Animoca Brands Prepares to List on Nasdaq

Hong Kong–based Animoca Brands, one of the largest investors in Web3 and blockchain projects, is preparing to return to public markets. The company announced plans to pursue a reverse merger with Currenc Group, a U.S. company whose shares already trade on Nasdaq, the country’s largest stock exchange.

According to a non-binding agreement, Animoca shareholders will hold about 95% of the combined entity, while existing Currenc investors will retain roughly 5%. The transaction values Animoca at around $1 billion, with completion expected by the end of 2026.

Path to the Public Market

The return to public trading marks a new chapter for Animoca, which was delisted from the Australian Securities Exchange (ASX) in 2020 following regulatory concerns over its crypto-related activities.

The reverse merger allows Animoca to go public without a traditional IPO — a typically lengthy and expensive process. The parties have entered a three-month exclusivity period to finalize terms. The transaction will require regulatory approval in both the U.S. and Australia, as well as audited financial statements from Animoca for recent years.

Executive Chairman Yat Siu noted that the merged entity will operate as a Cayman Islands–incorporated holding company, a common structure for foreign issuers listing on Nasdaq.

For 2024, Animoca reported $314 million in revenue, up 12% year-over-year. Of this, $165 million came from its digital asset consulting and advisory business. The company also holds equity stakes in over 600 Web3 ventures, including Consensys and Kraken.

Tokenization and Innovative Formats

Animoca continues to expand in the tokenized real-world assets (RWA) space — digital tokens backed by tangible assets. In September 2025, investment platform Republic announced plans to tokenize Animoca’s shares on the Solana blockchain, allowing global investors to gain exposure through digital tokens.

The company is also working with Standard Chartered and Hong Kong Telecommunications (HKT) to develop a Hong Kong dollar-backed stablecoin and partnering with Provenance Blockchain Labs to launch a real-world asset marketplace.

Investment Strategy and Market Risks

Yat Siu describes Animoca’s investment approach as a “levered bet on altcoins.” Most of the company’s portfolio consists of early-stage token investments, actively managed by a dedicated trading team focused on yield generation and volatility arbitrage.

However, in 2024, altcoins significantly underperformed Bitcoin. In October, the market experienced a major downturn that wiped out around $19 billion in high-risk crypto positions.

Despite the turbulence, Animoca’s total assets were valued at approximately $4.3 billion by year-end. Private investments amounted to $564 million (down from $690 million in 2023), but the total number of portfolio companies grew from 450 to 540.

The firm also generated $110 million in revenue from incubated projects such as The Sandbox and Mocaverse, and $39 million from investment activities.

Animoca’s valuation fell from $5.9 billion in 2022 fundraising rounds to around $1.5 billion on secondary markets by mid-2024. Nevertheless, the company remains profitable, holding $300 million in cash and stablecoins and more than $500 million in digital assets.

What’s Next

Animoca is expanding its U.S. presence: in 2025, the company opened a New York office, with Yat Siu citing the pro-crypto stance of the Trump administration as a key factor behind its decision to pursue a U.S. listing.

The merger with Currenc Group represents a milestone in bridging crypto and traditional capital markets. Looking ahead, Animoca may consider a dual listing in both the U.S. and Hong Kong to strengthen its position across Asia and among global institutional investors.

Why It Matters

The planned transaction positions Animoca alongside leading crypto firms such as Kraken and Ripple, both eyeing U.S. listings in 2025. Amid a recovering digital asset market and a more favorable regulatory climate, this move could mark a pivotal moment in the integration of Web3 enterprises into traditional finance.

Based on information from Yahoo Finance and publicly available company data.