Animoca Brands, the Hong Kong-based crypto investor, targets a 2026 Nasdaq listing via a reverse merger with Currenc Group Inc., returning to public markets.
Animoca Brands announced its planned U.S. listing on Monday. The crypto investor from Hong Kong will become a public company in a reverse merger. The transaction is between the Nasdaq-listed Currency Group Inc. This move is expected to be closed in 2026. As such, the deal represents a huge return to the public market.
Reverse Merger Forges Path to U.S. Stock Exchange
Under the deal, Animoca shareholders will hold 95% of the new entity. At the same time, Currenc Group will wind down its current operations. Because the traditional IPO process is bypassed in this reverse merger. As a result, it is a quicker path to the Nasdaq. Existing investors are SoftBank and Kingsway Capital.
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Further, this listing comes after its 2020 delisting from the ASE. The Australian Securities Exchange was unhappy about breaches of the listing rules. Some of these issues were directly related to its crypto dealings. Now, Animoca is following other companies that are jumping into the public sector. For example, Circle, the issuer of USDC, is the most recent notable example.
Animoca is well diversified with a vast portfolio. This portfolio has token and equity investments in more than 600 crypto companies. Some of the most prominent investments include The Sandbox and OpenSea. They own stakes in ConsenSys and Kraken exchange too. ConsenSys and Kraken are going to consider public listings. Thus, the company has key elements of Web3 economy.
The company’s revenue was $314 million in 2024. This was a 12% increase from last year. The Digital Asset Advisory business became the key revenue source. The company was estimated at roughly $9 billion in late 2024. However, it is expecting a $1 billion valuation after the merger.
Strategic Investment Focus and Regulatory Hurdles
Animoca’s investment strategy revolves around “a levered bet on altcoins.” This expression has been coined by Executive Chairman Yat Siu. Most of its portfolio is made up of tokens from early-stage startups. A specialized trading team is focused on the process of generating yield from these holdings. Further, this approach will open investors up to dynamic digital assets.
There are some important last steps to the transaction. The two agreed upon three months of exclusivity. Implementation requires regulatory approvals in the U.S. and Australia. It additionally requires the approval from an Australian court. Furthermore, audited financial statements of recent years should be published.
Nonetheless, the altcoin market was put under great pressure in 2024. Altcoin performance was much lower than Bitcoin. The sector has been the hardest hit during the market crash in October. This crash wiped out around $19 billion of crypto wagers. On the other hand, the growth of digital assets is supported by the support of President Trump.
Therefore, the reverse merger has an important advantage. Using it gives a faster and clearer path for a complex crypto entity. Yat Siu highlights the mission of connecting Web3 and legacy finance. Furthermore, the new entity also wants to be a public digital assets conglomerate. This ensures a significant position on an international exchange.
In summary, Animoca Brands is positioning for great things. The Currenc partnership will be leveraged in the Nasdaq listing in 2026. It hopes to bring the altcoin economy to the attention of global investors. This two-pronged strategy cements Animoca’s position in the Web3 industry. As a result, the deal is a major market development.
