Animoca Brands Accelerates Toward $1 Billion Nasdaq Listing Via Reverse Merger

Gaming giant makes power play for public markets

THE BACKDOOR BILLION

Animoca Brands just turbocharged its path to Wall Street. The blockchain gaming powerhouse is engineering a reverse merger to bypass traditional IPO roadshows—cutting straight to a Nasdaq listing that could value the company at a staggering $1 billion.

SPEED OVER SPREADSHEETS

Why wait years when you can merge your way in? This move dodges the regulatory marathon that buries most tech IPOs. Animoca's digital asset portfolio and Web3 gaming empire give it the firepower to command premium valuation—even while traditional finance types still struggle to explain NFTs.

MARKETS MEET METAVERSE

The reverse merger route screams urgency. Animoca's betting that public markets will pay up for its sprawling crypto ecosystem before the next bull run fades. Because nothing says 'mature company' like racing to market while your core business operates in digital worlds that don't exist yet.

Path to Public Markets Takes Shape

Both parties have agreed to a three-month exclusivity period to finalize terms after signing a letter of intent.

Implementation requires regulatory approvals in the US and Australia, as well as Animoca issuing audited financial statements for recent years.

The transaction also needs approval from both companies’ shareholders and court authorization in Australia before proceeding.

Currenc plans to spin off some operations as part of the merger. Executive Chairman Yat Siu stated that the proposed structure WOULD provide Animoca with a Cayman Islands-incorporated holding company, a common framework for foreign entities listed on Nasdaq, while delivering greater liquidity and access to institutional investors.

Co-founder and CEO of Currenc Alexander Kong called the merger “” designed to unlock significant shareholder value.

Beyond traditional equity pathways, Republic announced in September plans to tokenize Animoca shares on the solana blockchain, offering global investors access through digital tokens on its compliant marketplace.

The initiative arose from the growing interest in tokenized real-world assets, which Animoca researchers project could unlock a $400 trillion market in traditional finance.

@joinrepublic plans to tokenize equity in @animocabrands, opening the door for global investors to gain exposure to the firm.#Crypto #Tokenizationhttps://t.co/UEfCaRYzqM

Altcoin Portfolio Strategy Faces Market Headwinds

Animoca’s investment approach centers on what Siu describes as “,” with most of its portfolio comprised of tokens from early-stage startups.

The company employs a dedicated trading team to generate yield from these holdings.

However, altcoin performance lagged significantly behind Bitcoin in 2024, taking the hardest hit during October’s market crash that eliminated $19 billion in crypto bets.

Despite market challenges, Animoca maintained strong fundamentals with total assets worth approximately $4.3 billion as of late 2024.

Private investment holdings stood at $564 million, down from $690 million in 2023, though the company increased its portfolio from 450 to 540 investments during that period.

The firm’s $110 million in revenue from incubated projects, including The Sandbox and Mocaverse, plus $39 million from investment activity, rounded out its diversified income streams.

The company’s valuation trajectory was affected by the broader market volatility, dropping from $5.9 billion in 2022 fundraising rounds to approximately $1.5 billion on secondary markets by mid-2024.

While Animoca remains profitable and holds nearly $300 million in cash and stablecoins, alongside over $500 million in digital assets, shifting investor sentiment toward equities has reduced retail investment in altcoins compared to previous market cycles.

US Expansion Laid the Foundation

In May, Animoca opened a New York office, with President Trump’s embrace of crypto cited as a major factor.

Siu acknowledged the policy shift from the Biden administration’s enforcement-heavy approach, noting Animoca wouldn’t have considered a US listing a year ago.

@animocabrands is gearing up for a New York IPO to capitalise on the US’s pro-crypto regulatory shift and tap the world’s largest capital market.#AnimocaBrands #CryptoIPO https://t.co/a3sFsVrqSK

The company is expanding its institutional business through a joint venture with Standard Chartered and HKT to develop a Hong Kong dollar stablecoin, as well as a collaboration with Provenance Blockchain Labs on a real-world asset marketplace.

The firm employs over 700 people and continues weighing dual listing options.

“Hong Kong is always going to be important to us. We have a lot of users in Asia,” Siu stated.

The merger positions Animoca alongside other crypto firms, such as Kraken and Ripple, which are eyeing US listings in 2025 as regulatory conditions improve and the market recovers.