For Animoca Manufacturers co‑founder Yat Siu, 2025 shall be remembered as “the Trump yr,” not as a result of US President Donald Trump saved crypto, however as a result of the business guess too closely on him and mispriced every thing from tariffs to charge cuts.
Trump was imagined to be crypto’s cheat code in 2025. As an alternative, Bitcoin (BTC) is limping into the yr’s finish, dealing with its fourth annual decline in historical past. Memecoin liquidity has been sucked into political aspect quests, and one of many sector’s longest‑operating builders thinks the market over‑trusted the brand new president.
“If I needed to give it a grade, I’d say B-/C+,” Siu stated. Merchants handled Trump as if crypto had been his “first youngster,” he says, when in actuality, “we’re in all probability his third, fourth or fifth youngster, perhaps even an eighth youngster.”
Trump’s priorities (tariffs, commerce wars, fights over the Federal Reserve) hit threat belongings arduous, and Siu identified that when the president begins a tariff warfare, he’s “not occupied with what’s going to occur to the worth of Bitcoin.”
He stated crypto’s “Trump commerce” didn’t play out in 2025 and that 2026 will drive the business to give attention to compliance and actual use instances. Animoca’s deliberate reverse-merger itemizing is his guess that public traders need an “altcoin proxy” as soon as US guidelines are clearer.
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Animoca’s IPO as an altcoin proxy
If 2025 was Trump’s yr, Animoca needs 2026 to be the yr public markets lastly get a liquid altcoin proxy. The corporate plans to go public by way of a reverse merger with Currenc Group, a Nasdaq‑listed fintech, on phrases that would depart Animoca proudly owning 95% of the mixed entity. “Technically, on paper they purchase us,” he stated, “though we management that.”
The pitch is easy: MicroStrategy has develop into a leveraged public car for Bitcoin publicity, however there is no such thing as a equal for the lengthy tail of tokens. “In the event you’re an investor and also you need to have publicity to crypto, you positively might want to have your Bitcoin … after which you’ve gotten the swath of altcoins, and the way do you get publicity to that?”
Shopping for a base‑layer token like Ether (ETH) or Solana (SOL) provides solely restricted entry, he argues. Animoca’s reply is to place itself as a listed, SoftBank-style aggregator of altcoin upside, offering public market traders with a technique to personal a diversified slice of the altcoin and Web3 stack.
The agency has greater than 620 portfolio firms and invested in roughly 100 new initiatives final yr alone, Siu stated, all of that are off its personal stability sheet. Within the 2024 monetary yr, Animoca reported unaudited bookings of $314 million, and the corporate has been EBITDA‑constructive (worthwhile on its core operations, earlier than loans and taxes) for 4 consecutive years.
Over time, Siu expects Animoca itself to be totally tokenized, remodeling the corporate right into a bridge between conventional fairness markets and onchain possession.
Associated: Animoca bets on altcoin upside to lure traders because it plans for IPO
Readability, GENIUS and the “tokenize or die” second
Siu’s guess on an altcoin‑proxy preliminary public providing (IPO) is sensible if the regulatory floor solidifies, and he sees key US laws, together with the Readability Act and the GENIUS Act, as catalytic quite than existential.
“The phrase we like to make use of is ‘Tokenize or die,’” he stated. As soon as firms have a transparent framework for issuing, buying and selling and supervising tokens, he expects a flood of incumbents to enter the market. “Crypto firms are pleased to skate on the sting … however for those who’re a longtime firm, whether or not you’re public or personal, why take the prospect?”
He factors to the way in which massive manufacturers responded when stablecoin guidelines firmed up in Washington, and instantly, after years of hand‑wringing, “everyone seems to be doing stablecoins.” And he expects the identical sample as soon as the Readability Act formalizes token classification and market‑construction guidelines subsequent yr.
Established issuers will launch tokens tied to their current companies as a result of they lastly have “authorized certainty, which they didn’t have earlier than.”
Right here, real-world belongings (RWAs) and tokenized securities function the bridge, as an business anticipated to develop into the trillions by 2030. Animoca has already began chopping RWA partnerships, together with a cope with Develop, a serious Chinese language asset supervisor, to work on tokenization and entry to token markets for conventional purchasers.
Associated: Animoca eyes stablecoins, AI, DePIN because it expands focus in 2026: Exec
2026: The yr of the utility token
Siu believes the following thematic shift is already in place. “The theme of institutionalization of crypto will proceed,” he stated, however 2026 shall be about “new retail” getting into beneath clearer guidelines and with merchandise constructed round use, not simply hypothesis.
Till now, he stated — a pattern that reached a peak in the course of the memecoin season — a lot was targeted on the present crypto dealer and launching tokens and memecoins with platforms like Pump.enjoyable.
In that setting, builders may launch a token and never fear about the place the shopper would come from, specializing in narrative as a substitute of product, however now market situations are forcing a reset.
The “memecoin insanity” was capped off by Trump and Melania Trump‑branded tokens early this yr, as Official Trump (TRUMP) slid greater than 75% from its peak and Melania Meme (MELANIA) dropped round 90% from its peak, with lots of of hundreds of small wallets sitting on losses.
That, in line with Siu, was “one heck of a vampire assault on the meme neighborhood,” leaving numerous retail scorched and sucking liquidity out of the remainder of the market.
As capital rotates away from pure hypothesis, the following wave will depend upon merchandise that resolve actual issues for avid gamers, creators and types, pulling in customers who by no means considered themselves as “crypto individuals” within the first place.
With the Readability and GENIUS acts laying down a path for compliant issuance, he argues that “2026 would be the yr of the utility token as a result of everybody will launch a token that has a use case, and we will discuss it.”
So, principally, crypto firms are rising up?
“They need to, they need to … We’re not the one firm going IPO.”
