Animoca planning reverse Nasdaq listing with $2.4 billion valuation

Consumer blockchain and investment outfit Animoca Brands has decided not to IPO but instead to get a listing on the US Nasdaq exchange via a reverse merger with fintech group Currenc Group Inc (CURR).

The proposal, which is being discussed via a three-month exclusivity period, would see existing Currenc shareholders getting 5% of the new company called Animoca Brands, with current Animoca shareholders taking the remaining 95%.

Most of Currenc’s existing business activity involving AI-powered solutions for financial institutions and a digital remittance platform will be spun of as a separate company.

Based on Currenc’s market cap prior to the announcement, the newly listed Animoca Brands would be valued around $2.4 billion.

It ended 2024 with $4.3 billion in total assets.

Both parties expect the deal to be agreed during 2025, subject to shareholder and regulatory approvals and other customary conditions.

“The proposed merger of Animoca Brands and Currenc will result in the world’s first publicly-listed, diversified digital assets conglomerate, giving investors on Nasdaq direct access to the growth potential of the trillion-dollar altcoin digital economy through a single, diversified vehicle spanning DeFi, AI, NFTs, gaming, and DeSci,” commented Animoca Brand’s executive chairman Yat Siu.

“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.”

Animoca Brands claims it now has 628 investments in blockchain companies and projects.

You can read Yat Siu’s chairman letter talking about the proposed deal here.