Animoca Brands Pursues Nasdaq Listing Through Reverse Merger

Animoca Brands, a prominent blockchain investment firm, is gearing up for a public listing on Nasdaq by merging with the fintech company Currenc Group Inc. This strategic move aims to re-establish Animoca in public markets following its previous delisting from the Australian Securities Exchange in 2020 due to regulatory issues. The merger will create a diversified digital asset conglomerate, providing Nasdaq investors with direct access to a rapidly growing market.

Key Takeaways

Animoca Brands is planning to go public on Nasdaq via a reverse merger with Currenc Group Inc.
This marks Animoca's return to public markets after its delisting from ASX in 2020.
Major shareholders, including SoftBank, will hold around 95% of the merged firm.
The merger could facilitate broader institutional involvement in the Web3 ecosystem.
Regulatory approvals are required before the deal is finalized, expected in 2026.

Animoca Brands plans to go public on Nasdaq through a reverse acquisition of Currenc Group.

Animoca Plans Nasdaq Debut with Currenc Group Merger

Animoca Brands, a leading blockchain investment firm headquartered in Hong Kong, has announced that it intends to go public on the prestigious Nasdaq Stock Exchange. The company plans to achieve this through a reverse acquisition of Currenc Group Inc., a U.S.-based fintech company. This move represents Animoca's re-entry into public markets following its delisting from the Australian Securities Exchange (ASX) in 2020 due to concerns surrounding compliance with regulatory standards in its crypto operations.

According to a Bloomberg report, Animoca's co-founder and executive chairman Yat Siu confirmed the merger through a letter addressed to shareholders. He stated that the company has signed a letter of intent with Currenc Group to initiate this merger process.

Upon closing the deal, approximately 95% of the newly formed entity, which will function under the Animoca Brands name, is expected to be owned by significant shareholders including ingsway Capital, 50T Funds, and SoftBank.

"This merger will create the world’s first publicly-listed, diversified digital assets conglomerate," Yat Siu wrote in a blog post. He added that it provides investors on Nasdaq with direct access to the expanding trillion-dollar altcoin economy, which encompasses decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, artificial intelligence (AI), and decentralized science (DeSci).

The CEO of Currenc Group, Alex Kong, also expressed enthusiasm about the merger, calling it a “milestone” that would generate new value for both parties. As part of the merger process, Currenc intends to divest some of its existing operations, particularly in remittance and traditional financial services.

Timeline for the Reverse Takeover

The transaction is projected to finalize in 2026; however, it still requires various regulatory approvals from authorities in the U.S. and Australia, along with audited financial reports for recent years. While Animoca is reportedly profitable, it has not yet disclosed its full-year earnings for the current fiscal year.

Animoca is also planning to establish a new office in New York, motivated by the country's progressively positive attitude towards cryptocurrency. According to Siu, the support for the crypto industry expressed by U.S. President Donald Trump significantly influenced this decision.

Notably, this reverse acquisition is occurring as Animoca broadens its reach into institutional markets. The firm is actively working on a Hong Kong dollar-backed stablecoin in collaboration with Standard Chartered Plc and HKT. Furthermore, it is engaging with Provenance Blockchain Labs to create a platform that links issuers of real-world assets, such as home equity lenders, with investors in the blockchain space.

If successful, the merger could significantly enhance institutional access to Web3 infrastructure, allowing Animoca Brands to emerge as a pivotal player in merging traditional finance with the decentralized economy.