Crypto Giant Animoca Brands Eyes Nasdaq Debut via Reverse Merger

Animoca Brands plans to go public on the Nasdaq through a reverse merger, the Hong Kong-based metaverse investment firm and crypto game publisher said in a blog post on Monday

The signature, that was evaluated to $6 billion in 2022, it said it will merge with fintech Currenc Group, which trades under the ticker symbol CURR. The company’s shares fell 19% to $3.05 on Monday, but are up 61% over the past five trading days, according to Yahoo Finance.

The merger is expected to close in 2026, making it the “world’s first diversified digital asset conglomerate,” Animoca Brands co-founder and executive chairman Yat Siu said in a statement. He noted that Animoca’s investments span from decentralized finance to NFTs.

Animoca has invested in several high-profile projects since it was established in 2014 by Siu. That includes The open networkthe blockchain network linked to Telegram, crypto gaming startup ImmutableNFT market OpenSeaand metaverse games The Sandbox and Decentralized.

The company said that its portfolio, as of September 30, included 628 investments in a wide range of sectors, which were mainly focused on gaming and infrastructure. However, Animoca separates those investments from others in sports, art, fashion and the metaverse.

Animoca also highlighted its treasure trove of digital assets, which include Bitcoin, ethereum, Solanaand MOCA, the native coin of the Animoca identity ecosystem, which recently had a market capitalization of $208 million, according to the crypto data provider. CoinGecko.

Under the agreement that Animoca and Currenc have signed, Currenc will acquire 100% of Animoca’s shares. Animoca will collectively own 95% of the resulting entity, while Currenc shareholders would have a 5% stake in the new company.

In relation to the merger, Currenc plans to divest from its business operations, Animoca said. That includes a digital remittance platform, Animoca added.

This year, many crypto companies have gone public amid a more supportive regulatory background, from stablecoin issuers such as circle to crypto exchanges like Geminiand also companies that offer less ubiquitous services, such as crypto lender Figure.

Animoca said the merger is subject to approval by Australian regulators. Animoca previously traded on the Australian Securities Exchange, but was delisted in 2020 after struggling to comply with various listing rules for that market.

On Monday, Animoca noted that its investments include companies that are also eyeing a public debut, including crypto exchange Kraken and Ethereum software giant Consensys. (Disclosure: Consensys is one of 22 investors it is editorial independence Decrypt.)

Kraken has been plot its public debut for months, while Consensys recently tapped JPMorgan and Goldman Sachs to lead its IPO, Axios reported last week.