Hong Kong-based Animoca Brands is preparing for a listing in New York, citing US President Donald Trump’s relaxed regulatory stance on digital assets as a window of opportunity to enter the world’s biggest capital market.

Animoca executive chair Yat Siu told the Financial Times that an announcement may be made soon, with the company currently evaluating various shareholding structures.

Siu said the decision to pursue a US listing would not hinge on market conditions but rather on timing and strategic positioning.

Animoca, which was delisted from the Australian Securities Exchange in 2020 over governance concerns and the status of some cryptocurrencies, has since built a robust investment portfolio, including stakes in OpenSea, Kraken and Consensys.

The company reported unaudited earnings of $97 million from $314 million in revenue for the year ending December 2024, a sharp increase from the previous year.

Source: Animoca Brands

Siu told the FT that Animoca is the largest non-financial crypto firm globally, with $300 million in cash and stablecoins and over $538 million in digital assets.

He also hinted that other Animoca portfolio companies, including US-based Kraken, may follow suit with listings in the US in 2025 or 2026.

Related: Deribit eyes US expansion under crypto-friendly Trump admin: FT

Crypto firms consider US comeback

Under former President Joe Biden, federal agencies launched numerous lawsuits and enforcement actions against digital asset firms. Siu said this regulatory hostility stifled innovation and discouraged overseas companies from entering the US market.

In contrast, Trump’s return to office has been accompanied by pledges to support the crypto sector and a rollback of enforcement activity. Siu described this as “a unique moment in time,” adding that not taking advantage of it “would be one heck of a wasted opportunity.”

Since Trump’s election victory, the US Securities and Exchange Commission has dropped or paused over a dozen enforcement cases against crypto companies.

Additionally, the Department of Justice recently announced the dissolution of its cryptocurrency enforcement unit, signaling a softer approach to the sector.

This hands-on approach appears to be boosting industry confidence. OKX, for example, has announced plans to establish a US headquarters in San Jose, California, just months after settling a $504 million case with US authorities.

On April 28, Nexo, which left the US at the end of 2022, citing a lack of regulatory clarity, revealed that it is reentering the US market.

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