Hong Kong, Wednesday, July 3, 2024 – Hong Kong-based blockchain video gaming firm Animoca Brands is reportedly exploring options for a public listing, potentially in Hong Kong or the Middle East, as early as late next year, according to reports.
Animoca is considering listing in Animoca’s home city of Hong Kong or a Middle Eastern market, he told a technology news publication The Information, which first reported the initial public offering plans.
“Animoca Brands is considering a public listing in Hong Kong or the Middle East as early as next year,” The Information said citing co-founder and executive chair Yat Siu.
The news Report labelled “Exclusive”, which quotes Yat Siu can be read here.
However, a possible IPO is still in its early planning stages, and the company has not yet hired an adviser, Siu told the Post.
Animoca conglomerate is valued at $6 billion in 2022.
Returning to the public market—after delisting in Australia in March 2020 amid scrutiny of its cryptocurrency activities—is about “bringing more attention to Web3,” the entrepreneur said.
As a Hong Kong-based company, Siu said he hopes a future IPO would also bring more attention to Asian markets.
Founded in 2014, Animoca Brands has become a major investor in the Web3 ecosystem, boasting a vast portfolio of more than 400 blockchain start-ups. It is also known for its metaverse platform The Sandbox, which gained popularity during the peak of non-fungible token (NFT) hype and the metaverse boom in 2021.
Animoca’s fortunes have risen this year along with the value of cryptocurrencies after Bitcoin hit an all-time high. Siu previously told the Post this would have a “material impact” on the company this year. Much of Animoca’s financial holdings are in crypto assets, which it divides into liquid and off-balance sheet reserves, including Sand, the native token of The Sandbox.
The company had a combined cash and stablecoin balance of $291 million by the end of March, according to an unaudited financial report it published in April. That was up from $194 million in April 2023.
