Animoca Brands, a major player in blockchain gaming and digital assets, is setting its sights on Wall Street. The Hong Kong-based company is actively exploring a public listing in New York—a move driven not by market momentum, but by a rare alignment of political and regulatory forces in the United States.
Speaking to the Financial Times, Animoca’s executive chairman Yat Siu explained that the decision comes at what he called a “unique moment in time,” pointing specifically to the more favorable crypto stance of President Donald Trump’s administration. Siu noted that the company is weighing different shareholding structures, and while market conditions matter, the real focus is on timing and strategic advantage.
“The window is open,” Siu said, highlighting that the shift in regulatory tone from Washington has rejuvenated interest among international crypto firms previously wary of U.S. scrutiny. “Missing this moment would be a wasted opportunity.”
From Delisting to Dominance
Animoca’s journey hasn’t been without turbulence. Back in 2020, the company was delisted from the Australian Securities Exchange due to concerns over governance and how some digital assets were categorized. But in the years since, it has evolved into one of the crypto sector’s most influential firms, with a deep portfolio of investments in platforms such as OpenSea, Kraken, and Consensys.
Financially, Animoca has demonstrated strong growth. The company recently disclosed unaudited earnings of $97 million on revenues of $314 million for the year ending December 2024. It also holds $300 million in liquid assets, including cash and stablecoins, as well as digital assets valued at over $538 million. With this kind of financial foundation, a U.S. listing could potentially mark a new chapter of expansion.
A Strategic U.S. Pivot
The choice to go public in the U.S. is also being echoed by Animoca’s portfolio companies. According to Siu, other firms, such as U.S.-based crypto exchange Kraken, may also consider similar public offerings by 2025 or 2026. These moves would signal a broader pivot among crypto companies toward embracing U.S. capital markets—something that seemed unlikely just a year ago.
Much of this renewed confidence stems from the Trump administration’s significantly more lenient approach to crypto regulation. Under the previous Biden-led administration, many blockchain startups and established firms faced mounting legal pressure. The Securities and Exchange Commission (SEC), among others, was notorious for cracking down on digital asset projects through lawsuits and enforcement actions, which led to widespread industry frustration.
Now, under Trump’s leadership, there’s a palpable shift. Over a dozen SEC enforcement actions have reportedly been paused or dropped. The Department of Justice has even disbanded its dedicated crypto enforcement unit—developments that have not gone unnoticed by crypto leaders globally.
A Broader Crypto Revival?
Animoca’s move aligns with a wider industry trend of reengagement with the U.S. market. For example, OKX recently announced its intention to establish a U.S. headquarters in San Jose, California, not long after settling a $504 million case with federal authorities. Similarly, Nexo—another crypto firm that had exited the U.S. in 2022 due to regulatory uncertainty—has declared plans to reenter the American market.
For Animoca, this U.S. push is more than just a listing; it represents a reimagining of how crypto companies can coexist with traditional financial systems. As Siu put it, now is the time for blockchain innovators to embrace global opportunities, with the U.S. at the center of that expansion.
If momentum continues and policy remains favorable, Animoca’s leap to Wall Street could be just the beginning of a broader migration of Web3 firms back to America’s financial hub.
