- • Animoca Brands is considering returning to the public stock market by 2025 after delisting from the Australian Securities Exchange in 2020.
- • The company is exploring more crypto-friendly jurisdictions like Hong Kong and the Middle East for its potential public listing.
- • Animoca’s valuation had soared to nearly $6 billion in early 2022 but dropped below $2 billion in 2023 due to the crypto market downturn.
Animoca Brands, the Hong Kong-based gaming and metaverse company, is considering returning to the public markets after delisting from the Australian stock exchange in 2020.
Looking Abroad for a Friendlier Jurisdiction
After facing regulatory hurdles in Australia regarding its investments in crypto and blockchain, Animoca is now eyeing stock exchanges in more blockchain-friendly jurisdictions. Specifically, the company is analyzing potential listings in Hong Kong and the Middle East, according to co-founder Yat Siu.
Seeking Funding From Other Sources
In addition to returning to the public markets, Animoca is raising funds through other creative means. Earlier this month, the company tokenized an antique Stradivarius violin to use as collateral for a multimillion dollar loan from Galaxy Digital.
Valuation Rollercoaster Reflects Industry Volatility
Animoca’s valuation has been on a wild ride over the past year, soaring to nearly $6 billion in early 2022 amid booming crypto and gaming markets. But it reportedly fell below $2 billion in 2023 as the crypto industry was rocked by events like FTX‘s collapse. This volatility led the company to scale back fundraising targets for its metaverse fund.
Despite market turbulence, Animoca’s push to go public again signals its long-term bet on the growth of Web3 and the metaverse. The company’s ability to attract investors will be an important test of institutional appetite for crypto as the industry seeks to move past recent crises.
