Animoca Brands Nasdaq listing is moving forward through a planned reverse merger with Currenc Group Inc., positioning the Hong Kong-based crypto investor for a U.S. public debut as early as 2026, according to the companies.
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Under the proposed deal, Animoca shareholders would hold roughly 95% of the combined entity after closing, Executive Chairman Yat Siu said. That group includes backers such as Kingsway Capital, 50T Funds, and SoftBank, underscoring continued institutional interest in the firm’s blockchain portfolio.
A letter of intent has been signed, and both sides have entered a three-month exclusivity period to negotiate definitive terms. The structure is intended to accelerate access to U.S. capital markets while limiting the uncertainties of a traditional IPO process.
The Animoca Brands Nasdaq listing would also mark a return to public markets for the company. Animoca was delisted from the Australian Securities Exchange in 2020 following concerns tied to listing rules and crypto-related activities.
Path to the Animoca Brands Nasdaq listing
The transaction envisions Animoca combining with Currenc Group, a financial services provider focused on remittances and related offerings. As part of the agreement, Currenc plans to spin off certain operations prior to closing, Siu said, streamlining the go-forward business mix of the new U.S.-listed entity.
- Ownership: About 95% to existing Animoca shareholders post-close
- Structure: Reverse merger with Currency Group Inc
- Timeline: Targeting completion in 2026, subject to final agreements and approvals
- Exclusivity: Three months to finalize definitive terms
While the reverse-merger framework can shorten the route to listing relative to a traditional IPO, it requires rigorous diligence, audited financial statements, and regulatory review before trading can commence.
Regulatory reviews and financial disclosures
For the Animoca Brands Nasdaq listing to proceed, the companies must secure approvals in the U.S. and Australia, where Animoca’s corporate entity is based. The deal is also contingent on Animoca producing audited financial statements for recent years.
Siu said Animoca is profitable, though the company has not yet released its financial results for the current year. The pending disclosures will be central to the listing process and investor assessment of the combined business.
Regulators will scrutinize the Animoca Brands Nasdaq listing, given the company’s exposure to digital assets. Requirements typically include transparent accounting for token holdings, clear disclosures about risk management and controls, and clarity on the economic terms of advisory or token arrangements with portfolio companies.
Reverse-merger structure and ownership
Reverse mergers can offer companies with significant operating histories—yet complex business models—an alternative to a conventional IPO. In this case, the structure gives Animoca effective control of the public entity while allowing it to enter the market with an existing listing shell and established reporting framework.
The Animoca Brands Nasdaq listing, if completed, would create a U.S.-traded vehicle with a broad portfolio of crypto-related assets and investments. That portfolio will be a central factor in valuation, liquidity, and volatility once shares begin trading.
Portfolio strategy and market backdrop
Animoca holds equity and tokens in more than 600 crypto companies and projects, including stakes in firms viewed as potential future public market candidates such as Consensys (blockchain infrastructure) and Kraken (a major crypto exchange). Most of the portfolio consists of tokens issued by startups, Siu said, adding that Animoca has an internal team dedicated to trading those assets to generate yield.
“We consider ourselves basically a levered bet on altcoins,” Siu said, describing the strategy that has defined the firm’s exposure across multiple market cycles.
That positioning comes amid a mixed backdrop for digital assets. Altcoins have largely underperformed Bitcoin this year, and an October selloff erased about $19 billion in crypto bets. Retail participation in smaller tokens has lagged earlier cycles, with many traders refocusing on equities, according to a recent 10x Research report. Investors weighing the Animoca Brands Nasdaq listing will likely examine how the company manages risk across a token-heavy portfolio, as well as how trading strategies contribute to earnings quality.
The October volatility has not derailed the Animoca Brands Nasdaq listing plan, but it highlights the sensitivity of token valuations to shifts in liquidity, regulation, and sentiment. As with other crypto-exposed public companies, disclosure around holdings, hedging, and treasury policies will be closely watched.
Institutional build-out and U.S. expansion
Beyond venture-style investing, Animoca provides advisory services to startups, often receiving token-based compensation. The firm has also expanded into institutional partnerships:
- Stablecoin venture: A joint initiative with Standard Chartered Plc and HKT aims to develop a Hong Kong dollar-based stablecoin.
- Real-world assets: Animoca is collaborating with Provenance Blockchain Labs on a marketplace that connects issuers of real-world assets—such as home-equity loans—with investors.
The company, which employs more than 700 people, is also preparing to open a New York office. Siu said the move is influenced by the policy environment, citing U.S. President Donald Trump’s embrace of crypto industry development. Dual listing in Hong Kong remains under consideration alongside the Animoca Brands Nasdaq listing, reflecting the company’s large user base and partnerships across Asia.
The Animoca Brands Nasdaq listing dovetails with this institutional push, potentially broadening the company’s access to U.S. investors and partners while aligning its operations with the oversight expected of a public company.
About Currenc Group
Currenc Group offers remittances and other financial services. As part of the merger plan, the company intends to spin off select operations before the transaction closes, according to Siu. That carve-out is designed to simplify the business combination and align the combined entity’s focus with Animoca’s core blockchain, token, and advisory activities. Currenc’s balance sheet, licenses, and compliance capabilities could provide the listing vehicle and infrastructure needed for the reverse merger.
Currenc’s role is central to the Animoca Brands Nasdaq listing mechanics, as the reverse merger hinges on combining Animoca’s operating platform and portfolio with Currenc’s public-market pathway.
Reactions, market view, and competitive landscape
Market observers will likely compare the proposed deal with other crypto-adjacent listings and de-SPACs from recent years, evaluating differences in governance, disclosure, and asset mix. Analysts say the Animoca Brands Nasdaq listing will be assessed on:
- Transparency into token holdings and valuation methodology
- The durability of advisory and yield-generating activities
- Pipeline value from equity stakes in companies like Consensys and Kraken
- Progress on regulatory approvals and audited financials
- The alignment of executive incentives with public shareholders
Peer activity in tokenization, stablecoins, and real-world-asset markets is also accelerating, with banks, exchanges, and fintechs pursuing partnerships that bridge traditional finance and blockchain infrastructure. That broader momentum could shape sentiment around valuation multiples and growth assumptions for the combined company.
What’s next for the Animoca Brands Nasdaq listing?
Near-term milestones include finalizing a definitive merger agreement, publishing audited financials, and completing regulatory reviews in the U.S. and Australia. The companies will also detail any Currenc spin-offs and outline the capital structure, governance, and reporting cadence for the combined entity.
Key events to watch:
- Definitive agreement after the three-month exclusivity period
- Filing of required disclosures and financial statements
- Updates on portfolio valuation and token treasury policies
- Clarity on a potential dual listing path in Hong Kong
If successful, the Animoca Brands Nasdaq listing would be one of the more prominent crypto-adjacent U.S. market debuts targeted for 2026. Execution will hinge on operational discipline, transparent disclosures, and a market environment receptive to digital-asset exposure in public equities.
Conclusion
The proposed reverse merger with Currenc is a pivotal step in Animoca’s evolution from a prolific blockchain investor to a U.S.-listed operator with institutional reach. The combination of a token-centric portfolio, advisory revenues, and expanding partnerships sets a clear strategic direction. The Animoca Brands Nasdaq listing now rests on closing the deal, clearing regulatory checkpoints, and demonstrating the governance and reporting rigor that public investors expect. Dual listing in Hong Kong remains an option alongside the Animoca Brands Nasdaq listing, reflecting the company’s regional roots and global ambitions.
FAQ’s
What is the timeline for the Animoca Brands Nasdaq listing?
Animoca plans to go public via a reverse merger with Currenc Group Inc, targeting completion in 2026, subject to U.S. and Australian regulatory approvals, audited financials, and a definitive agreement following a three-month exclusivity period.
How does a reverse merger list Animoca Brands on Nasdaq?
In a reverse merger, a private company becomes public by combining with an existing public company or listing vehicle. Animoca intends to merge with Currenc Group, with Currenc expected to spin off certain operations before closing. The process still requires audited statements and exchange/regulatory approvals.
Who will own the combined company after the reverse merger?
Animoca shareholders are expected to own about 95% of the issued shares post-transaction. Named investors include Kingsway Capital, 50T Funds, and SoftBank, according to Executive Chairman Yat Siu.
What could delay or change the Animoca Brands Nasdaq listing plan?
Key conditions include regulatory clearances in the U.S. and Australia, completion of audited financials, finalization of merger terms, any Currenc carve-outs, and market conditions given Animoca’s token-heavy portfolio. Until a definitive agreement is signed, terms may change.
Article Source: Bloomberg
Image Credit: Web Summit via Flickr (CC BY 2.0)
