Introduction
Hong Kong-based blockchain investment firm Animoca Brands has announced plans to go public on the Nasdaq through a reverse merger with fintech company Currenc Group. The deal, expected to close in 2026, would create what the company calls the world’s first publicly-listed digital assets conglomerate. Animoca was valued at $6 billion in its last funding round.
Key Points
- Animoca's portfolio includes 628 investments across gaming, DeFi, NFTs and infrastructure, with notable positions in OpenSea, The Sandbox, and Immutable
- The company maintains a substantial digital asset treasury including Bitcoin, Ethereum, Solana and its native MOCA token with $208 million market cap
- Currenc Group will divest its existing business operations, including a digital remittance platform, as part of the merger arrangement
The Merger Structure and Timeline
Animoca Brands, the metaverse investment firm and crypto game publisher, revealed on Monday that it will merge with publicly-traded Currenc Group in a reverse merger arrangement. Under the terms of the deal, Currenc would acquire 100% of Animoca’s shares, with Animoca collectively owning 95% of the resulting entity while Currenc shareholders retain a 5% stake. The merger is expected to close in 2026, pending approval from Australian regulators.
As part of the merger arrangement, Currenc Group plans to divest from its existing business operations, including a digital remittance platform. This strategic move would transform the combined entity into what Animoca Brands co-founder and Executive Chairman Yat Siu described as “the world’s first publicly-listed, diversified digital assets conglomerate.” The announcement comes amid a broader trend of crypto firms seeking public listings in a more supportive regulatory environment.
Animoca's Extensive Investment Portfolio
Animoca Brands brings to the merger an impressive portfolio of 628 investments across a broad range of sectors, with particular focus on gaming and infrastructure. The company, established in 2014 by Yat Siu, has invested in several high-profile projects including The Open Network (the Telegram-linked blockchain network), crypto gaming startup Immutable, NFT marketplace OpenSea, and metaverse games The Sandbox and Decentraland. These investments span decentralized finance (DeFi), NFTs, and various metaverse applications.
The company’s investment strategy extends beyond gaming and infrastructure to include sectors such as sports, art, fashion, and the metaverse. Animoca also maintains a substantial digital asset treasury that includes Bitcoin, Ethereum, Solana, and MOCA—the native currency of Animoca’s identity ecosystem. According to crypto data provider CoinGecko, MOCA recently had a market capitalization of $208 million, demonstrating the company’s significant holdings in both established and proprietary digital assets.
Market Context and Regulatory Considerations
The merger announcement comes during a period of increased public market activity for cryptocurrency firms. This year has seen several crypto companies go public, ranging from stablecoin issuers like Circle to crypto exchanges like Gemini, and even firms offering less ubiquitous services such as crypto lender Figure. Animoca noted that its own investment portfolio includes companies also eyeing public debuts, including crypto exchange Kraken and Ethereum software giant Consensys.
For Animoca Brands, the Nasdaq listing represents a significant milestone following its previous experience on the Australian Securities Exchange (ASX). The company was delisted from the ASX in 2020 after struggling to comply with various listing rules for that market. The current merger requires approval from Australian regulators, marking a potential return to regulated markets under different circumstances. The timing appears favorable, with Currenc Group’s shares showing significant volatility—dropping 19% to $3.05 on the day of the announcement but remaining up 61% over the previous five trading days.
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