Crypto Giant Animoca Brands Eyes Nasdaq Debut via Reverse Merger

Animoca Brands plans to go public on the Nasdaq via a reverse merger, the Hong Kong-based metaverse investment firm and crypto game publisher said in a blog post on Monday.

The firm, which was valued at $6 billion in 2022, said it would merge with fintech Currenc Group, which trades under the ticker symbol CURR. The firm’s shares dropped 19% to $3.05 on Monday, but were up 61% over the past five trading days, according to Yahoo Finance.

The merger is expected to close in 2026, which would result in “the world’s first publicly-listed, diversified digital assets conglomerate,” Animoca Brands co-founder and Executive Chairman Yat Siu said in a statement. He noted that Animoca’s investments span from decentralized finance to NFTs.

Animoca has invested in several high-profile projects since it was established by 2014 by Siu. That includes The Open Network, the Telegram-linked blockchain network, crypto gaming startup Immutable, NFT marketplace OpenSea, and metaverse games The Sandbox and Decentraland.

The company said its portfolio, as of Sept. 30, included 628 investments across a broad range of sectors, which were mostly focused in gaming and infrastructure. However, Animoca separates those investments from others in sports, art, fashion, and the metaverse.

Animoca also highlighted its digital asset treasury, which includes Bitcoin, Ethereum, Solana, and MOCA, the native currency of Animoca’s identity ecosystem, which recently had a market capitalization of $208 million, according to crypto data provider CoinGecko.

Under the arrangement that Animoca and Currenc have entered into, Currenc would acquire 100% of Animoca’s shares. Animoca would collectively own 95% of the resulting entity, while Currenc shareholders would have a 5% stake in the new company.

In relation to the merger, Currenc plans to divest from its business operations, Animoca said. That includes a digital remittance platform, Animoca added.

This year, several crypto firms have gone public amid a more supportive regulatory backdrop, from stablecoin issuers like Circle to crypto exchanges like Gemini, and even firms that offer less ubiquitous services, such as crypto lender Figure.

Animoca noted that the merger is subject to approval from Australian regulators. Animoca previously traded on the Australian Securities Exchange but was delisted in 2020 after struggling to comply with various listing rules for that market.

On Monday, Animoca noted that its investments include firms that are also eyeing a public debut, including crypto exchange Kraken and Ethereum software giant Consensys. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

Kraken has been plotting its public debut for months, while Consensys recently tapped JPMorgan and Goldman Sachs to guide its IPO, Axios reported last week.