Animoca Brands, a major player in blockchain gaming and web3 investments, is headed for the U.S. public markets through an unconventional route. Rather than filing for a standard IPO, the company has entered into exclusive negotiations with fintech firm Currenc Group Inc. (CURR) for a reverse merger that would land it on the Nasdaq. The three-month exclusivity window gives both parties time to hammer out the final structure.
If the deal closes, Animoca Brands will become a publicly traded entity in the United States under its own name, replacing Currenc's current ticker.
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Deal structure and valuation
Under the proposed terms, Animoca shareholders would control 95% of the merged company, with Currenc's existing shareholders holding the remaining 5%. Based on Currenc's pre-announcement market cap, the combined company would carry an estimated valuation of around $2.4 billion at listing.
Currenc's current business includes AI-powered services for financial institutions and digital remittance platforms. These operations are slated to be separated into a standalone entity, leaving the Nasdaq-listed company centered on blockchain and digital assets.
Animoca Brands closed 2024 with $4.3 billion in total assets. The company maintains a portfolio of 628 investments spanning blockchain companies and web3 projects, including decentralized finance, NFTs, gaming, DeSci, and AI-focused ventures.
Focus on growth in the digital asset market
The reverse merger would establish Animoca Brands as a diversified digital assets company on the Nasdaq. Executive chairman Yat Siu positions the listing as a way to offer investors direct access to the expanding digital economy, covering web3 gaming, altcoins, and decentralized platforms.
Siu frames the move as creating a new investable asset class tied to emerging blockchain infrastructure. The company sees a public listing as a mechanism to attract wider investor interest and accelerate growth across its existing holdings.
Expected timeline
Both sides anticipate finalizing the merger agreement in 2025. The deal still requires shareholder votes, regulatory clearance, and standard closing conditions. If everything proceeds as planned, the reverse merger will put Animoca Brands on the Nasdaq without the extended timeline and regulatory overhead of a traditional IPO.
Frequently Asked Questions (FAQs)
What is Animoca Brands?
Animoca Brands is a global investment firm specializing in blockchain, gaming, NFTs, and web3 infrastructure. The company holds stakes in hundreds of digital asset and gaming ventures.
Why is Animoca Brands using a reverse merger instead of an IPO?
A reverse merger lets Animoca go public faster and with less regulatory friction than a traditional IPO, while still securing access to U.S. capital markets and institutional investors.
What company is Animoca merging with?
Animoca Brands is merging with Currenc Group Inc., a fintech firm currently listed on the OTC market.
What is the expected valuation of the new company?
Based on Currenc's market cap prior to the announcement, the merged entity is projected to be valued at roughly $2.4 billion.
When is the deal expected to be completed?
The companies expect to finalize the deal in 2025, subject to shareholder approval and regulatory sign-off.
What will happen to Currenc's existing business operations?
Currenc's current operations, which include AI financial tools and digital remittance services, will be spun off into a separate company.
