Hong Kong-based Animoca Brands is now looking to New York listing

Hong Kong-based Animoca Brands is now looking to make an entry on the New York bourse and enter the world’s largest capital market, amid the crypto-friendly approach undertaken by the Trump administration.

Animoca Brands could be listing on the New York Stock Exchange (NYSE) in the second half of 2024, according to a report by the Financial Times. The move comes as the Trump administration has pursued a largely crypto-friendly approach.

Animoca Brands is a leading Web3 company known for its investments in metaverse, blockchain, and NFTs. The company, which has been considering a US listing for some time, is currently evaluating several shareholding structures for its listing.

During the crypto winter last year, Animoca Brands successfully raised money at a $6 billion valuation. However, the crypto market has seen strong upside in the last three years, and thus, the crypto firm could be eyeing the listing at a much higher valuation.

The company announced unaudited earnings of $97 million on $314 million in revenue for the year ending December 2024, reflecting a significant year-over-year increase.

On the other hand, US President Donald Trump has pledged to make America the crypto capital of the world. His administration’s crypto-friendly approach has attracted several crypto firms like Deribit, Ripple (CRYPTO: XRP), and eToro (NYSE:ETORO) to launch their own IPO.

Donald trump’s crypto-friendly environment to help animoca brands

Siu also acknowledged the current crypto regulatory environment in the US while adding that the Biden administration has stifled innovation in this sector. Animoca, which previously ruled out a US listing, now considers it “a very important part of the road map,” Siu stated. Speaking to Financial Times, he said:

“If the US didn’t do what they did with the regulators [under Biden], we probably would have competitors in the US. It’s the biggest market, so we should go there, right? It’s a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn’t at least try.”

Siu also stated that that Animoca is the world’s largest non-financial crypto firm, holding $300 million in cash and stablecoins, alongside digital assets valued at over $538 million. He believes that other companies in Animoca’s portfolio, such as US-based Kraken, could pursue US listings in 2025 or 2026. Recently, crypto trading eToro announced plans to proceed with a US IPO in the first half of 2025.

“We think we’re the biggest non-financial services crypto firm,” Siu said. “I think going public is a way to tell the world that ‘hey there’s a business that is in crypto that isn't doing the typical crypto stuff’."

Since Donald Trump's election victory, the US Securities and Exchange Commission (SEC) has halted or dismissed more than a dozen enforcement actions against cryptocurrency firms.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.