Reverse Merger with Currenc Group
Animoca Brands has filed to list on Nasdaq through a reverse merger with Singapore-based Currenc Group (CURR), a move that would make the Hong Kong-based company one of the first Web3 conglomerates to trade on a major U.S. exchange. The deal, announced Monday, is expected to close in 2026 pending shareholder and regulatory approvals.
The merger would create what Animoca described as “the world’s first publicly listed, diversified digital assets conglomerate,” giving U.S. investors exposure to a portfolio spanning DeFi, NFTs, gaming, AI, and decentralized science (DeSci). The combined entity will trade under the Animoca Brands name on Nasdaq once finalized.
“This transaction will give investors direct access to the growth potential of the trillion-dollar altcoin digital economy through a single, diversified vehicle,” said Yat Siu, Animoca’s co-founder and executive chairman. The company also confirmed plans to open a New York office as part of its U.S. expansion.
Investor Takeaway
Currenc to Spin Off Existing Businesses
Currenc Group said it will divest its current business lines — including AI-powered solutions for banks and a digital remittance platform — before the merger completes. Those assets will be distributed to Currenc’s existing shareholders, clearing the way for a streamlined reverse merger focused entirely on Animoca’s digital asset operations.
Currenc shares have surged in the wake of the announcement, more than doubling in the past five days. The stock is set to open at $3.78 in New York, reflecting strong speculative interest as investors digest the proposed tie-up.
Financial Performance and Growth
Animoca disclosed earlier this year that its Digital Assets Advisory unit generated $165 million in 2024 revenue, up 116% from the prior year. That performance surpassed its Web3 gaming and NFT operations, which saw revenue drop 40% to $110 million as market activity shifted from collectibles to infrastructure and token advisory services.
The Digital Assets Advisory business manages Animoca’s portfolio of more than 400 blockchain projects and early-stage equity stakes in crypto startups, including The Sandbox, Immutable, and Axie Infinity developer Sky Mavis. The surge in token valuations through 2024 helped drive gains across that portfolio, offsetting weakness in consumer-facing NFT sales.
The company has been seeking a U.S. listing for more than a year to access a broader investor base and improve liquidity. A Nasdaq listing would mark a milestone for Animoca, which was previously delisted from the Australian Securities Exchange in 2020 over compliance concerns related to crypto activity.
Investor Takeaway
Looking Ahead to 2026
The reverse merger, if completed, would follow a wave of crypto-related listings in 2025, including Circle, Bullish, and Gemini. For Animoca, it would provide a U.S. platform to raise capital for its expanding network of blockchain startups and token ventures, while offering investors a diversified entry point into the digital asset sector.
Animoca’s decision to use a reverse merger rather than a direct IPO reflects a pragmatic approach to navigating U.S. regulatory scrutiny. By acquiring an existing listed entity, the firm can accelerate its timeline to market while still undergoing full review by Nasdaq and the Securities and Exchange Commission.
Yat Siu said the merger would “align the interests of investors and builders in the open metaverse economy,” adding that the combined group aims to represent the next generation of digital asset holding companies with a presence in both Asia and the U.S.
The transaction remains subject to due diligence, shareholder approval, and clearance by U.S. regulators. If successful, it could set a precedent for other Web3 firms exploring similar routes to the U.S. public markets.
