After delisting in Australia for four years, Animoca Brands is considering going public again, with an eye toward more accommodating regions like the Middle East and Hong Kong.
According to reports, Giant of the gaming and metaverse industry Animoca Brands may return to the open market after delisting from the Australian Securities Exchange (ASX) in March 2020.
This time, according to The Information on June 26, cited the company’s co-founder, Yat Siu, the corporation is focusing on friendlier nations, particularly examining Hong Kong and the Middle East.
According to the article, Animoca has been meeting with investment banks but has yet to decide on a venue or engage an advisor. The corporation has offices and subsidiaries across numerous nations, with its headquarters in Hong Kong.
The Australian Stock Exchange (ASX) delisted Animoca in March 2020 due to concerns regarding the company’s adherence to listing requirements. Specifically, the restrictions regarding investments in cryptocurrency and blockchain-related enterprises were deemed to be at odds with the exchange’s then-current asset and financial standards.
The funding for Animoca
Animoca is looking for more financial sources as well. Earlier this month, the business pledged a 1708 Stradivarius violin as security for a multimillion-dollar loan from Galaxy Digital.
Galaxy converted the violin into a non-fungible token (NFT), which will retain both the NFT and the actual instrument until Animoca pays back the loan. The Russian Empress Catherine the Great once owned the violin. The entire financial amount is still unknown.
The valuation of a rollercoaster
By January 2022, Animoca’s valuation had surged to around $6 billion due to the growth of the cryptocurrency and gaming industries. The company has purchased a variety of businesses over the past few years, including digital marketing agencies and gaming-related enterprises. It also invests in multiple Web3 firms.
According to reports, the company’s valuation dropped to less than $2 billion in 2023 due to more significant industry issues like FTX’s demise and the bankruptcies of multiple cryptocurrency lenders. Due to the slump, Animoca decided to lower its fundraising goals for a metaverse fund from $2 billion to $800 million.
