Hassan Maishera
TL;DR
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Animoca Brand has become the latest Web3 company to file for a stock exchange listing.
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The company seeks to list on NASDAQ via a reverse merger with Singapore-based Currenc Group.
Animoca Brands to List on Nasdaq
Hong Kong-based software and venture capital company, Animoca Brands, has announced plans to list on the Nasdaq stock exchange. The company revealed that it has filed for a Nasdaq listing via a reverse merger with Singapore-based Currenc Group (CURR).
Animoca added that the proposed reverse merger will result in the world’s first publicly-listed, diversified digital assets conglomerate. Yat Siu, Animoca's co-founder and executive chairman, stated that the company will allow investors on the Nasdaq stock exchange 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.
Once the company is listed on the stock exchange, Animoca shareholders will own 95% of the merged company, according to an SEC filing. The merger and possible listing on Nasdaq are expected to close in the third quarter of next year once the company gains shareholder and regulatory approvals.
According to Currenc, it will divest some of its existing business operations, which include AI-powered solutions for financial institutions and a digital remittance platform. These operations will be spun off to Currenc's current shareholders prior to the merger.
This latest development comes after the company revealed earlier this year that its Digital Assets Advisory unit generated $165 million in 2024, a 116% year-over-year increase. This unit also outearned its traditional Web3 gaming and NFT business, which generated $110 million.
