Major crypto investor Animoca Brands poised for Nasdaq listing through merger with AI company

Animoca Brands, a major investor in both digital assets and web3 startups, could achieve its goal for a public listing in the U.S. by next year, according to a statement from Monday.

After Animoca's founder said last year the company was considering a public listing, the prolific web3 investor said Monday it is eyeing a Nasdaq listing through a reverse merger with Currenc Group Inc., a Singapore-based fintech focused on artificial intelligence solutions.

If the merger is completed, Animoca would own the vast majority of Currenc and assume its listing on the Nasdaq. Additionally, Animoca, which possesses a large portfolio of digital assets, would gain direct access to U.S. investors at a time when interest in publicly traded, crypto-related firms and funds is at an all-time high .

"Under the proposed structure, shareholders of Animoca Brands would collectively own approximately 95% of the issued shares in the resulting entity, and current shareholders of Currenc would hold approximately 5%," the two companies said in the statement . 

The companies expect the deal to close next year and for the new entity to use the Animoca Brands name.

"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." Animoca co-founder and Executive Chairman Yat Siu said.

For years, Hong Kong-based Animoca has been one of the more dynamic venture investors and companies in crypto, backing a wide range of projects while accumulating a sizable crypto asset portfolio. Last year, Animoca said it held over $500 million in digital assets, and it had made about 400 minority investments in web3 companies, including Kraken, MetaMask and Ledger.

The company said its digital assets portfolio includes BTC, ETH, and SOL, in addition to the Animoca-created loyalty token, MOCA.

Last year, Siu initially discussed a potential public listing in a crypto-friendly jurisdiction such as Hong Kong or the Middle East. The company delisted from the Australian Securities Exchange in 2020.