Animoca Brands has announced plans to go public on the Nasdaq through a reverse merger, marking a major step for the well-known web3 investment and gaming company. The Hong Kong-based firm shared this news on Monday through an official blog post, confirming its ambitions to list in the US market.

Animoca to Merge with Nasdaq-Listed Currenc Group

The planned reverse merger will see Animoca Brands combine with fintech firm Currenc Group Inc., which already trades on Nasdaq under the symbol CURR. Once the deal is finalized, Animoca would own about 95% of the merged entity, while Currenc shareholders would hold the remaining 5%.

Currenc's stock dropped 37% to $2.37 on Monday. Still, it had gained 24% over the previous five trading days, according to Yahoo Finance.

If approved, the new company will be listed under the Animoca Brands name. The deal is set to close in 2026, pending all necessary approvals. Animoca's co-founder and Executive Chairman Yat Siu said the merger would result in the world's first publicly traded "diversified digital assets conglomerate."

What the Merger Means for Both Companies

The companies signed a non-binding term sheet outlining the plan for Currenc to acquire all of Animoca's issued shares. Under the deal, Currenc will authorize a dual-class share structure. It will also restructure its board to include representatives from both companies.

Currenc also intends to divest its existing businesses before the merger is completed. These include a digital remittance platform and AI solutions for banks and other institutions. Currenc will transfer these operations to its current shareholders as part of a spinoff process.

The merger will be completed through an Australian scheme of arrangement. It is still subject to shareholder approval, regulatory clearance in Australia, and other standard conditions. The companies have entered a 3-month exclusivity period to finalize the terms and move toward a definitive agreement.

A Closer Look at Animoca Brands

Animoca Brands has grown into one of the largest investors in the digital asset space since its founding in 2014 by Yat Siu. It is best known for investing in early blockchain projects that later became widely adopted, including metaverse platforms like The Sandbox and Decentraland, and NFT marketplace OpenSea.

Beyond these, Animoca also holds stakes in newer projects such as the Humanity Protocol, which focuses on decentralized identity, and LayerZero, a protocol aimed at improving blockchain interoperability.

The firm's investments span several areas of digital innovation. These include DeFi, NFTs, gaming, AI, tokenization of real-world assets, and blockchain infrastructure. The team is known for making bets early and backing builders across the entire web3 ecosystem.

As of September 30, Animoca reported holding 628 investments. Most of these are tied to blockchain gaming and digital infrastructure. Others are in emerging sectors like digital fashion, sports, and web-based art. The firm says its portfolio is carefully grouped by sector, to reflect different stages of the digital economy.

A Large Digital Asset Treasury

Apart from its investments, Animoca also holds a large treasury of digital assets. This includes well-known tokens such as Bitcoin, Ethereum, and Solana. It also holds MOCA, the native token of its own digital identity and reputation network. According to CoinGecko, MOCA recently had a market cap of around $208 million.

The company also holds SAND, the token used in The Sandbox, and EDU, the token used within the Open Campus platform.

The team is also involved in launching a regulated stablecoin and is building NUVA, a platform that focuses on the tokenization of real-world assets. NUVA is being built in partnership with Provenance Blockchain Labs.

Animoca's IPO Timing and the Regulatory Landscape

Animoca was previously listed on the Australian Securities Exchange but was delisted in 2020. That decision came after the company struggled to meet the ASX's listing rules. Now, instead of a traditional IPO, Animoca is taking a different route through a reverse merger. This move allows it to go public by acquiring a company that is already listed.

By merging with Currenc, Animoca gains a path to US public markets without launching a full-scale IPO. This route avoids many regulatory hurdles, speeds up the process, and helps preserve control of the company. Animoca said the new structure will offer investors access to a broad mix of digital asset businesses under one roof.

Yat Siu said the merged company will be active in multiple sectors: gaming, NFTs, AI, DeFi, and digital identity. He described it as a way for public investors to gain broad exposure to the growth of the digital economy.

Related Developments in the Crypto Market

Animoca noted that several other firms in its investment portfolio are planning public offerings of their own. These include Kraken, a US-based crypto exchange, and Consensys, the Ethereum software firm behind tools like MetaMask. Axios recently reported that Consensys has brought on JPMorgan and Goldman Sachs to lead its IPO process.

These efforts come during a period when more crypto companies are entering the public markets. This includes stablecoin issuer Circle, crypto exchange Gemini, and lending platform Figure. The growing number of public crypto firms reflects a wider shift in how regulators and investors are treating digital assets.

Animoca's planned merger arrives during this wave. The company said the deal reflects a more supportive regulatory environment, one that allows well-established blockchain firms to explore new market avenues through public listings.

What to Expect from the Merger

If the merger closes as planned, it could set a new standard for how large web3 companies enter public markets. The structure of the deal gives Animoca a dominant stake in the merged entity, while Currenc plans to spin off its core business ops. The combined company would continue to focus on blockchain, web3 infrastructure, and token-based services.

Currenc Group CEO Alex Kong described the merger as a key milestone. "This proposed transaction provides a compelling path forward for the evolution of both companies and would unlock significant value for our shareholders," he said. "We are excited to facilitate this evolution, which will give our investors ownership in a global leader at the forefront of the digital asset economy."

Yat Siu echoed this view. "The proposed merger of Animoca Brands and Currenc will result in the world's first publicly-listed, diversified digital assets conglomerate, giving investors on Nasdaq direct access to the growth potential of the trillion-dollar altcoin digital economy through a single, diversified vehicle spanning DeFi, AI, NFTs, gaming, and DeSci," he said. "We believe that this proposed transaction would usher in a new asset class that should position investors at the forefront of one of the greatest opportunities of our generation."