According to Fortune, Animoca Brands plans to list on Nasdaq through a reverse merger with Singapore-based fintech company Currenc, with the deal expected to finalize in 2026. The Hong Kong blockchain developer and investor has stakes in over 600 blockchain companies and was previously delisted from the Australian Securities Exchange in 2020 over compliance concerns. Under the merger terms, Animoca’s shareholders will own 95% of the combined company while Currenc’s current shareholders get the remaining 5%. Co-founder Yat Siu called the proposed entity the “world’s first publicly-listed, diversified digital assets conglomerate.” The move comes as the altcoin market has fallen $800 billion short of historical cycle predictions, creating a challenging environment for Animoca’s non-Bitcoin focused portfolio.
<h2 id="the-altcoin-gamble“>The Altcoin Gamble
Here’s what makes Animoca different from other crypto companies testing public markets: they’re not an exchange like Gemini or a stablecoin issuer like Circle. Their entire business revolves around altcoins – basically everything that isn’t Bitcoin or Ethereum. And they’ve gone all-in, with investments in over 600 blockchain projects including the now-failed metaverse platform Sandbox.
Now, the timing is… interesting. We’re seeing altcoins struggle massively, underperforming what past crypto cycles would suggest by a staggering $800 billion. Retail investors in places like South Korea are actually fleeing to crypto-linked equities instead of the tokens themselves. So why go public now with this particular business model?
The Backdoor Approach
Reverse mergers and SPACs have become the go-to path for crypto companies wanting Wall Street exposure without the traditional IPO scrutiny. We saw Circle try the SPAC route in 2022 only to have it collapse, while Securitize just announced their own SPAC plans last week. Even the Trump-backed American Bitcoin company is going public through a reverse merger.
But here’s the thing – this isn’t Animoca’s first rodeo with public markets. They got delisted from the Australian exchange in 2020 over compliance issues. That history makes you wonder if they’ve truly solved whatever problems got them kicked off before. The official merger announcement paints a rosy picture, but past performance suggests caution.
Market Reality Check
Despite the overall altcoin slump, some tokens have actually thrived recently. Solana and Binance Coin hit all-time highs under the current administration, showing there’s still appetite for selective crypto exposure. But can Animoca convince mainstream investors that their portfolio of 600+ bets represents the winners rather than the many failures?
I think the real test will be whether Wall Street understands – or even cares about – the difference between Bitcoin-focused companies and altcoin conglomerates. Most traditional investors still view crypto as one homogeneous asset class. Animoca’s success depends on educating them otherwise while navigating a regulatory environment that’s increasingly skeptical of anything that isn’t Bitcoin.
