What happened?
Animoca Brands has struck a term sheet with Nasdaq-listed Currenc Group to pursue a reverse merger that would list Animoca on Nasdaq at roughly a $1 billion valuation, with its shareholders owning about 95% of the combined company. The agreement is non-binding and depends on regulatory approvals in the US and Australia, audited financials, shareholder votes and court sign-offs, with a three-month exclusivity window to finalize terms. If completed, the deal would return the Hong Kong-based blockchain developer to public markets and could include spinoffs and tokenized equity options as part of the transaction.
Who does this affect?
Animoca shareholders would become the dominant owners of the combined entity while Currenc shareholders would be diluted to around 5%, directly changing ownership and potential upside. Investors in Web3, altcoins, and Animoca’s portfolio companies — as well as institutional buyers and retail investors who might access tokenized shares — would gain new ways to get exposure. Employees, partners like Standard Chartered and HKT, and the broader crypto ecosystem (including portfolio projects such as The Sandbox) could see shifts in liquidity, governance and capital flows depending on the final deal structure.
Why does this matter?
A successful Nasdaq listing would boost liquidity and institutional access to one of the largest Web3 investors, and could validate tokenization as a route to broaden the investor base. The move could reset Animoca’s market valuation after recent declines and influence sentiment across crypto equities and altcoins, especially if the company leverages its asset base and revenue to accelerate growth. It may also prompt other crypto firms to pursue US listings or tokenized equity offerings, shifting capital back toward the sector and affecting prices in related token and secondary markets.