Another cryptocurrency company is heading to Wall Street. Hong Kong-based blockchain developer and investor Animoca Brands plans to Nasdaq Through a reverse merger with Singaporean fintech company Currenc.
The planned public listing is notable because Animoca stands out from other recent crypto offerings, including Circle and Gemini, in that its business does not revolve around an exchange or stablecoin. Instead, the company’s focus is on altcoins, or cryptocurrencies, rather than mainstream currencies like Bitcoin and Ethereum.
Animoca has invested in more than 600 blockchain companies, according to one company statement Published Monday. Some of its most notable past investments include taking a stake in the failed Metaverse platform Sandbox.
Yat Siu, co-founder of Animoca Brands, said: “The proposed merger of Animoca Brands and Currenc will create the world’s first publicly listed diversified digital asset group.”
The transaction is expected to close in 2026. Animoca shareholders will own 95% of the company, while existing Currenc shareholders will own the other 5%, the statement said.
Reverse mergers and SPACs, or special purpose acquisition companies, like the one Animoca is pursuing, have become one of the preferred ways for cryptocurrency companies to list on the stock market.
In late 2022, stablecoin issuer Circle was preparing to merge with a SPAC, only for the plan to fall through. There’s also Securitize, a tokenization company with ties to BlackRockannounced last week that it would go public through its own SPAC. In May, American Bitcoin, a cryptocurrency mining and holding company backed by Eric Trump and Donald Trump Jr., announced it would go public through a reverse merger with Gryphon Digital Mining.
This isn’t Animoca’s first foray into the public markets. The company was previously listed on the ASX but delisted in 2020 over concerns about compliance with listing rules.
The Animoca reverse merger comes at a difficult time for altcoins as the market has $800 billion less than expected in past cycles. Retail investors in South Korea have flocked to cryptocurrency-related stocks, while last month’s flash crash hit non-Bitcoin tokens.
Despite altcoin shortcomings, investors have flocked to certain coins, which have experienced unprecedented surges under the Donald Trump administration. Solana and Binance Coin have both hit all-time highs over the past year.