Animoca Brands, the Hong Kong-based crypto investor and blockchain developer, plans to go public on the Nasdaq stock exchange through a reverse merger with Currenc Group Inc.
After the transaction, which is expected to close in 2026, Animoca shareholders will own about 95% of the new entity’s issued shares, the companies said in a statement on Monday. Those investors include Kingsway Capital, 50T Funds and SoftBank, Executive Chairman Yat Siu said in an interview.
The deal would mark Animoca’s return to the public markets after the company was delisted from the Australia Securities Exchange in 2020 due to concerns over breaches of listing rules, which included its involvement in crypto-related activities.
Animoca holds a portfolio of tokens and equity issued by more than 600 crypto companies, including stakes in some that are planning to go public, such as blockchain infrastructure provider Consensys and Kraken, the exchange. Most of that portfolio is comprised of tokens issued by startups, Siu said, adding that Animoca has a team focused on trading those cryptocurrencies to generate yield.
“We consider ourselves basically a levered bet on altcoins,” Siu said.
This year, most altcoins’ performance has lagged far behind that of Bitcoin. They were hit hardest in the October market crash that wiped out $19 billion in crypto bets. Retail betting on such tokens has evaporated compared to in previous market cycles, with investors redirecting their attention to equities, according to a recent report from 10x Research.
As well as investing in early-stage crypto projects in return for tokens and equity, Animoca also offers advisory services to startups, taking payment in the form of digital coins.
New York Office
The Currenc merger is subject to regulatory approvals in the US and Australia, where Animoca’s corporate entity is based, and is also contingent on Animoca issuing audited financial statements for the past several years. Animoca is profitable but hasn’t yet released its financial results for the current year, Siu said.
While a letter of intent has been signed, definitive agreements for the merger are still being ironed out. Both companies have agreed to a three-month exclusivity period to finalize terms, according to Siu. Currenc, which offers remittances and other financial services, plans to spin off some of its operations as part of the merger, he added.
Animoca is expanding its institutional business. It’s involved in a joint venture with Standard Chartered Plc and HKT to develop a Hong Kong dollar-based stablecoin. Animoca is also working with Provenance Blockchain Labs to co-develop a marketplace that connects issuers of real-world assets, such as home-equity loans, with investors.
Animoca, which has more than 700 employees, is also planning to open an office in New York, Siu said. US President Donald Trump’s embrace of the crypto industry was a big factor in the decision, he added.
“I mean, do I need to say Trump?” Siu said. “We can always look at dual listing in Hong Kong. Hong Kong is always going to be important to us. We have a lot of users in Asia.”
