new administration.
OKX has announced plans to establish a US headquarters in San Jose, California. This comes just months after settling a $504 million case with US authorities.
Nexo, which left the US market at the end of 2022 citing regulatory uncertainty, recently revealed plans to reenter the US market.
For Animoca, the timing of the listing will not depend on market conditions. Instead, Siu said it will be based on structural readiness and internal planning.
Siu views this moment as critical for the industry. “It would be one heck of a wasted opportunity if we didn’t at least try,” he told the Financial Times.
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