Animoca Brands, a leading force in the cryptocurrency gaming and metaverse sectors, has announced plans to go public early next year.
This decision follows its exit from the Australian Securities Exchange (ASX) in 2020. The company is currently considering either Hong Kong or the Middle East, regions known for their favorable stance towards cryptocurrency.
Animoca Brands to Go Public
Yat Siu, co-founder and executive chairman of Animoca Brands, told BeInCrypto in an exclusive interview that the public offering could occur as early as 2025. It aims to “generate greater institutional attention,” aligning with the vision of bringing more mass adoption to Web3.
“Large companies that go public are able to scale up more effectively, and we think that listing Animoca Brands in the right market will help to grow and expand the entire Web3 space, not just our own business,” Siu said.
The firm has started discussions with investment banks but has yet to finalize an adviser or a specific location.
“Hong Kong has always been a global financial hub, so its openness to Web3 makes it an especially obvious choice. However, the Middle East is also highly appealing because it is fast-growing and strongly committed to technology. Countries like Saudi Arabia are making significant investments in gaming and digital assets, while the UAE boasts both Dubai and Abu Dhabi, which have a strong history of supporting the Web3 space,” Siu added.
This move will mark the company’s second attempt at going public. It follows its delisting from the ASX due to governance concerns and its involvement with crypto-related activities.
Animoca Brands’ initial delisting was prompted by issues flagged by the ASX in December 2019. These questions questioned the company’s governance and use of simple agreements for future equity (SAFEs) in its subsidiaries. Despite submitting a 39-page report to address these concerns, the ASX delisted the company on March 9, 2020.
Following its delisting, Animoca Brands continued operations without significant disruption. Shareholders retained ownership of their shares through the company’s share registry, Automic, and had the option to sell shares privately.
Siu described the ASX delisting as a “blessing.” He noted that the regulatory framework in Australia would have limited the company’s growth.
“We are already a public company, having listed on the ASX in 2015 and then delisted in 2020, so we do have some experience with public market pressures and opportunities. We have grown considerably over the last 4 years as a public unlisted company, and listing on a public market that is a powerful fit for us and for our industry will help us to achieve our full potential,” Siu told BeInCrypto.
Read more: Top 5 Web3 Use Cases: Where Web3 Is, Where It’s Going
Animoca Brands, valued at $5.9 billion as of its last fundraising round in 2022, continues to explore avenues for expansion and shareholder value creation. The company’s upcoming public offering aims to secure a platform that aligns with its activities in the GameFi and metaverse spaces.
As Animoca Brands prepares for its next public listing, the choice of location will be crucial. Both Hong Kong and the Middle East offer regulatory environments that support cryptocurrency ventures, promising a more accommodating home for the company’s ambitious plans.
Animoca Brands’ journey reflects the challenges and opportunities within the cryptocurrency gaming and metaverse sectors, highlighting the importance of regulatory alignment for growth and success.
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