Hong Kong-based crypto investment powerhouse Animoca Brands is preparing for a major leap into the U.S. capital markets by pursuing an initial public offering (IPO) in New York.
Co-founder and executive chairman Yat Siu confirmed the plan in an interview with the Financial Times, noting that the idea of a U.S. listing, which was not on the table just a year ago, is now “a very important part of the roadmap.”
The renewed interest stems largely from what Siu calls a “unique opportunity” created by shifting U.S. policy toward digital assets under a Trump-led administration.
The company is currently assessing various equity structures in preparation, with a formal announcement expected in the near future.
The potential IPO marks a strategic pivot, as Animoca aims to solidify its global footprint by leveraging a more favorable regulatory climate in the U.S.
Trump’s Crypto-Friendly Stance Draws Global Attention
The change in tone from Washington has been dramatic. Under the Biden administration, U.S. crypto firms were battered by strict enforcement actions and regulatory uncertainty, pushing many companies offshore.
In contrast, the Trump administration has signaled a more crypto-friendly stance, leading to renewed interest in the U.S. as a viable market for blockchain innovation.
The regulatory easing has already attracted major players such as Deribit, the world’s largest crypto options exchange, and contributed to a surge in Bitcoin’s price, which has climbed more than 50% since the November election.
Siu emphasized that these shifts have ironically given foreign firms a competitive edge.
“If the U.S. didn’t do what they did with the regulators under Biden, we probably would have competitors in the U.S.,” he said, noting that the vacuum left by domestic firms retreating has allowed global firms like Animoca to thrive.
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Strong Financial Performance Underpins IPO Confidence
Animoca Brands’ decision to go public is underpinned by its robust financial health and a rapidly expanding investment portfolio.
Known for its focus on blockchain gaming and Web3 innovation, the firm holds equity in over 540 companies, including high-profile names like OpenSea, Consensys, and Kraken.
According to unaudited figures for the most recent fiscal year, Animoca generated $314 million in revenue and $97 million in EBITDA, up sharply from $280 million and $34 million, respectively, the year prior.
The company also maintains significant liquidity, with nearly $300 million in cash and stablecoins, and $538 million in digital assets.
These strong financials have positioned Animoca as one of the most resilient and promising players in the crypto investment space, making a U.S. listing both credible and potentially lucrative for investors looking for stability in a volatile industry.
From Delisting to Dominance: Animoca’s Turnaround Story
Animoca’s IPO bid also marks a striking comeback for a company once mired in regulatory setbacks.
In 2020, the Australian Stock Exchange delisted the company over governance concerns and the ambiguous classification of certain crypto assets.
Rather than retreat, Animoca recalibrated its focus, evolving into a key architect of Web3 infrastructure and decentralized finance (DeFi).
Its strategic pivot has paid off, especially as blockchain integration in gaming and virtual worlds becomes more mainstream.
Siu sees the coming years as a defining moment, particularly with the gaming sector’s growth fueled by events like the anticipated release of Grand Theft Auto VI, which could help normalize crypto-enabled in-game economies, an area where Animoca is already deeply entrenched.
The IPO, in this context, is not just a financial play but a narrative of redemption and redefinition.
A Strategic Move at a Pivotal Time for Crypto
For Animoca Brands, the move to list in the U.S. is as much about timing as it is about ambition.
With the U.S. still representing the world’s largest capital market and crypto sentiment turning bullish again, Siu believes this is a moment not to be missed.
He framed the decision not just as an expansion strategy but as an affirmation of Animoca’s vision to lead the next generation of digital innovation.
“It’s the biggest market,” Siu said. “So we should go there, right? It’s a unique moment in time.” Beyond capital raising, a successful IPO would help Animoca distinguish itself from traditional crypto firms by showcasing its broader tech, gaming, and investment credentials.
As regulatory environments soften and market conditions stabilize, the firm’s U.S. ambitions may well serve as a blueprint for other global Web3 leaders eyeing American shores.
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