Animoca Brands is looking to go public in 2025, the Information reported on Wednesday.

The Web3 giant is considering Hong Kong or the Middle East for a potential listing, the report said, citing Animoca co-founder Yat Siu. Siu added that the firm has held talks with investment banks but has not hired an adviser yet.

The firm, known for investing in non-fungible tokens (NFTs) and crypto gaming companies, has yet to finalize the location for a possible initial public offering (IPO).

Animoca was valued at $5.9 billion during its last raise in 2022.