Animoca Brands has signed a non-binding agreement with US-listed Currenc Group (Nasdaq: CURR) in a planned reverse merger that aims to value the combined company at around $1 billion. The deal, if finalized, is expected to be completed by the end of 2026 and would pave the way for Animoca’s return to public markets after being delisted from the Australian Securities Exchange in 2020.
Under the current structure, Animoca shareholders are expected to hold about 95% of the merged entity, while existing Currenc shareholders would retain close to 5%. Both sides have agreed to a three-month exclusivity period to negotiate definitive terms following the signing of a letter of intent.
Regulatory, Shareholder, and Court Approvals Ahead
The transaction will require multiple layers of approval, including regulatory clearance in both the US and Australia. Animoca will also need to provide audited financial statements for recent years. In addition, shareholders of both companies must vote in favor, and the process requires court authorization in Australia before it can move ahead. Currenc is expected to divest certain businesses as part of the restructuring.
Animoca’s Executive Chairman, Yat Siu, indicated that the merger would give the company a Cayman Islands holding structure, a format commonly adopted by overseas companies listed on Nasdaq. He suggested that this shift could open greater access to institutional capital and improve liquidity.
Currenc co-founder and CEO Alexander Kong reportedly views the planned merger as a landmark step intended to unlock value for its shareholders.
Rising Interest in Tokenization and Web3 Exposure
Beyond traditional market listings, Animoca is also being positioned for tokenized equity participation. In September, Republic disclosed plans to issue Animoca shares as digital tokens on the Solana blockchain, enabling wider global access through a regulated platform. The move reflects the growing institutional and retail focus on tokenized real-world assets, which Animoca analysts believe could evolve into a multi-trillion-dollar market.
NEWS: Animoca Brands plans Nasdaq listing through reverse merger👇https://t.co/c6AvZNqGn1
— Animoca Brands (@animocabrands) November 3, 2025
Animoca continues to follow an investment thesis built heavily around early-stage altcoins. A specialized trading team manages yield-generating strategies across its large token portfolio. However, alternative crypto assets performed poorly against Bitcoin throughout 2024, with October’s $19 billion market wipeout hitting the sector particularly hard.
Financial Performance and Market Positioning
Despite volatility, Animoca reported $314 million in revenue for 2024, an increase of 12% year-on-year. Around $165 million came from its digital asset advisory arm, with income also supported by holdings across more than 600 Web3 firms, including well-known players such as Consensys and Kraken. The company disclosed total assets of roughly $4.3 billion late in the year, although its private investment portfolio declined from $690 million in 2023 to $564 million in 2024 as valuations corrected.
The firm generated $110 million from incubated ventures like The Sandbox and Mocaverse, along with an additional $39 million from investment activities. However, its valuation has shifted dramatically with market cycles, falling from $5.9 billion during 2022 funding rounds to about $1.5 billion on secondary markets by mid-2024.
Animoca remains profitable, holding close to $300 million in cash and stablecoins and over $500 million in other digital assets. The company noted that retail participation in altcoins has declined as investor sentiment has shifted back toward equities.
Global Expansion and Future Listings
In May, Animoca opened a New York office, citing a change in US political attitudes toward digital assets. Siu suggested that the shift in the previous administration’s regulatory stance made a US listing once again conceivable. The firm is also building its institutional business through a stablecoin venture with Standard Chartered and HKT, as well as a partnership with Provenance Blockchain Labs focused on tokenized real-world assets.
The company employs more than 700 staff and is exploring the option of dual listings in the future. Siu has emphasized that Hong Kong will remain a core market given its strong Asian user base.
The merger plan situates Animoca among several major crypto-native firms, including Kraken and Ripple, that are preparing for potential US listings in 2025 as regulatory clarity improves and sector sentiment recovers.
