For Animoca Manufacturers co‑founder Yat Siu, 2025 will probably be remembered as “the Trump yr,” not as a result of US President Donald Trump saved crypto, however as a result of the trade wager too closely on him and mispriced every part from tariffs to charge cuts.
Trump was purported to be crypto’s cheat code in 2025. As a substitute, Bitcoin (BTC) is limping into the yr’s finish, going through 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 might say B-/C+,” Siu mentioned. Merchants handled Trump as if crypto have been his “first baby,” he says, when in actuality, “we’re in all probability his third, fourth or fifth baby, perhaps even an eighth baby.”
Trump’s priorities (tariffs, commerce wars, fights over the Federal Reserve) hit danger belongings arduous, and Siu identified that when the president begins a tariff warfare, he’s “not serious about what’s going to occur to the worth of Bitcoin.”
He mentioned crypto’s “Trump commerce” didn’t play out in 2025 and that 2026 will drive the trade to deal with compliance and actual use instances. Animoca’s deliberate reverse-merger itemizing is his wager 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 through 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 mentioned, “though we management that.”
The pitch is easy: MicroStrategy has grow to be a leveraged public automobile for Bitcoin publicity, however there isn’t a equal for the lengthy tail of tokens. “If you happen to’re an investor and also you need to have publicity to crypto, you undoubtedly might want to have your Bitcoin … after which you may have 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) offers 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 method to personal a diversified slice of the altcoin and Web3 stack.
The agency has greater than 620 portfolio corporations and invested in roughly 100 new initiatives final yr alone, Siu mentioned, all of that are off its personal steadiness sheet. Within the 2024 monetary yr, Animoca reported unaudited bookings of $314 million, and the corporate has been EBITDA‑optimistic (worthwhile on its core operations, earlier than loans and taxes) for 4 consecutive years.
Over time, Siu expects Animoca itself to be totally tokenized, reworking 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 wager on an altcoin‑proxy preliminary public providing (IPO) is smart 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 mentioned. As soon as corporations have a transparent framework for issuing, buying and selling and supervising tokens, he expects a flood of incumbents to enter the market. “Crypto corporations are blissful to skate on the sting … however in case you’re a longtime firm, whether or not you’re public or non-public, why take the prospect?”
He factors to the way in which giant manufacturers responded when stablecoin guidelines firmed up in Washington, and all of a sudden, 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 present 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 trade 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 shoppers.
Associated: Animoca eyes stablecoins, AI, DePIN because it expands focus in 2026: Exec
2026: The yr of the utility token
Siu believes the subsequent thematic shift is already in place. “The theme of institutionalization of crypto will proceed,” he mentioned, however 2026 will probably be about “new retail” getting into beneath clearer guidelines and with merchandise constructed round use, not simply hypothesis.
Till now, he mentioned — a development 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 might launch a token and never fear about the place the shopper would come from, specializing in narrative as an alternative 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 1000’s of small wallets sitting on losses.
That, in line with Siu, was “one heck of a vampire assault on the meme neighborhood,” leaving loads of retail scorched and sucking liquidity out of the remainder of the market.
As capital rotates away from pure hypothesis, the subsequent wave will rely on merchandise that remedy actual issues for players, 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 speak about it.”
So, mainly, crypto corporations are rising up?
“They need to, they need to … We’re not the one firm going IPO.”
