Hong Kong’s Animoca Brands Eyes New York IPO on Regulatory Tailwind: Report

Hong Kong’s Animoca Brands has plans to list in New York, citing a “unique moment” to tap the world’s largest capital market under the current US regulatory environment.

Yat Siu, the firm’s executive chair, told the Financial Times that an announcement could come soon, and that Animoca is examining several shareholding structures. He added that the listing would not hinge on market conditions.

Animoca Brands has built its reputation on blockchain-based gaming and digital asset investments. The group backs major players such as OpenSea, Kraken and Consensys, and has spearheaded projects in play-to-earn gaming.

Animoca Gains Competitive Edge Abroad as US Rules Thaw

The company raised funds through multiple rounds in 2022, reaching a private valuation just under $6b. Since then, both equity prices and digital asset values have rebounded significantly.

Meanwhile, US President Donald Trump’s pledge to make the country a hub for digital assets has attracted firms like Deribit and driven Bitcoin above $100k since November.

Trump’s move away from his predecessor’s enforcement actions has thawed a climate that under Joe Biden saw dozens of lawsuits against crypto firms.

Siu said the earlier clampdown had cooled US innovation and given overseas companies such as Animoca an edge. A year ago, Animoca would not have considered a US listing, but now it is “a very important part of the roadmap”.

Crypto Peers Plot US Listings in 2025

Animoca first floated the idea of returning to public markets last year after its 2020 delisting from the Australian exchange following governance and cryptoasset status concerns. Since then, it has expanded advisory services and grown its investment arm to include stakes in more than 500 companies.

In the year ending December, Animoca reportedly generated $314m in revenue and $97min EBITDA, its core operating profit. It also holds nearly $300m in cash and stablecoins plus over $500m in digital assets.

Several crypto firms are eyeing US listings in 2025 as markets recover and regulators ease rules. Circle, the issuer of USDC stablecoin, Kraken, Ripple, Gemini and Peter Thiel-backed Bullish have all been linked to potential IPO plans.

Going public would give them fresh capital, bolster transparency and credibility and attract investors who might otherwise avoid holding digital assets directly.

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