Animoca Brands eyes Nasdaq debut in end-2026

Hong Kong Web3 company Animoca Brands will go public through a reverse merger with Singapore fintech company Currenc Group, which could make it ‘the world’s first publicly listed, diversified digital assets conglomerate’

Web3 unicorn Animoca Brands, which has an investment portfolio of over 600 companies across the digital asset ecosystem, is preparing to list on Nasdaq next year.

On Monday, November 3, Animoca Brands announced its plan to go public in the United States through a reverse merger with Singapore fintech company, Currenc Group, which is already listed on the Nasdaq. The transaction is expected to be completed by the end of 2026, subject to shareholder and regulatory approvals.

Once finalised, Animoca Brands’ shareholders will collectively hold about 95 per cent of the issued shares in the merged company, while Currenc shareholders will have the remaining 5 per cent, according to its press release.

In 2024, Animoca Brands generated US$314 million in revenue, primarily driven by its Digital Assets Advisory unit, which grew 116 per cent year-on-year.

Evan Auyang, group president of Animoca Brands, sees huge potential for HK dollar-backed stablecoins thanks to the city’s financial hub status (Photo: Animoca Brands)

Above Evan Auyang, Animoca Brands’ group president, said the US capital market is more advanced in digital assets, such as stronger investor understanding and acceptance (Photo: Animoca Brands)

Evan Auyang, Animoca Brands’ group president, said the US capital market is more advanced in digital assets, such as stronger investor understanding and acceptance (Photo: Animoca Brands)

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Evan Auyang, the company’s group president, said the decision to list in the US was due to the maturity of the country’s capital market in digital assets, pointing to the depth of investor understanding and market acceptance there.

With clearer regulations, such as the proposed Genius Act for stablecoin issuers, this year has seen an increase in public listings from digital asset firms in the US, including stablecoin issuer Circle and crypto exchange Bullish.

Auyang explained that Animoca Brands opted for a reverse merger after observing successful precedents in the US, such as that of personal finance platform SoFi and sports entertainment company DraftKings. Animoca Brands also saw synergies with Currenc, whose business includes cross-border remittance services using digital assets and artificial intelligence-enabled financial solutions.

Currenc said it plans to divest some of its current operations, including its AI-powered financial solutions and digital remittance platform, before the merger closes.

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With more than 200 employees in Hong Kong alone, Auyang affirmed that the city will remain a key base for Animoca Brands even as it scales globally. He added that a secondary listing in Hong Kong will be considered if the US debut proves successful.

“Hong Kong’s regulatory approach is more conservative, but it’s moving in the right direction,” Auyang said. “From the perspective of institutional investors and enterprises exploring digital assets, Hong Kong feels credible and safe. That’s why we think it’s very important.”

This past May, the Hong Kong government introduced a regulatory framework for fiat-referenced stablecoin issuers, which took effect on August 1. By the end of September, the Hong Kong Monetary Authority reported receiving 36 formal applications for stablecoin licenses.

“We want to become a large-scale digital asset company that brings Hong Kong’s innovation to the world,” Auyang said.

This is not Animoca Brands’ first attempt at going public. The company was delisted from the Australian Securities Exchange in 2020 due to concerns over breaches of listing rules related to its cryptocurrency activities.

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Animoca Brands Web3 Digital Asset Fintech Nasdaq Yat Siu

Yoyo Chow

Editor, Power & Purpose, Hong Kong, Tatler Hong Kong

Based in Hong Kong, editor Yoyo Chow covers the people and ideas redefining Asia’s future—from cutting-edge innovation and AI to bold moves in sustainability and diversity. She also drives content for Tatler Gen.T in Hong Kong, a platform and community spotlighting the region’s next generation of startup founders, creatives and changemakers.

Before that, she was a video journalist producing content for international TV and digital platforms, including Reuters and South China Morning Post. If you have a powerful story to share, she’s all ears. Send press materials, event invites and any inquiries to yoyo.chow@tatlerasia.com.

Animoca Brands to list on Nasdaq by end-2026. Here’s what you need to know