Animoca is considering a public market return after four years of delisting in Australia, eyeing more receptive jurisdictions like Hong Kong and the Middle East
Animoca Brands is considering a public market return after four years of delisting in Australia, eyeing more receptive jurisdictions like Hong Kong and the Middle East.
Animoca Brands, a gaming and metaverse colossus, is reportedly contemplating a return to the public market following its delisting from the Australian Securities Exchange (ASX) in March 2020.
According to The Information on June 26, the company focuses on more favorable jurisdictions, particularly the Middle East and Hong Kong. Yat Siu, the company’s co-founder, was cited in this regard.
The report indicates that Animoca has been meeting with investment banks but still needs to select a location or employ an adviser. The organization is headquartered in Hong Kong and maintains subsidiaries and offices in numerous other nations.
The ASX delisted Animoca in March 2020 due to concerns regarding its compliance with listing rules, particularly those concerning investments in crypto and blockchain-related businesses. These regulations were perceived as inconsistent with the exchange’s financial and asset rules.
The funding of Animoca
Additionally, Animoca is in pursuit of funding from alternative sources. The company tokenized a Stradivarius violin from 1708 earlier this month to serve as collateral for a multimillion-dollar loan with Galaxy Digital.
Galaxy converted the violin into a non-fungible token (NFT) and will retain the NFT and the physical counterpart until Animoca settles the loan. The violin was previously owned by the Russian Empress Catherine the Great. The ultimate sum of financing is yet to be disclosed.
Valuation of Rollercoasters
By January 2022, Animoca’s valuation had increased to nearly $6 billion due to the thriving crypto and gaming markets. The company has acquired various businesses over the past few years, including digital marketing agencies and gaming-related companies, and is an investor in numerous Web3 firms.
The company’s valuation was reportedly reduced to below $2 billion in 2023 due to broader industry challenges, including the insolvency of numerous crypto lenders and the collapse of FTX. In response to the economic downturn, Animoca decreased its fundraising objectives for a metaverse fund from $2 billion to $800 million.
Cointelegraph did not receive an immediate response when it sought out Animoca Brands.
