Crypto powerhouse Animoca Brands sets sights on Nasdaq via reverse merger

Animoca Brands, a major venture capital investor in the cryptocurrency industry, is planning a Nasdaq listing next year via reverse merger with the AI-focused public fintech company Currenc Group.

Currenc has entered a non-binding term sheet with Animoca to acquire 100% of Animoca Brands’ issued shares via a reverse merger targeting a Nasdaq listing under the Animoca Brands name, according to a joint statement on Monday.

“Upon completion of the reverse merger the shareholders of Animoca Brands would collectively own approximately 95% of the issued shares in the merged entity,” Animoca co-founder Yat Siu said in a letter to shareholders. The remaining 5% would be held by Currenc shareholders.

The companies expect the merger to close in 2026, resulting in a Nasdaq-listed company with a global growth strategy spanning crypto investments, real-world asset (RWA) tokenization and other blockchain technology applications.

Animoca’s portfolio includes 628 companies and organizations

The proposed merger will result in the “world’s first publicly-listed, diversified digital assets conglomerate” with “direct access to the growth potential of the trillion-dollar altcoin digital economy,” Siu said in the announcement.

The upcoming diversified vehicle will multiple sectors, including decentralized finance (DeFi), AI, gaming and decentralized science (DeSci), he added.

Since its launch in 2014, Hong Kong-based Animoca Brands has emerged as one of the biggest VC players in crypto, with its portfolio boasting 628 companies and organizations globally.

“We believe that this proposed transaction would usher in a new asset class that should position investors at the forefront of one of the greatest opportunities of our generation,” Siu said.

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Currenc Group was founded by technology and fintech entrepreneur King Ong Kong in 2011 with the mission to transform global financial services through AI. Its services span digital payments, cross-border finance, AI-driven financial services, e-wallets, and data centers.

“In 2024 alone, Currenc processed over $5.4 billion and facilitated more than 13 million cross-border transactions,” Siu said.