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

The Web3 giant, valued at $5.9 billion during its last raise in 2022, 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 yet hired an adviser.

The firm, known for investing in non-fungible tokens (NFTs) and crypto gaming companies, has also not decided on the location for a possible initial public offering (IPO). It has made many investments in Web3 companies, including gaming company Axie Infinity, the TON Network and payments application hi.

In an interview with CoinDesk earlier this year, Siu said NFTs are underutilized and can be a major component of digital capitalism, transforming industries such as rights management and education.

The company was previously listed on the Australian Securities Exchange. The shares were delisted by the exchange in March 2020, which cited various rule breaches.

UPDATE (June 26, 16:25 UTC): Adds investments in third paragraph, earlier interview in fourth, previous listing in fifth.