Animoca Brands, the gaming and metaverse giant, is planning a return to the stock market by 2025, targeting the crypto-friendly jurisdictions of Hong Kong and the Middle East. This decision follows their delisting from the Australian Securities Exchange (ASX) in 2020, marking a significant shift in their strategic approach.
Considering Crypto-Friendly Stock Exchanges
Four years after being delisted from the ASX due to compliance concerns, Animoca Brands is now exploring stock exchanges in Hong Kong and the Middle East. These regions are recognized for their supportive stance towards cryptocurrency and blockchain technology. Despite holding discussions with various investment banks, Animoca Brands has yet to select a consultant or finalize the location for a potential initial public offering (IPO).
Financial Standing and Strategic Shift
As per their latest financial report, Animoca Brands holds assets totaling $2.7 billion, with $558 million in crypto assets. The company’s potential return to the stock market could be seen as a response to the ASX’s 2020 decision, which was based on the inconsistency of Animoca’s Web3 and crypto investments with the financial regulations of the time. In contrast, Hong Kong and the Middle East present more favorable environments for such investments.
Hong Kong and the Middle East: Crypto-Friendly Hubs
Hong Kong has recently approved ETFs on Bitcoin and Ethereum spot, reinforcing its ambition to become a regional crypto hub. Similarly, Dubai is working to reduce compliance costs for businesses under its Virtual Assets Regulatory Authority, creating a more conducive legal environment for crypto companies. This proactive stance contrasts sharply with the regulatory landscape in the USA.
Launch of NFT Sorah Launchpad
In June, Animoca Brands Japan launched the NFT Sorah launchpad, a platform designed to support projects and creators in selling their Non-Fungible Tokens (NFTs). This launchpad offers multifaceted support for sales and marketing strategies and features a loyalty program that provides various benefits to users. Sorah aims to connect Japan’s Web3 community with the global market, further solidifying Animoca Brands’ position in the NFT space.
Animoca Brands’ plan to return to the stock market by 2025 in more crypto-friendly jurisdictions reflects their commitment to leveraging blockchain technology for enhanced financial services. By targeting regions like Hong Kong and the Middle East, the company aims to capitalize on supportive regulatory environments, positioning itself for future growth in the rapidly evolving Web3 and crypto sectors.
Source: en.cryptonomist.ch
