Animoca Brands, a leading investor in the Web3 and blockchain space, is preparing to go public in the United States, signaling a major strategic shift in its global ambitions. The Hong Kong-based company, once valued at nearly $6 billion, is leaning toward a U.S. IPO after earlier considering listings in Hong Kong or the Middle East.
Co-founder and executive chairman Yat Siu confirmed the move in a recent interview, noting that a formal announcement could come soon. He highlighted the changing U.S. regulatory climate under the Trump administration as a key factor in the decision, calling it a “unique moment” to enter the world’s largest capital market.
“It’s the biggest market, so we should go there, right? I feel like it would be one heck of a wasted opportunity if we didn’t at least try,” Siu told The Financial Times.
Regulatory Winds Shift in Favor of Crypto
The planned New York listing underscores how shifting political dynamics—particularly a pro-crypto stance under former President Donald Trump—are reshaping the playing field for digital asset firms. The U.S. saw a wave of regulatory crackdowns under the Biden administration, but recent reversals and industry-friendly rhetoric have sparked renewed optimism.
This regulatory pivot has encouraged several crypto players, including Gemini and Kraken, to explore public offerings. Market watchers suggest that if this trend holds, the U.S. could reclaim its role as a global hub for digital innovation and capital formation in Web3.
Animoca’s Evolving Journey
Animoca’s return to public markets carries historical weight. The company was delisted from the Australian Stock Exchange in 2020 due to concerns around compliance and crypto asset classification. Since then, it has transformed into one of the most prolific investors in the Web3 ecosystem, holding stakes in over 540 companies, including OpenSea, ConsenSys, and Kraken.
Siu emphasized that going public is about more than capital—it’s about credibility.
“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 in crypto that isn’t doing the typical crypto stuff’,” he explained.
Financial Momentum and Market Presence
Animoca’s latest financial figures underscore its growing traction. The firm reported an unaudited EBITDA of $97 million on revenue of $314 million for 2024—a significant increase from the previous year’s $34 million EBITDA on $280 million in revenue. It currently holds nearly $300 million in cash and stablecoins, along with $538 million in digital assets.
According to CryptoRank.io, Animoca remains one of the most active venture investors in the blockchain space, backing over 400 projects with an average return of 1.93x. Its recent launch of Moca Coin—designed to power the Mocaverse ecosystem—has further bolstered its presence in the metaverse and GameFi sectors.
Following the IPO news, Moca Coin rose modestly by 3%, trading at approximately $0.1019 at the time of reporting, according to CoinGecko.
A Pivotal Move for Web3 Leadership
Animoca’s IPO ambitions reflect a larger narrative: as regulatory tides shift, the race for leadership in the digital economy is intensifying. With its strong portfolio and renewed public aspirations, Animoca Brands is positioning itself at the center of this evolution—bringing legitimacy, scale, and new capital to the next phase of Web3 growth.
