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Animoca Brands, a Hong Kong-based company, is planning a New York Stock Exchange listing, capitalizing on what it sees as a more favorable regulatory environment under President Trump’s administration. Executive chair Yat Siu cited Trump’s relaxed stance on digital assets as a key factor in this decision, presenting a prime opportunity to access the world’s largest capital market. While the exact timing and shareholding structure are still under evaluation, Siu emphasized that market conditions are not the deciding factor. This move follows Animoca’s delisting from the Australian Securities Exchange in 2020 due to governance concerns and the regulatory status of certain cryptocurrencies.
Since then, Animoca has significantly expanded its investment portfolio, holding stakes in major players like OpenSea, Kraken, and Consensys. The company reported impressive unaudited earnings of $97 million on $314 million in revenue for the year ending December 2024, a substantial increase year-over-year. Siu highlighted Animoca’s position as the world’s largest non-financial crypto firm, boasting $300 million in cash and stablecoins, and over $538 million in digital assets. He also suggested that other portfolio companies, such as Kraken, might follow suit with US listings in the coming years.
The shift in regulatory approach under the Trump administration is a key driver behind Animoca’s decision. The previous administration’s aggressive enforcement actions against crypto firms created an unfavorable climate for innovation and discouraged international companies from entering the US market. Trump’s administration, however, has shown a markedly different approach, with pledges to support the crypto sector and a rollback of enforcement activity. This includes the SEC dropping or pausing numerous enforcement cases and the Department of Justice dissolving its cryptocurrency enforcement unit.
This change in regulatory tone is already impacting industry sentiment. Companies like OKX are establishing US headquarters, and Nexo, which previously left the US due to regulatory uncertainty, is re-entering the market. Animoca’s planned listing and the potential for other companies to follow suit underscores the significant impact of a supportive regulatory framework on the growth and expansion of the cryptocurrency industry within the United States.
