Animoca Brands, the Hong Kong-based blockchain gaming and investment company, is preparing to go public in the United States, eyeing a New York listing amid what it sees as an unprecedented opening in U.S. capital markets.
According to executive chairman Yat Siu, the company's move is motivated not by current market performance but by a shifting regulatory climate under President Donald Trump, whose administration has shown signs of reversing many of the aggressive enforcement actions that characterized the previous U.S. crypto policy.
Siu told the Financial Times that Animoca is actively evaluating different shareholding structures for a potential U.S. IPO, with an announcement expected in the near future. He described the current U.S. environment as “a unique moment in time” for crypto firms, especially non-U.S. players seeking capital and legitimacy in the world’s largest financial market.
Animoca’s preparations come as a number of digital asset companies, once wary of or excluded from the U.S., reassess their stance following a noticeable regulatory thaw. Since Trump returned to office, multiple enforcement actions by the Securities and Exchange Commission (SEC) have reportedly been dropped or delayed, and the Department of Justice recently dissolved its specialized cryptocurrency enforcement unit - moves widely interpreted as signaling a more accommodating approach to digital finance.
This apparent pivot has not gone unnoticed by industry leaders. “If we don’t act now,” Siu said, “it would be one heck of a wasted opportunity.”
From Delisting to Global Crypto Investment Powerhouse
Animoca’s renewed U.S. ambitions come after a years-long strategic shift. The company was delisted from the Australian Securities Exchange (ASX) in 2020, following concerns around governance and regulatory uncertainty over digital assets. Since then, Animoca has repositioned itself as a major investment force in the blockchain sector, accumulating stakes in over 450 projects.
Notable holdings include major crypto infrastructure players such as OpenSea (NFT marketplace), ConsenSys (Ethereum development studio and wallet provider MetaMask), and Kraken (a leading U.S.-based crypto exchange). This expansive portfolio has helped Animoca cement its status as one of the most active non-financial entities in the digital asset space.
The company reported unaudited revenue of $314 million for the year ending December 2024, generating $97 million in profit. It also claims to hold $300 million in cash and stablecoins, along with over $538 million in other digital assets.
These figures underscore the firm's financial muscle as it seeks to tap U.S. equity markets - despite its complex regulatory history. And Animoca may not be alone. Siu suggested that other portfolio companies, including Kraken, may also pursue public listings in the United States in the next 12 to 24 months.
The U.S. Market: A New Frontier Again?
Animoca’s strategic shift is emblematic of a broader trend within the digital asset industry: a re-engagement with the U.S. market after years of cautious distance.
Under the Biden administration, the crypto sector faced heightened scrutiny and regulatory action. Key agencies—including the SEC, the Commodity Futures Trading Commission (CFTC), and the Department of Justice - launched numerous lawsuits and investigations targeting exchanges, stablecoin issuers, NFT platforms, and decentralized protocols. This hostile regulatory stance, combined with a lack of legislative clarity, drove many firms to downscale or abandon their U.S. operations entirely.
In contrast, the Trump administration’s return to power has brought early signals of a policy reversal. The SEC has paused or dropped more than a dozen enforcement actions against crypto firms since Trump took office, while DOJ’s disbanding of its crypto crime unit further suggests a less aggressive federal posture. While no formal deregulatory policies have been enacted yet, the enforcement rollback alone is giving crypto companies renewed confidence to reenter or expand in the United States.
Firms Reversing Course: Nexo, OKX Among the First Movers
Animoca is not the only firm seizing the perceived opportunity created by Trump’s regulatory recalibration.
Nexo, a European crypto lender, exited the U.S. market in 2022, citing regulatory ambiguity and mounting legal risk. On April 28, the company announced it would return to the U.S. with new compliance infrastructure and revised service offerings. “We believe the regulatory winds are shifting,” a company spokesperson said, noting the need to adapt to the evolving U.S. landscape.
Similarly, OKX - one of the world’s largest crypto exchanges by trading volume - revealed plans to establish a U.S. headquarters in San Jose, California. This decision comes just months after the company settled a $504 million enforcement case with U.S. regulators, signaling that even firms previously at odds with U.S. authorities now see a viable path forward.
Will the Regulatory Thaw Last?
Despite signs of a friendlier regulatory environment, legal experts caution that a true policy reset may take time - and may not be as sweeping as industry players hope.
“The SEC has not officially changed its position on what constitutes a security under U.S. law,” said Rachel Wolanski, a partner at law firm Morrison Cohen specializing in fintech regulation. “Even if enforcement is paused or deprioritized, the underlying legal uncertainty remains.”
Indeed, the crypto sector still lacks comprehensive federal legislation defining digital assets, clarifying custody rules, or codifying market structures. While bipartisan efforts such as the Financial Innovation and Technology for the 21st Century Act (FIT21) have gained traction in Congress, no bill has yet become law.
That said, Trump’s public support for cryptocurrencies, NFTs, and blockchain-based innovation - coupled with deregulatory rhetoric from key administration figures—has created a more optimistic tone across the industry. In campaign materials and recent speeches, Trump has positioned himself as a pro-crypto candidate, even launching his own NFT collections and reportedly exploring campaign donations in Bitcoin and other digital assets.
Global Firms Re-Evaluating U.S. Risk-Reward Calculus
The evolving U.S. climate is prompting not just crypto-native firms, but also global conglomerates and venture-backed startups to reconsider their U.S. strategies.
For Animoca, listing in New York offers more than capital access. A U.S. public listing can provide global visibility, enhance institutional credibility, and potentially unlock new investment channels. In recent years, the firm’s absence from public markets has limited its exposure to traditional asset managers and pension funds, despite its expansive portfolio and sizable war chest.
A successful IPO in the U.S. could change that calculus - particularly as capital markets begin to rebound in 2025 amid falling interest rates and renewed investor appetite for high-growth tech plays.
“Animoca’s choice to go public in the U.S. could set a precedent for other large, globally headquartered crypto firms,” said Michael Lane, managing director at investment research firm Benchmark Alpha. “It’s less about the listing per se, and more about signaling a return to strategic alignment with the largest and deepest capital market in the world.”
Strategic Questions Ahead
Still, the road to a U.S. IPO is fraught with complexity. Animoca must carefully structure its offering to navigate both U.S. securities laws and international disclosure requirements. It also faces ongoing scrutiny over its prior ASX delisting and its involvement in less regulated segments of the crypto economy, including NFTs and metaverse projects.
Moreover, the political landscape remains fluid. While Trump’s current stance is undeniably more lenient than Biden’s, upcoming elections, market shocks, or new financial scandals could alter the regulatory mood quickly.
In the meantime, the industry is watching closely as firms like Animoca take steps that would have been unthinkable just 18 months ago. Whether this marks the beginning of a sustained U.S. crypto resurgence - or a temporary regulatory reprieve - remains to be seen.
Final thoughts
Animoca’s push for a New York listing is both a bet on the future of U.S. crypto regulation and a signal that global players are once again ready to engage with the American financial system.
Under Trump’s administration, a window has opened - however briefly - for firms to raise capital, legitimize operations, and gain a foothold in the world’s largest market.
Whether that window remains open depends not only on political will, but also on how firms navigate this new, still-uncertain chapter in crypto’s U.S. trajectory.