Source: Cointelegraph
Original: “Animoca Plans to Go Public in New York, Claims Trump's Pro-Crypto Stance is Beneficial for Development”
Hong Kong-based Animoca Brands is preparing to go public in New York, citing U.S. President Donald Trump's lenient regulatory stance on digital assets as an opportunity window to enter the world's largest capital market.
Animoca Executive Chairman Yat Siu revealed to the Financial Times that the company may soon release relevant announcements and is currently evaluating various equity structure options.
Siu stated that the decision to pursue a U.S. listing will not depend on market conditions but rather on timing and strategic positioning considerations.
Animoca was delisted from the Australian Securities Exchange in 2020 due to governance issues and the status determination of certain cryptocurrencies, and has since built a strong portfolio, including stakes in OpenSea, Kraken, and Consensys.
The company reported an annual unaudited revenue of $97 million for the year ending December 2024, from $314 million in revenue, marking a significant increase from the previous fiscal year.
Siu told the Financial Times that Animoca is the largest non-financial cryptocurrency company globally, holding $300 million in cash and stablecoins, as well as over $538 million in digital assets.
He also hinted that other companies in the Animoca portfolio, including U.S.-based Kraken, may follow suit with plans to go public in the U.S. in 2025 or 2026.
During former President Biden's administration, U.S. federal agencies initiated numerous lawsuits and enforcement actions against digital asset companies. Siu pointed out that this regulatory hostility stifled innovation and hindered foreign companies from entering the U.S. market.
In contrast, after Trump returned to the White House, he promised to support the cryptocurrency industry and reduce enforcement activities. Siu described this as "a unique historical moment," adding that missing this opportunity "would be an extremely regrettable waste."
Since Trump won the election, the U.S. Securities and Exchange Commission has withdrawn or suspended more than a dozen enforcement cases against cryptocurrency companies.
Additionally, the U.S. Department of Justice recently announced the dissolution of its cryptocurrency enforcement division, signaling a more lenient approach toward the industry.
This pragmatic policy direction seems to be boosting industry confidence. For example, OKX announced plans to establish its U.S. headquarters in San Jose, California, just months after reaching a $504 million settlement with U.S. authorities.
On April 28, Nexo announced its return to the U.S. market, having exited the U.S. at the end of 2022 due to regulatory uncertainties.
Related: Corporations are the biggest buyers of Bitcoin (BTC) this year, retail investors please stand aside.
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