🧔♂️ A friendly human may check it before it goes live. More news here
Animoca Brands set for Nasdaq listing via reverse merger deal
Currenc Group has signed a non-binding term sheet to acquire all shares of Animoca Brands Corporation Limited through a proposed reverse merger.
Nasdaq-listed, Singapore-based Currenc Group said the combined entity would operate under the Animoca Brands name and be publicly traded in the United States.
If completed, Animoca Brands shareholders would own about 95% of the new company, with Currenc shareholders holding 5%.
The deal is expected to close in 2026, pending shareholder and regulatory approvals, an Australian scheme of arrangement, and other customary conditions.
Currenc plans to spin off its existing AI and remittance businesses to its current shareholders before the merger.
Animoca Brands invests in digital asset companies and blockchain projects across sectors such as gaming, decentralized finance, and real-world asset tokenization.
The companies have agreed to a three-month exclusivity period to finalize terms.
The merger remains subject to due diligence, signing of definitive agreements, shareholder and stock exchange approvals, as well as completion of financial reporting.
🔗 Source: Currenc Group
🧠 Food for thought
Implications, context, and why it matters.
Animoca’s financials and token treasury stay unclear as it eyes a US listing
- Animoca Brands has not released audited financials since 2021 1, and its 2024 figures are unaudited with $314 million in bookings (contracted sales that may not equal cash collected) 2. Investors lack a clear view without audited statements or token treasury details, while the proposed reverse merger with Nasdaq-listed Currenc Group must meet U.S. public market rules 3. A reverse merger lets a private company go public by combining with a listed firm 3.
- Animoca lists $2.9 billion in off-balance-sheet token reserves from majority-owned Web3 subsidiaries and launch partners 2. Tokens include SAND plus EDU and MOCA 2. Current rules do not treat these reserves as assets, so they do not appear on the balance sheet, and the investor update gives no liquidity details or lock-up schedules (periods when tokens cannot be sold) 2. Openness on these holdings matters if the U.S. deal moves ahead 3.
- Hall Chadwick, an audit firm, replaced the prior auditor in December 2024 2. The company has given no timeline to release audited statements beyond FY2021 1, and the merger depends on finishing financial reporting 3.
Tech vendors have a window with Animoca’s 540+ portfolio before a possible US listing
- Animoca holds minority stakes in 540+ Web3 companies valued at $564 million, including Yuga Labs, Axie Infinity plus Polygon and OpenSea 2. A U.S. listing would push many to add public-company-level infrastructure, which boosts demand for compliance software, custody solutions (secure storage of digital assets), and cloud providers.
- B2B providers should map the portfolio now 4. Prioritize token projects such as Axie Infinity (AXS) and The Sandbox (SAND) 4. Add Flow (FLOW is a layer-1 blockchain) to that list 4. Marketing and business development shops can prepare to work with Moca Network and Open Campus 2. Moca Network partnered with SK Planet, a South Korean digital marketing and data platform, and aims to onboard 28 million Know Your Customer (KYC) verified members 2. Open Campus has more than 850,000 Open Campus ID holders (an on-chain profile system) as of Dec. 31, 2024 2.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.