Game software company Animoca Brands has announced plans to pursue a US listing through a proposed reverse merger with Singapore-based Currenc Group, targeting a valuation of approximately $1 billion.
The companies have entered into a non-binding term sheet under which Currenc would potentially acquire 100% of Animoca Brands’ issued shares through the reverse merger. If completed, the transaction would create a Nasdaq-listed entity with a global growth strategy encompassing digital asset investments and services, real-world asset (RWA) tokenization, and blockchain applications for both consumer and institutional markets.
Under the proposed structure, Animoca Brands’ shareholders would collectively hold around 95% of the resulting company’s shares, while current Currenc shareholders would retain roughly 5%. The transaction is expected to include a dual-class share structure, with the board composed of nominees from both companies, and the combined entity would operate under the Animoca Brands name.
The parties currently anticipate the merger closing in 2026, pending shareholder and regulatory approvals and other customary conditions.
Animoca Brands is recognized globally for its diversified digital asset portfolio, which includes investments in over 600 companies across sectors such as RWA, AI, gaming, blockchain infrastructure, and decentralized finance (DeFi). Its digital asset treasury features BTC, ETH, SOL, MOCA, SAND, EDU, and other altcoins, alongside stakes in leading digital asset firms including Ledger, Kraken, Igloo, Consensys, Humanity Protocol, and LayerZero. The company is also involved in a joint venture to launch a regulated stablecoin and has partnered with Provenance Blockchain Labs to develop NUVA, a platform aimed at accelerating access to RWAs, reflecting its institutional-grade approach to compliant Web3 infrastructure.
In connection with the merger, Currenc plans to divest some of its existing business lines, including AI-powered financial solutions and a digital remittance platform, which are expected to be spun off to Currenc’s current shareholders before closing.
The merger is proposed to be executed via an Australian scheme of arrangement and remains subject to due diligence, execution of definitive agreements, shareholder and regulatory approvals, stock exchange approvals, and completion of financial reporting requirements. Both parties have agreed to a three-month exclusivity period to finalize terms and advance toward a definitive implementation agreement, in line with customary fiduciary obligations.
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