Sometimes the best leaks come from the most unexpected places. Toys for Bob, the legendary studio behind Spyro Reignited Trilogy and Crash Bandicoot 4, has been keeping their next project under tight wraps. But an investment firm just let something slip. Double Black Capital listed Toys for Bob as a client on their website, and the game they’re working on is categorized as an adventure title. For fans hoping for Spyro 4, this is the closest thing to confirmation we’ve gotten yet.
What Double Black Capital Revealed
Double Black Capital is a consulting and investment company that works with game studios. About two months ago, they quietly announced a partnership with Toys for Bob via LinkedIn. The company described Toys for Bob as an iconic US game development studio with over 35 years of history that has revitalized major IPs like Spyro and Crash Bandicoot.
The really interesting part? Their website lists Toys for Bob’s upcoming project as an adventure game. While that genre description could technically fit several types of games, it lines up perfectly with what Toys for Bob does best. The studio has built its reputation on colorful platforming adventures, and both Spyro and Crash fall squarely into that category.
Why Everyone Thinks It’s Spyro 4
The evidence has been piling up for a while now. Here’s why the gaming community is convinced the purple dragon is making a comeback:
- Crash Bandicoot 4: It’s About Time already got its modern sequel from Toys for Bob
- Spyro Reignited Trilogy sold over 10 million copies, proving strong demand
- Xbox executive Matt Booty teased fans should “keep their horns on” when discussing the project
- Toys for Bob has described their new game as “big and ambitious”
- The studio has said it will be similar to games they’ve made in the past
The “horns” comment from Matt Booty is particularly telling. Spyro is famous for his little purple horns, and that kind of hint doesn’t happen by accident. Xbox clearly knows what fans want, and they seem to be playing into the speculation.
The Xbox Publishing Deal
Toys for Bob became independent from Activision in early 2024. But they didn’t stay unattached for long. Within months, they announced a publishing partnership with Xbox for their next title. This was a smart move for everyone involved. Microsoft retained ownership of Spyro, Crash, and Skylanders after acquiring Activision, but they needed a team to actually make new games. Toys for Bob knows these franchises better than anyone.
The interesting wrinkle is that Xbox has shifted to a multiplatform strategy. Just because Xbox is publishing the game doesn’t necessarily mean it will be exclusive. As some fans have pointed out, Spyro has deep roots on PlayStation, and platformers tend to perform incredibly well on Nintendo consoles. A multiplatform release would make the most business sense.
What About Banjo-Kazooie?
There’s been another layer to this speculation. In a recent interview, Toys for Bob co-studio head Paul Yan said that Banjo-Kazooie was the first IP that came to mind when asked what existing franchise he’d love to work on. The studio even jokingly mentioned “the honey bear” in discussions about future projects.
However, based on timeline and context, Banjo-Kazooie seems like a future dream project rather than what they’re currently building. Toys for Bob has been working on their mystery game for over a year now, and all signs point to something in their existing wheelhouse. Spyro makes the most logical sense as their first independent project before potentially tackling other beloved mascot platformers.
When Could We See an Announcement?
Toys for Bob has been deliberately quiet about their project. When they announced the Xbox partnership in mid-2024, they warned fans they were “still very early in development” and not to expect news anytime soon. But that was over a year ago now. The studio has described the project as pushing their craft to new heights, which suggests something substantial.
The Game Awards on December 11 would be a prime opportunity for a reveal. Xbox has historically used the show for major announcements, and a Spyro 4 reveal would absolutely generate the kind of buzz the show thrives on. If not there, then Summer Game Fest 2026 or a dedicated Xbox showcase could be the venue.
FAQs
What is Double Black Capital?
Double Black Capital is a consulting and investment company that partners with game development studios. They provide strategic support and financing for game projects. Their client list includes several gaming companies, and they recently added Toys for Bob as a partner.
Is Toys for Bob still owned by Activision?
No, Toys for Bob became an independent studio in early 2024. They spun out from Activision after Microsoft’s acquisition of Activision Blizzard King. However, they have a publishing deal with Xbox for their next game, and Microsoft still owns the Spyro and Crash Bandicoot franchises.
What games has Toys for Bob made?
Toys for Bob is best known for Spyro Reignited Trilogy, Crash Bandicoot 4: It’s About Time, and the Skylanders series. The studio has over 35 years of history and has primarily focused on family-friendly platformers and adventure games.
Will the new Toys for Bob game be Xbox exclusive?
While Xbox is publishing the game, exclusivity hasn’t been confirmed. Given Xbox’s recent multiplatform strategy and the fact that Spyro has a strong PlayStation history, the game may eventually release on multiple platforms including PlayStation and Nintendo Switch.
When was the last Spyro game released?
The last major Spyro release was Spyro Reignited Trilogy in 2018, which remastered the original three PlayStation games. The trilogy sold over 10 million copies, demonstrating strong fan demand for the franchise.
Could the adventure game be Crash Bandicoot 5 instead?
While possible, most evidence points toward Spyro. Crash Bandicoot 4 was released in 2020, and the franchise already received its modern revival. The “keep their horns on” tease from Xbox’s Matt Booty specifically hints at Spyro rather than Crash.
Conclusion
Double Black Capital’s website listing may seem like a small detail, but it adds another piece to an increasingly clear puzzle. Toys for Bob is working on an adventure game published by Xbox, and every hint points toward Spyro 4. From Matt Booty’s horn reference to the studio’s own statements about making games similar to their past work, the evidence is mounting. Fans have waited since 2018 for a proper new Spyro adventure, and it looks like that wait might finally be coming to an end. Keep those horns polished.