Animoca Brands, a Hong Kong crypto investment group, is considering listing on the New York Stock Exchange. Executive chair Yat Siu revealed this move follows the fact that the U.S. offers a unique window for crypto firms now that the administration led by Donald Trump has relaxed the outlook for regulating digital assets.
The firm is considering various shareholding structures for the listing and is likely to declare the final decision shortly. Siu stressed that the market conditions would have less bearing on their schedule, demonstrating a strong commitment to the move. Animoca had reached a private valuation of nearly $6 billion in its 2022 fundraising efforts, indicating high investor demand.
Bitcoin has risen more than 50 percent recently to trade above $102,000, providing a boon to crypto companies. Trump’s strategy also involves dismissing a number of crypto asset lawsuits that have been ongoing under Joe Biden’s administration.
Trump’s move has prompted significant players like Deribit, a leading cryptocurrency options exchange, to think about U.S. expansion.
Crypto gaming leader plans public listing
Animoca perceives this transition as a competitive advantage, given the earlier regulatory environment which constrained U.S. blockchain innovation.
The blockchain gaming and crypto ventures-focused company believes the U.S. market aligns with its expansion strategy now. Siu has confirmed that last year, a U.S. listing would have been impossible, but the situation has improved since then.
The firm has been actively investing in the leading digital platforms like OpenSea, Kraken, and Consensys. The vision is also aligned with the gaming industry’s future, especially with the release of new consoles and forthcoming titles like Grand Theft Auto 6.
All these advancements may enable crypto payment capabilities to link up with gaming to generate more income throughout the portfolio of Animoca.
For the December year, Animoca earned $97 million in earnings before interest, taxes, depreciation, and amortisation on $314 million in revenue.
That compared to $34 million EBITDA on $280 million revenue last year. With $300 million in cash assets and $538 million in crypto assets, Animoca is situated to go public and expand its role in the global crypto economy.
