Animoca Brands founder Yat Siu hopes to position the company as a vehicle for investors to access a broader range of crypto projects and the altcoin market, with plans to go public next year through a reverse merger.
“We believe that, from a larger perspective, altcoins will ultimately outperform Bitcoin as a whole,” Yat Siu said in an interview with Cointelegraph on Wednesday.
Yat Siu likened Bitcoin to gold, stating that while no single company can surpass gold in market value, the total market capitalization of all listed companies is “about 5 to 6 times that of gold.”
He noted that although these companies may not have the same durability as gold, they “will rise and fall as a whole.”
“We are involved in crypto not because we want to hold Bitcoin, but rather treat Bitcoin as a reserve asset, which I wouldn’t use, right?” he said, emphasizing the utility of altcoins across the industry, from Web3 gaming to gas fees, and decentralized finance to decentralized physical infrastructure networks.
He stated, “By classic definitions, these applications are actually all altcoins; even, you know, to a lesser extent but perhaps more significantly, meme coins in the past were also altcoins.”
Yat Siu compared Animoca's investment approach to the types of opportunities investors would seize in the early 2000s—being able to horizontally allocate a large number of the “biggest and most interesting” internet companies, such as Amazon, Google, eBay, and Alibaba.
“We feel we are well-positioned in this regard,” Yat Siu added, noting that unlike the early days of the internet, the crypto industry is unlikely to see a single “winner-takes-all” altcoin or project.
He mentioned that Animoca's portfolio size is sufficient to capture some of the winners within it.
Gaming is the largest category in Animoca Brands' portfolio, with 230 of the 628 companies it has invested in being gaming-related. Its investments in infrastructure, artificial intelligence, and decentralized finance are also continuously increasing.
Yat Siu emphasized that Animoca can invest and gain exposure to altcoins at levels far below those of external investors, and they are passing this “benefit” on to shareholders.
Cointelegraph reported earlier this month that Animoca Brands plans to go public next year through a reverse merger with the AI-focused listed fintech company Currenc Group, aiming to list on Nasdaq.
Related: Opinion: This metric shows we have exited the Bitcoin (BTC) bull market
Original article: “Animoca Bets on Altcoin Surge to Attract Investors, Plans IPO”
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