Key Points
- Animoca Brands has filed for a Nasdaq listing through a reverse merger with Singapore-based Currenc Group, positioning itself as the first publicly traded diversified digital asset conglomerate.
- The company’s Digital Assets Advisory division reported $165 million in 2024 revenue — a 116% increase year-over-year, signaling accelerating institutional demand for digital asset exposure.
- The merger, expected to close in Q3 2026, gives Animoca shareholders 95% ownership in the combined entity and marks a strategic shift toward U.S. market access and broader investor participation.
Animoca Brands, a leading player in the Web3 and blockchain ecosystem, has announced plans to go public on Nasdaq through a reverse merger with Singapore-based Currenc Group. The move — one of the most significant cross-border digital asset listings to date — aims to expand Animoca’s investor base while offering mainstream investors an easier pathway to participate in the trillion-dollar decentralized economy.
Expanding Institutional Access to Digital Assets
The reverse merger structure allows Animoca to bypass the lengthy traditional IPO process, creating what co-founder and executive chairman Yat Siu described as “the world’s first publicly listed diversified digital assets conglomerate.” Once finalized, the merged company will provide exposure to a range of blockchain verticals — spanning decentralized finance (DeFi), artificial intelligence (AI), NFTs, gaming, and decentralized science (DeSci).
According to SEC filings, Animoca shareholders will retain approximately 95% of the merged company, underscoring its dominant role in the transaction. The deal, expected to close in the third quarter of 2026 pending regulatory approval, is seen as a bold statement about the growing convergence between traditional capital markets and digital asset ecosystems.
Financial Performance and Strategic Repositioning
Animoca’s financial trajectory offers context to the timing of this move. The firm’s Digital Assets Advisory unit reported $165 million in revenue for 2024, marking a 116% increase from the previous year — a figure that now surpasses its legacy Web3 gaming and NFT business, which declined 40% to $110 million. This shift highlights the company’s growing reliance on advisory services and institutional asset management over consumer-facing entertainment products.
Currenc Group, meanwhile, plans to spin off its AI-powered financial solutions and remittance businesses before the merger is completed. This divestiture will streamline operations and sharpen the focus on Animoca’s core growth areas: tokenized finance, blockchain infrastructure, and digital ownership models.
Market Context: A Strategic Play Amid Regulatory Uncertainty
Animoca’s planned Nasdaq debut comes at a time when regulatory clarity around digital assets remains uneven, particularly in the U.S. However, the reverse merger could allow the company to gain quicker access to U.S. capital markets without undergoing the more complex direct listing process.
This move may also appeal to institutional investors seeking diversified digital exposure without having to navigate the fragmented Web3 landscape themselves. With the global digital asset market surpassing $1.4 trillion in capitalization, Animoca’s strategy effectively creates a “one-stop equity vehicle” for decentralized investments — a model that could influence how blockchain firms approach public listings in the coming years.
Investor Sentiment and Market Reaction
Market enthusiasm surrounding the announcement was immediate. Currenc Group’s shares (CURR) more than doubled over the past week and were set to open at $3.78 in New York. Analysts suggest that this rally reflects optimism not only about the merger’s potential synergies but also about renewed investor appetite for digital asset exposure after a subdued 2023.
Psychologically, investors appear to be reassessing risk appetite as blockchain-linked equities rebound alongside a broader recovery in Bitcoin and Ethereum prices. The Animoca-Currenc deal represents an intersection of technology optimism and financial pragmatism — offering both speculative upside and exposure to a maturing digital asset infrastructure.
The Road Ahead: Merging Web3 and Wall Street
Looking forward, Animoca’s Nasdaq entry could redefine how digital asset firms access public markets. Beyond the immediate financial implications, the listing signals a deeper narrative: the institutionalization of Web3. If successful, Animoca’s model could pave the way for similar firms to pursue U.S. listings via reverse mergers — bridging the liquidity of Wall Street with the innovation of decentralized finance.
Yet, the road ahead is not without risk. Market volatility, shifting regulations, and the execution complexity of merging two distinct business cultures will test Animoca’s ability to maintain momentum. Still, if the company manages to navigate these challenges, its U.S. listing could mark a pivotal moment for both investors and the broader crypto economy — where traditional finance finally meets the decentralized future.
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