Animoca Brands, the Hong Kong-based Web3 investment powerhouse

Animoca Brands, the Hong Kong-based Web3 investment powerhouse once valued at nearly $6 billion, is planning to go public in New York, shelving earlier plans for listings in Hong Kong or the Middle East, according to a new report by the Financial Times.

The move comes as the Trump administration’s stance on digital asset regulation may have influenced Animoca’s decision.

Animoca Brands Plans to Go Public in New York

In an interview with FT, Animoca co-founder and executive chair Yat Siu said the company is accelerating plans for a US IPO, with an announcement likely “soon.”

Siu highlighted the Trump administration’s actions, which he believes create a “unique moment” to enter the world’s largest capital market.

“If the US didn’t do what they did with the regulators [under Biden], we probably would have competitors in the US. Normally, we’d be fighting with some giant or something. 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,” he said.

Animoca’s pivot to New York marks a striking shift from earlier intentions. As BeInCrypto reported in March, Animoca was exploring public offerings in Hong Kong or the Middle East by early 2025.

However, the company’s decision to sidestep the Middle East, a region known for its generally more favorable stance towards cryptocurrency, suggests prospects for better opportunities in the US.

Especially under Trump’s administration, the US may present as greener pastures. This optimism comes after several enforcement actions initiated during President Biden’s term are being reversed following Trump’s return to office.

Indeed, Trump’s administration has also prompted a broader migration of crypto firms to the US, including Deribit, the world’s largest crypto options exchange.

Moreover, Trump’s pro-crypto policies have also created an environment for Gemini and Kraken to pursue IPOs, with the former filing confidentially for a public debut. Cathie Wood’s Ark Invest also predicted this, adding that an IPO window for crypto firms would open under Trump.

Animoca’s Turbulent History with Public Markets

The IPO repurposing to New York is especially notable given Animoca’s turbulent history with public markets. The Australian Stock Exchange (ASX) delisted the company in 2020, citing concerns over governance and the legal status of some crypto holdings.

Since then, it has rebuilt itself as one of the largest investors in the Web3 space, holding stakes in over 540 companies, including OpenSea NFT marketplace, ConsenSys, and Kraken exchange. According to Siu, going public now is about more than capital.

“We think we’re the biggest non-financial services crypto firm. 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’,” Siu stated.

The company’s financials also highlight its momentum. Animoca reported unaudited EBITDA of $97 million on revenue of $314 million for the year ending December 2024. This is up 185% from $34 million on revenue of $280 million the previous year.

Animoca Brands also has cash and stablecoins of nearly $300 million and digital assets of $538 million.

Data on Cryptorank.io also shows Animoca is one of the most active investment firms in the crypto space. It has invested in over 400 projects with an average ROI of 1.93X.

Meanwhile, the recent launch of Moca Coin, a native token designed to support the broader Mocaverse ecosystem, has also brought attention to Animoca’s metaverse and GameFi ambitions.

Animoca’s IPO could mark a watershed moment for the firm, especially considering how regulatory tides can quickly redraw the global map for Web3 innovation.