Market News

Crypto Firms Eye Nasdaq: Animoca Brands Set for Major Merger

Animoca Brands, the Hong Kong-based metaverse investment firm, has announced plans to go public on the Nasdaq through a reverse merger with fintech firm Currenc Group.

The merger is projected to close in 2026 and would create a groundbreaking publicly-listed digital assets conglomerate.

Despite a recent 19% drop in its share prices, Animoca's stock has surged by 61% over the past week, highlighting investor interest.

The firm, valued at $6 billion in 2022, has a diverse investment portfolio that spans decentralized finance, NFTs, and various gaming projects.

Notable investments include major names like OpenSea, Immutable, and the metaverse games The Sandbox and Decentraland.

Animoca's digital asset treasury features cryptocurrencies such as Bitcoin, Ethereum, Solana, and its native currency MOCA, valued at a market capitalization of $208 million.

Upon completion of the merger, Currenc will hold a 5% stake, with Animoca shareholders retaining 95% of the new entity.

The merger's progress depends on regulatory approval from Australian authorities.

This move comes amid increasing activity in the crypto space, with several firms seeking public listings in response to a more favorable regulatory environment.

Animoca also mentioned that its portfolio includes other firms aiming for IPOs, such as crypto exchange Kraken and Ethereum software giant Consensys.