TLDR
Animoca Brands is preparing for a New York listing, citing Trump’s relaxed crypto regulatory approach
The Hong Kong-based company reported unaudited earnings of $97 million from $314 million in revenue for 2024
Animoca claims to be the largest non-financial crypto firm globally with $300 million in cash/stablecoins and $538 million in digital assets
The company was previously delisted from the Australian Securities Exchange in 2020
Several crypto firms, including OKX and Nexo, are reconsidering the US market following Trump’s election
Hong Kong-based Animoca Brands is making plans to list in New York, taking advantage of what it sees as a more crypto-friendly regulatory environment under President Donald Trump. The company’s executive chair Yat Siu told the Financial Times that an announcement could come soon as they evaluate various shareholding structures.
Siu explained that the decision to pursue a US listing would not depend on market conditions. Instead, the focus is on timing and strategic positioning in the world’s largest capital market.
The company was previously delisted from the Australian Securities Exchange in 2020. This occurred due to governance concerns and questions about the status of some cryptocurrencies it held.
Since then, Animoca has built an extensive investment portfolio. This includes stakes in major crypto companies like OpenSea, Kraken, and Consensys.
Financial Performance and Position
The company has shown strong financial performance recently. It reported unaudited earnings of $97 million from $314 million in revenue for the year ending December 2024.
This represents a sharp increase from the previous year’s figures. The growth demonstrates Animoca’s expanding presence in the blockchain and crypto space.
According to Siu, Animoca claims the title of largest non-financial crypto firm globally. He stated the company holds approximately $300 million in cash and stablecoins.
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
The firm also reports over $538 million in digital assets. These holdings place it in a strong position within the industry.
Siu suggested that other companies in Animoca’s portfolio might follow a similar path. He specifically mentioned US-based Kraken as potentially pursuing a US listing in 2025 or 2026.
The regulatory landscape under Trump appears more welcoming to crypto businesses. Under former President Biden, federal agencies launched numerous lawsuits and enforcement actions against digital asset firms.
Siu believes this previous regulatory hostility discouraged innovation. It also deterred overseas companies from entering the US market.
Trump’s return to office has brought pledges to support the crypto sector. There has also been a rollback of enforcement activity against crypto companies.
Siu described the current situation as “a unique moment in time.” He added that not taking advantage of it “would be one heck of a wasted opportunity.”
The shift in regulatory approach is already showing effects. The US Securities and Exchange Commission has dropped or paused over a dozen enforcement cases against crypto companies.
The Department of Justice recently dissolved its cryptocurrency enforcement unit. This signals a softer approach to the sector overall.
Other crypto firms are responding to these changes. OKX recently announced plans to establish a US headquarters in San Jose, California.
This comes just months after OKX settled a $504 million case with US authorities. The company sees new opportunities in the changing regulatory landscape.
On April 28, Nexo revealed plans to reenter the US market. The company had previously left the US at the end of 2022, citing a lack of regulatory clarity.
This wave of returns suggests growing confidence in the US crypto market under the Trump administration’s more hands-off approach to regulation.
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