Key Takeaways
- Circle, eToro, and many other Web3 firms are considering U.S. IPO launches.
- The firm is a major player in Web3 gaming, having acquired The Sandbox and backed titles such as Axie Infinity and Catizen.
- Animoca Brands carries almost a billion in cash, stablecoins, and digital assets.
It was believed that Hong Kong-based Web3 investment firm Animoca Brands was joining a growing line of crypto companies looking to go public on U.S. stock markets as President Donald Trump’s pro-crypto policies begin to take shape.
However, co-founder and executive chairman Yat Siu has spoken with CCN to clarify the matter.
Yat Siu Clarifies
Following reporting that Animoca was considering a U.S. IPO, CCN contacted Animoca Brands to dive deeper into the story. Here’s what Siu told us.
“I believe there was a misunderstanding here. During an interview, FT asked about Animoca Brands’ plans and perspectives regarding the U.S. market. I commented that, given the more favourable U.S. regulatory environment that has emerged this year, we have firm plans to expand our activities in the U.S. market.”
He explains that he was referring to ramping up U.S. activities overall, not explicitly stating that there would be a U.S. listing, “although that certainly is a possibility,” he adds.
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“Animoca Brands has long incorporated a public re-listing of its shares as part of its broader capital markets strategy and has made it clear a number of times that it is considering all options, including the U.S,” he said.
Regarding the U.S. market and regulation, he says that Animoca views the recent capital markets activity as a “strong positive sign for the Web3 sector as a whole”, notably thanks to more favourable regulatory conditions coming down the pipeline.
“This evolving regulatory environment is prompting other countries to adopt or review similar frameworks in order to remain competitive, which helps to advance our entire industry,” he added.
Animoca U.S. IPO
Speaking with the Financial Times, Animoca’s executive chairman, Yat Siu was thought to have revealed that the firm is currently reviewing numerous shareholding structures and could announce a New York IPO listing in 2025.
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According to the FT report, Animoca couldn’t have envisioned a U.S. initial public offering (IPO) in 2024, though with the arrival of Donald Trump’s presidency came a wave of pro-crypto administration picks, and powerful executive orders that will kickstart the nation’s latent crypto industry.
“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 said.
Founded in 2014, Animoca Brands began in the mobile gaming sector before shifting its focus to Web3 gaming and non-fungible tokens (NFTs) in 2018.
Since then, it’s one of, if not the biggest, investors in the Web3 gaming sector, providing backing or acquiring hundreds of firms and games such as The Sandbox, Axie Infinity, and Catizen.
It’s worth noting that Animoca has over $830 million in cash, stablecoins, and digital assets, making Animoca the biggest non-financial crypto firm in the world.
“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 said.
But Animoca is not just considering a U.S. IPO; since 2024, the firm has also considered going public in Hong Kong and the Middle East.
The Trump Effect
As Siu explains, President Trump’s pro-crypto approach has given Web3 firms a much-needed morale boost, and they are now looking to set up in the U.S., as it could become the most influential digital asset ecosystem on Earth.
Now, Circle, eToro, OKX, Nexo , and Kraken are rumored to either launch IPOs or establish headquarters in the U.S.
This also includes Japan’s Bitcoin investment firm, Metaplanet, which is eyeing Florida to launch its U.S. subsidiary.
Siu explains that the years of enforcement actions and lawsuits levied against crypto firms have stifled innovation in U.S. markets. This, largely due to an agency that was reluctant to provide clarity in the first place.
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