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One of the largest esports gaming companies in the world is closing in on uplisting to a major exchange in the U.S.

Nasdaq Uplisting: Enthusiast Gaming Holdings Inc (OTC:ENGMF) currently trades in Canada and as an OTC stock in the U.S. Plans to uplist on the Nasdaq were filed Thursday morning.

“While we are very much a global company, the U.S. remains our most prominent source of audience and revenue. Naturally, a U.S. registration is a significant milestone for the company,” CEO Adrian Montgomery said.

Roundhill Investments CEO Will Hershey told Benzinga in December that Enthusiast Gaming was planning to uplist, which could be a catalyst for shares.

“Companies that have undertaken listings have seen increased valuations,” Hershey said. Enthusiast Gaming is a holding in the Roundhill BITKRAFT Esports & Digital Entertainment ETF (NYSE:NERD).

Hershey called Enthusiast an interest play with popular esports team Luminosity Gaming and millions of users.

“We are the largest gaming media platform in North America and believe a NASDAQ listing will allow us to enlarge our shareholder base and accelerate our growth strategy, including our M&A roadmap,” Montgomery said.

About Enthusiast Gaming: Enthusiast Gaming has the largest gaming media platform in North America. The company’s goal is to build a world of communities where video gamers connect and engage.

More than 300 million users are on the Enthusiast Gaming platform monthly across 100 internet properties in the U.S. Enthusiast Gaming has more touchpoints to young people than any other gaming company.

Enthusiast Gaming utilizes a diverse platform of websites, YouTube channels, influencers, professional esports teams and experiences to hit several areas of the video game market.

The diversification leads to the ability to monetize subscriptions, sponsorships, content licensing, direct sales and data. The company spends $0 on SEO and cost of acquisition with its well-known brands and connected ecosystem.

Related Link: NERD ETF Co-Founder Talks Tencent, Sea Limited, Foreign Gaming Stocks

Esports Teams: There are a handful of publicly traded companies that own professional esports teams. Luminosity Gaming is one of the most well-known esports teams in the world with over 70 million fans and the former home of popular streamer Ninja.

In March, Luminosity Gaming was the world’s most watched esports organization on Inc. (NASDAQ:AMZN) Twitch platform. The team saw over 40 million hours of viewership on Twitch, outpacing the runner-up by 15 million hours. Luminosity Gaming was previously ranked second in February.

The company owns the Vancouver Titans esports team in the Overwatch League and the Seattle Surge which competes in Call of Duty League. Both leagues are for games owned by Activision Blizzard, Inc. (NASDAQ:ATVI).

Growth Ahead: Enthusiast Gaming has a five-phase plan in place that it is in the middle of completing. Phase one centered on building the company’s scale and owning the fan experience. Phase two was to monetize through advertising, which is in process. Phase three is to sell content, which is in process with 115,000 paying subscribers and licensing deals with Snap Inc (NYSE:SNAP) and Samsung Electronics (KRX: 005930).

Going forward, phase four is to turn its userbase into a marketplace with commerce and an app store. Phase five is to connect users to the marketplace and social networks.

With a completed five-phase plan, Enthusiast Gaming thinks it can turn its average revenue per user from $0.40 to $3 by 2023.

ENGMF Price Action: Shares of Enthusiast Gaming are down 5.54% to $7.6y on Thursday afternoon. Shares are up over 580% in the last year.

(Image: Enthusiast Gaming)