TLDR
Animoca Brands has entered a non-binding letter of intent for a reverse merger with Nasdaq-listed Currenc Group Inc.
Animoca Brands shareholders will own approximately 95% of the merged entity upon completion of the deal.
The transaction is expected to close in 2026, pending receipt of shareholder and regulatory approvals.
Currenc Group’s stock price rallied nearly 99% following the merger announcement.
Currenc shares climbed 118% over five days and are set to open at $3.78 in New York trading.
Animoca Brands has entered a non-binding letter of intent for a reverse merger with Nasdaq-listed Currenc Group Inc. The blockchain gaming company’s shareholders will own approximately 95% of the merged entity upon completion. The deal aims to strengthen Animoca Brands’ institutional presence and is expected to close in 2026.
Animoca Brands Targets Nasdaq Through Currenc
Animoca Brands announced its plan to merge with Singapore-based fintech company Currenc Group. The reverse takeover will grant Animoca Brands access to public markets through Currenc’s existing Nasdaq listing. This strategic transaction requires the approval of both shareholders and regulators before finalization.
Yat Siu serves as co-founder and executive chairman of Animoca Brands. He stated the potential transaction is compelling enough to enter the term sheet. Siu expressed enthusiasm about collaborating with Currenc to bring Animoca Brands to Nasdaq.
Currenc Group operates AI-powered solutions for financial institutions and a digital remittance platform. The company plans to divest these existing business operations before the merger closes. Current Currenc shareholders will receive these spun-off operations as part of the restructuring.
Market Response and Business Performance
Currenc Group’s stock price rallied nearly 99% following the merger announcement. The shares climbed 118% over five days preceding the announcement. The stock is set to open at $3.78 in New York trading.
Alex Kong serves as CEO of Currenc Group. He called the merger a major milestone for the company. Kong highlighted the deal’s potential to expand market presence and create value.
Animoca Brands disclosed strong revenue growth in its Digital Assets Advisory unit earlier this year. The division generated $165 million in 2024, representing a 116% year-over-year increase. This performance surpassed revenue from traditional Web3 gaming and NFT business operations.
The company’s Web3 gaming and NFT revenue fell 40% to $110 million in 2024. This decline contrasts sharply with the advisory unit’s growth trajectory. The revenue shift demonstrates Animoca Brands’ evolving business model and income streams.
Operational Expansion Plans
Animoca Brands plans to open a new office in New York as part of the U.S. listing. This expansion supports the company’s push into American markets. The office will facilitate engagement with institutional investors and regulatory bodies.
The reverse merger represents a strategic pathway for Animoca Brands to access public capital markets. Traditional initial public offerings (IPOs) require extensive time and involve complex regulatory processes. This alternative route offers faster market entry while maintaining shareholder control.
Animoca Brands holds a prominent position in the blockchain gaming and digital entertainment sectors. The company develops and publishes games while investing in blockchain-related companies. Its portfolio includes numerous partnerships and investments across the Web3 ecosystem.
The transaction is pending completion of due diligence and regulatory approval from the relevant authorities. Both companies must meet listing requirements and comply with merger conditions. The process typically takes 12 to 18 months for similar transactions.
