Animoca Brands Sets Sights on Nasdaq Public Debut
Hong Kong-based blockchain investment giant Animoca Brands has announced plans to go public on the Nasdaq through a strategic reverse merger with fintech firm Currenc Group. The landmark deal, revealed on Monday, represents a significant milestone for the crypto and gaming conglomerate that was last valued at $6 billion in 2022.
The Merger Structure and Timeline
Under the proposed arrangement, Currenc Group would acquire 100% of Animoca Brands’ shares, with Animoca shareholders collectively owning 95% of the resulting entity. Currenc shareholders would maintain a 5% stake in the newly formed company. The transaction is expected to close in 2026, creating what Animoca describes as “the world’s first publicly-listed, diversified digital assets conglomerate.”
Market Reaction and Regulatory Requirements
Following the announcement, Currenc Group’s shares experienced significant volatility, dropping 19% to $3.05 on Monday but maintaining a 61% gain over the previous five trading days. The merger remains subject to approval from Australian regulators, a notable consideration given Animoca’s previous delisting from the Australian Securities Exchange due to compliance issues.
Currenc’s Strategic Divestment
As outlined in the merger agreement, Currenc Group intends to sell off its current business units. This includes their digital remittance platform. This strategic move positions the combined entity to focus exclusively on Animoca’s extensive digital assets and gaming portfolio.
Animoca’s Impressive Investment Portfolio
Animoca Brands has established itself as one of the most prolific investors in the blockchain space, with a portfolio that spans multiple sectors and includes some of the industry’s most prominent projects.
Diverse Investment Strategy
As of September 30, Animoca’s investment portfolio includes 628 projects across various sectors, with primary focus areas in gaming and infrastructure. The company also maintains significant investments in sports, art, fashion, and metaverse projects, demonstrating its comprehensive approach to Web3 development.
Notable Portfolio Companies
Animoca’s high-profile investments include The Open Network (TON), the Telegram-linked blockchain network, crypto gaming startup Axie Infinity, NFT marketplace OpenSea, and metaverse games The Sandbox and Decentraland. The company’s digital asset treasury also holds significant positions in Bitcoin, Ethereum, and its native MOCA token, which recently achieved a market capitalization of $208 million.
Broader Crypto IPO Landscape
Animoca’s planned public debut comes amid a wave of crypto companies seeking public listings in 2025, reflecting improved regulatory conditions and growing institutional acceptance of digital assets.
Industry-Wide Public Market Moves
This year has seen multiple crypto firms pursue public offerings, including Bitcoin ETF issuers, major cryptocurrency exchanges, and specialized service providers like crypto lending platforms. Animoca noted that several of its portfolio companies, including Kraken and Consensys, are also preparing for their own public debuts, signaling strong momentum across the sector.
Strategic Implications for Web3 Industry
The potential Nasdaq listing represents a significant validation of Animoca Brands’ business model and the broader Web3 ecosystem. As co-founder and Executive Chairman Yat Siu emphasized, the merger would create a unique publicly-traded vehicle for investors to gain exposure to a diversified digital assets portfolio spanning decentralized finance, NFTs, gaming, and infrastructure projects.
