Animoca Brands, a prominent Non-Fungible Token (NFT) and crypto gaming conglomerate is considering a public listing in Hong Kong or the Middle East. Valued at $5.9 billion as of 2022, the timeline for the Initial Public Offering (IPO) according to The Information is set as early as next year.
Animoca Brands Plans to Go Public in 2025
As revealed by the company’s CEO Yat Siu, there is an active engagement of investment banks but the entity has yet to appoint an advisor at this point. Animoca Brands is currently a privately owned firm and it is not yet available for trading on major public exchanges like NASDAQ or NYSE.
Sui disclosed that despite the firm being in talks with investment banks, it is yet to decide on the location for a potential IPO.
This potential decision would signify the Web3 giant’s re-entry into the public markets over four years after being delisted from the Australian Securities and Exchange. Animoca Brands was ousted earlier based on concerns about its accounting practices.
Before now, the Hong Kong-based company has made significant progress, making an impact across different industries. In January, the company collaborated with Chess.com and globally acclaimed chess grandmaster Magnus Carlsen to launch a free-to-play strategy game.
Crypto Companies Moving To Asian Countries
Many crypto companies are making significant moves into these regions due to crypto-friendly regulations provided for crypto assets and blockchain technologies.
In 2023, there was a notable change in how Asia regulated crypto, especially in Hong Kong, which took the lead in setting policies for the region.
In April, the price of Bitcoin (BTC) saw a bullish rise after the launch of crypto ETF trading in Hong Kong. This development has potentially brought more attention and investment into Hong Kong’s crypto market space.
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