Animoca Brands, a prominent blockchain gaming and digital assets company, has entered a non-binding letter of intent for a reverse merger with Nasdaq-listed Currenc Group Inc. Upon completion, Animoca Brands shareholders will own approximately 95% of the merged entity, with the transaction expected to close in 2026 pending shareholder and regulatory approvals.
Following the announcement, Currenc Group's stock price rallied nearly 99%, climbing 118% over five days and set to open at $3.78 in New York trading. Animoca Brands co-founder Yat Siu described the deal as compelling, emphasizing its potential to position the company at the forefront of the digital economy. Currenc CEO Alex Kong hailed it as a major milestone for expanding market presence and creating value.
Animoca Brands disclosed strong revenue growth in its Digital Assets Advisory unit, which generated $165 million in 2024, a 116% year-over-year increase. In contrast, revenue from Web3 gaming and NFT operations fell 40% to $110 million, reflecting a shift in the company's business model. The firm plans to open a new office in New York to bolster its U.S. institutional engagement.
Animoca Brands, founded in 2014, has a portfolio of 628 companies and organizations, spanning decentralized finance (DeFi), AI, gaming, and decentralized science (DeSci). Currenc Group, established in 2011, processed over $5.4 billion and facilitated more than 13 million cross-border transactions in 2024. The merger aims to create the world's first publicly listed diversified digital assets conglomerate, leveraging Currenc's existing Nasdaq listing for faster market access.
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