ASX delisted firm Animoca plans Nasdaq debut through reverse merger
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The news: Animoca Brands, the Hong Kong based firm delisted from the ASX in 2020 over concerns related to its involvement in crypto-related activities, has signed a non-binding term sheet to go public via a reverse merger with Nasdaq-listed fintech Currenc Group.
The proposed transaction, to be completed via an Australian scheme of arrangement, would see Currenc acquire 100% of Animoca’s issued shares. On completion, Animoca shareholders would collectively own about 95% of the merged entity, which would operate under the Animoca name.
The deal isn’t final yet and still needs thorough checks, a formal agreement and approval from regulators and shareholders. The companies expect to finalise it by late 2026 and have agreed to a three-month exclusivity period.
The context: Animoca was removed from the ASX in 2020 following governance concerns tied to its crypto exposure. It now holds stakes in more than 620 firms and reported USD314 million ($480.7 million) in revenue for 2024.
The planned merger comes as the US crypto sector sees a sharp regulatory shift under the Trump administration, including pardons of high-profile crypto figures accused of fraud and misconduct, dropped enforcement actions and the introduction of “Project Crypto”, a policy to overhaul regulation, ease rules for digital assets and allow for crypto-based trading.
Currenc will spin off parts of its operations and adopt a dual-class share structure.
What they said: Animoca co-founder and executive chairman Yat Siu said the deal would create the world’s first publicly listed digital assets conglomerate.
“Reflecting on the past several years, I am proud of how the company has grown and evolved during good times and also when market conditions were challenging,” he said in a letter to shareholders.
“We recognised quite early on that our company needed to become more institutional in its approach and identity,” he wrote, framing the proposed Nasdaq debut as part of a long-term strategy to build Animoca into a critical player in the digital asset economy.
The sources: Animoca Brands, The Australian Financial Review
