Animoca’s Big New York Gamble: Is Trump the Crypto Whisperer?

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In a move that could only be described as “let’s roll the dice,” Animoca Brands, that fine Hong Kong-based digital asset wonderland, is looking at listing itself on the New York Stock Exchange. Why? Well, because US President Donald Trump has decided that digital assets are a “good thing” and that the regulatory red tape should probably go to the same place as yesterday’s breakfast burrito. This, they believe, opens a massive window of opportunity into the world’s largest capital market. Because, as we all know, everything is better when it’s in the land of opportunity. 🍔💸

Yat Siu, Animoca’s executive chair (because “chief” titles are so 1999), told the Financial Times that an announcement could be forthcoming. They’re currently juggling various shareholding structures, possibly in an attempt to find one that actually makes sense. 😏

But here’s the twist: Animoca’s decision to waltz into the US market isn’t about what the market’s doing. No, no. It’s all about “timing” and “strategic positioning,” which, to be honest, sounds a lot like “crossing your fingers and hoping for the best.” 🤞

Now, let’s talk about Animoca’s financial trajectory, which is about as sharp as a diamond and just as hard to ignore. They were delisted from the Australian Securities Exchange in 2020, over some “minor” governance concerns (aka “who’s in charge?”). But they’ve made a remarkable comeback, assembling a robust investment portfolio that includes OpenSea, Kraken, and Consensys. They’re practically swimming in cash. 🏊‍♂️

In fact, their unaudited earnings are sitting at a comfy $97 million, from a cool $314 million in revenue for the year ending December 2024. That’s an increase of the kind of proportions that make accountants blush. 📈

Crypto Dreaming

Siu, showing off his financial muscles, boasted that Animoca is the largest non-financial crypto firm in the world, sitting on $300 million in cash and stablecoins, and over $538 million in digital assets. It’s almost like he’s showing you how to do crypto with the flair of a magician pulling rabbits out of a hat. 🎩✨

But wait, there’s more! Siu teased that other companies in the Animoca portfolio, including Kraken (yes, the Kraken is alive and well), could also jump on the US listing bandwagon in the coming years. Because who doesn’t like a good parade of IPOs? 🎉

Crypto Firms Think About Making a Grand Return to the US

Now, things were a little less rosy under Joe Biden, who apparently thought crypto needed a good ol’ slap on the wrist with a few lawsuits and enforcement actions. Siu claims this little regulatory fiasco pretty much sucked the life out of innovation and made it feel like entering the US market was about as fun as a root canal. 😬

But then, Trump decided he was back in the game. Cue the music, because suddenly, crypto is good again. Trump’s office has promised to support the crypto sector and roll back enforcement activity. Siu, who probably has a direct line to cosmic forces, referred to this as “a unique moment in time,” adding that missing this opportunity would be like leaving your keys in the car with the engine running. 🏎️💨

And hey, ever since Trump’s win, the US Securities and Exchange Commission has quietly dropped or paused over a dozen enforcement cases against crypto companies. All this peace and love has some companies thinking the US might actually be worth the trouble. Case in point: OKX, the crypto exchange, is planning to plant its flag in San Jose, California, just months after settling a $504 million case with US authorities. Talk about making a comeback. 🙌

Not to be outdone, Nexo, a company that took its crypto toys and went home back in 2022 because the US didn’t “get” it, has announced it’s reentering the US market. You know, just in case you were wondering if anyone else was jumping on the bandwagon. 🚂

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2025-05-13 10:12